[ Offshore Tax ] Let’s talk about Capital Gains taxes in Portugal!

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As a general rule, capital gains are taxed at a flat rate of 28%. Only 50% of capital gains arising on the sale of shares held on micro and small companies not listed in the stock exchange will be subject to taxation. Regarding the income earned as of 1 January 2023, the positive balance between capital gains and capital losses arising from the transfer for consideration of shares and other securities is mandatorily aggregated if all of the following conditions are met:
– The assets have been held for less than 365 days;
– The taxpayer’s taxable income, including the balance of the capital gains and capital losses, amounts to or exceeds EUR 75,009.
These rules also apply to the balance between capital gains and capital losses subject to the aggravated 35% tax rate (country, territory, or region subject to a more favorable regime).
In 2022, 50% of capital gains arising from the sale of real estate by tax residents in Portugal are taxed at marginal rates varying between 14.50% and 48% (plus the solidarity rate, if applicable).
There are some circumstances under which the gain may be wholly or partially exempt, such as in cases where the property being sold is the taxpayer’s primary residence and the sale proceeds, are reduced by the value of any outstanding loans relating to the purchase of the property being sold, are reinvested in the acquisition, improvement, or construction of another primary residence in Portugal, or within the European Union within 36 months from the sale or in the period of 24 months previous to the sale.
Capital gains earned by non-residents that are not borne by a PE in Portugal are fully taxable at a flat rate of 28%.

TIMESTAMPS:
0:00 intro
0:22 Capital gains tax overview in Portugal
0:58 capital gains in Portugal deriving from a sale of stocks
1:19 And stocks from within traded company within Portugal
3:05 concept of short-term and long-term capital gains.
3:37 outro

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DERREN JOSEPH:
What are the Taxes for capital Gains in this geography matter? This is from Paul. So yeah, so capital Gains from, from a Portugal point of view, what are the Taxes for, I guess an asset within Portugal versus an asset outside of Portugal? Maybe.

AUGUSTO PAULINO:
But, the question is any as some assets in specific, Sorry. So

DERREN JOSEPH:
No, Paul didn’t mention any particular asset stocks. Okay. Stocks,

AUGUSTO PAULINO:
Okay. Security is, Okay. So in general, the general rule would be that in the case of securities stocks, for example in Portugal, the capital gains deriving from the sale of stocks overall would be subject to taxation at, for now, at least at the flat rate of 28%. And, those capital Gains, for example, stocks in the US would not benefit from exemption under the NHR regime. Okay.

DERREN JOSEPH:
And stocks from within a traded company within Portugal.

AUGUSTO PAULINO:
Okay. The same rule applies. So capitals are text at 28%. There, there may be specific companies that are treated as small companies that we can get the relief of 50% of the capital Gains.

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