Selling property query
Printed From: Albufeira.com
Category: Living in Albufeira / Viver em Albufeira
Forum Name: Algarve Foreign Residents / Residentes Estrangeiros
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URL: https://albufeira.com/forum/forum_posts.asp?TID=12026
Printed Date: 22/December/2024 at 01:40
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Topic: Selling property query
Posted By: animallover
Subject: Selling property query
Date Posted: 05/December/2021 at 08:53
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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 |
Replies:
Posted By: peteknopp
Date Posted: 05/December/2021 at 09:26
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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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