With the state budget 2017 a new “wealth tax” in the form of an additional tax on higher-value properties, called AIMI (Adicional Imposto Municipal sobre Imóveis) has been created, replacing the existing Stamp Duty (Imposto de Selo) which used to be charged on residential properties or building plots with a fiscal value (VPT – Valor Patrimonial Tributável) above 1,000,000€.
Individuals or companies which on the 1st of January of each year are registered at the tax office as owners, usufructuaries or superficiaries of residential property or building plots in Portugal may be affected by this new tax, depending on the fiscal value of their properties.
Differently from the previous tax, the AIMI focuses on the combined fiscal value of all properties owned by an individual or company instead of the fiscal value of each property. Commercial and industrial properties are exempt. The allowance of this new tax is 600,000€ which means that the tax will be charged on the excess.
This tax will be paid on top of the IMI tax.
AIMI rates for individuals
- Exempt until 600,000€
- 0.7% on the value exceeding 600,000€ up to 1,000,000€
- 1% on the value exceeding 1,000,000€
If taxpayers are married or living together, they may opt for joint taxation. In this situation, the AIMI rates will be as follows:
- Exempt until 1,200,000€
- 0.7% on the value exceeding 1,000,000€ up to 2,000,000€
- 1% on the value exceeding 2,000,000€
AIMI rates for portuguse companies
- 0.4% on the global fiscal value of all properties;
- 0.7% on properties for habitation which are used by the company’s share holders, directors or their spouses, children or parents and 1% on the value exceeding 1,000,000€
AIMI rates for offshore companies
Companies based in tax havens which have been blacklisted by the Portuguese tax office, will be charged an AIMI rate of 7.5% on the global fiscal value of all properties.
When must this tax be paid?
The AIMI must be paid every year in September.