Exemption from IMT and Stamp Duty for young people up to 35 years old on the purchase of their first permanent home
Due to the publication of Decree-Law No. 48-A/2024 by the Presidency of the Council of Ministers on July 25, an exemption from Municipal Property Transfer Tax (IMT) and Stamp Duty was established for the purchase of a primary and permanent residence by young people up to 35 years old.
Requirements for the exemption from IMT and Stamp Duty
- It must be the first purchase of an urban building, or an autonomous fraction of an urban building intended exclusively for primary and permanent residence, and the property must become the young buyer's fiscal domicile.
- The buyer must not:
a) Be over 35 years old at the time of the property transfer.
b) Own any residential urban property, or a fraction thereof, at the time of the transfer or at any time in the three years prior.
c) Be considered a dependent for the purposes of Article 13 of the IRS Code.
Tax benefits
- For acquisitions up to 316,772 EUR – total exemption from IMT and Stamp Duty.
- For acquisitions exceeding 316,772 EUR and up to 633,453 EUR – partial exemption from IMT and Stamp Duty, with only the amount exceeding 316,772 EUR being taxed.
- For acquisitions exceeding 633,453 EUR – no exemption will apply, meaning the standard IMT and Stamp Duty rates will be applied.
This decree-law takes effect from August 1, 2024.
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