Selling property query

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   Good morning 

I bought a property 5 years ago and it's registered as my secondary home because at that time I was just coming out on holiday. I've now got residency and have been living in Portugal for 3 years. I want to sell my house and buy another but a real estate has said I'm liable for Capital Gains Tax of 28% because title deeds state my current property is not listed as my principal residence. I thought you didn't pay CGT if you were buying another property regardless of secondary or principal home. Has anyone sold recently to share their experience? TIA

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animallover Members Profile Send Private Message Find Members Posts Add to Buddy List Regular Joined: 03/September/2008 Location: United Kingdom Status: Offline Points: 178	Post Options Post Reply Quote animallover Report Post Thanks(0) Quote Reply Topic: Selling property query Posted: 05/December/2021 at 08:53
	Good morning I bought a property 5 years ago and it's registered as my secondary home because at that time I was just coming out on holiday. I've now got residency and have been living in Portugal for 3 years. I want to sell my house and buy another but a real estate has said I'm liable for Capital Gains Tax of 28% because title deeds state my current property is not listed as my principal residence. I thought you didn't pay CGT if you were buying another property regardless of secondary or principal home. Has anyone sold recently to share their experience? TIA

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peteknopp Members Profile Send Private Message Find Members Posts Add to Buddy List Top Contributors Joined: 20/December/2006 Status: Offline Points: 3432	Post Options Post Reply Quote peteknopp Report Post Thanks(1) Quote Reply Posted: 05/December/2021 at 09:26
	I am not sure re primary or seconary residence. If you buy another property in Europe within 3 years this can be offset and its likely you pay the 28% on 50% of the profit. If you have any vat included improvement invoices from last 3 or 5 years they can be offset. There is plenty of info online if you google cgt Portugal.