In regards to the sale of your property in Portugal, please be informed that your tax assessment, due to the submission of your tax return as a non-resident, will consider your gain in total (purchase price – sale price – eligible expenses = gain) for the capital gain tax calculation. However, and as for Portuguese tax residents, the Portuguese Tax Authorities, under our domestic law, only consider 50% of the gain for the calculation.
Considering the European Union Law and the right of free movement of capitals, it is possible to appeal the tax assessment in question and have the Portuguese Tax Authorities consider your gain in only 50% for the CGT calculation which represents a considerable saving on the final amount of tax to be settled.
The Portuguese courts all the way to the Supreme Court have already ruled in favour of the taxpayers and that the Portuguese tax authorities are now more open to settle this in favour of the latter.
Should you wish to know more on this matter, please do not hesitate to contact us. We can assist you in recovering your tax paid in Portugal!!!
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