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Selling property query

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animallover View Drop Down
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Joined: 03/September/2008
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    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 View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote peteknopp Quote  Post ReplyReply Direct Link To This Post 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.
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