Taxation
Portugal taxation 2026: NHR 2.0, Golden Visa, IMT and IMI explained
The real Portuguese tax regime for a French buyer in 2026, without the myths still circulating online.
Portugal remains tax-competitive, but the rules changed in 2024. Here is the 2026 picture, with no sugar-coating.
NHR 2.0: who actually qualifies
IFICI (Incentivo Fiscal à Investigação Científica e Inovação), sometimes referred to as “NHR 2.0”, is reserved for new tax residents carrying out a qualified activity: scientific research, innovation, tech, healthcare, higher education, certified startups. Unlike the old NHR, it is no longer available to simple retirees or passive-income earners.
Golden Visa 2026: what remains possible
Since October 2023, direct real estate investment has been excluded. The routes still open are:
- Subscription of at least €500,000 in non-real-estate collective investment vehicles meeting the programme's legal requirements
- Creation of 10 local jobs
- Cultural donation/patronage — €250,000
IMT and Imposto do Selo
IMT (property transfer tax) is progressive: 0% up to €101,917, then 2, 5, 7, 8%, capped at 7.5%. The Imposto do Selo is a flat 0.8%.
IMI and AIMI
Annual property tax: 0.3 to 0.45% of the rateable value (often 40 to 60% of the real price). AIMI of 0.4 to 1% applies to assets above €600k.
Capital gains on resale
The tax treatment of a property capital gain in Portugal depends in particular on your tax residence and personal circumstances. The rules for non-residents have changed and can no longer be summed up by the former flat rate of 28%. A tax assessment tailored to your circumstances is recommended before any resale.
See also our investing in the Algarve page.
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