How wealth tax works in Portugal
Portugal has no general annual tax on a person’s worldwide net worth. Cash, listed securities, private company shares and foreign assets are not subject to a broad wealth tax just because they exist.
The relevant Portugal wealth tax concept is property-based. IMI is an annual municipal property tax, and AIMI is an additional tax on the taxable value of certain urban residential properties and building land, with deductions of EUR 600,000 for individuals or EUR 1.2 million for joint filers.
AIMI is charged at 0.7% for individuals and undivided inheritances and 0.4% for companies, with higher marginal rates above EUR 1 million and EUR 2 million for individuals. Property in tax-haven structures can be taxed at 7.5%.
Tax rates at a glance
- Net wealth tax
- 0%None
- AIMI for individuals
- 0.7%
- AIMI for companies
- 0.4%
- AIMI for tax havens
- 7.5%
- IMI urban property
- 0.3% - 0.45%
Who benefits most
These profiles tend to benefit most when the rules match their real residence, payroll and business setup.
InvestorsFamily officesHigh earnersProperty ownersExpats
Watch out for
- AIMI is not a classic wealth tax, but it can feel like one if you own high-value Portuguese property.
- IMI rates vary by municipality, so property tax bills can differ materially from one location to another.
- Some exemptions and reductions apply, especially for lower-value main homes, forestry land and qualifying rehabilitation projects.
- Foreign tax residence can still make your assets taxable elsewhere even when Portugal does not impose a net wealth tax.
Frequently asked questions
Does Portugal have a wealth tax?
Portugal does not have a general net wealth tax. The main property-based charge is AIMI, plus annual IMI on real estate.
What is AIMI in Portugal?
AIMI is an additional property tax that applies to certain urban residential property and building land after a EUR 600,000 individual deduction, or EUR 1.2 million for joint filers.
Are shares and bank balances taxed as wealth?
Not under a general wealth tax regime. Portugal’s recurring annual tax focus is mainly on property rather than financial assets.