Residential real estate purchased in 2011 whose value is less than €92,407 (mainland Portugal) or €115,509 (Azores and Madeira) are exempt from IMT.
Other cases of exemption:
— real estate (houses or land) up to twice the balance of the emigrant account used in the purchase. If the property’s price is €100,000 and the balance of the account used is €45,000, only €10,000 is subject to IMT. If the balance used is at least €50,000, there is complete exemption from IMT;
— agricultural land by young farmers applying for state aid for initial installation, up to €92,407: only the land’s purchase price that exceeds this limit is subject to IMT;
— property classified as cultural heritage or of public, municipal or national interest;
— property for undertakings classified as having tourism value.
To obtain exemption, the benefits must be requested prior to paying IMT and acquiring possession or ownership of the assets (i.e. prior to the warranty deed or occupancy). Normally, this request is submitted at the tax office of the property’s zone.