What's your favourite childhood memory? Not paying bills!



Running costs for your Portugal property

At signing of the final deed everything to do with the upkeep of your property - all condominium fees if you’re buying in a complex or resort, utilities, services, the Imposto Municipal sobre Imóveis (IMI) and the Adicional Imposto Municipal Sobre Imóveis (AIMI - if applicable) - will be put into your name. It is important to ensure that these are all paid up to date by the previous owner before you buy.



Imposto Municipal Sobre Imóveis - IMI

As an owner of property in Portugal you will have to pay IMI - the Portuguese version of UK’s council tax. Payable yearly in arrears in one, two or three instalments depending on the value of your property. Rates vary from 0.3% to 0.8% according to property type, location and age.




Adicional Imposto Municipal Sobre Imóveis - AIMI

Introduced in 2017, the Adicional Imposto Municipal Sobre Imóveis (AIMI) is seen as Portugal’s version of a wealth tax, affecting those with a share in Portuguese property worth
over €600,000.



Rental Tax

With more and more tourists visiting Portugal - 10 million or so each year - it is worth considering renting out your property. Not only will this give you a way of reducing annual costs of owning a holiday home, but may even swell the coffers a little as well.



Condominium fees

Properties in condominiums are those on a private estate, resort or development with communal areas and facilities. Owners here own their own homes, but also own a share of the common elements including foyers, hallways, passages, lifts, patios, gardens, roads, leisure and sports facilities - golf courses, swimming pools, tennis courts, gymnasiums, bars and restaurants.



Utilities

Although it is difficult to generalise – and the costs will be different in each case depending on a number of factors, we have put together some ‘ballpark figures’ to give you an idea how much things cost – in other words will the budget you have planned be enough?



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