IMT Exemption for Youth up to 35 Years Old: Guide 2024

IMT Exemption for Young People Up to 35 Years Old: Everything You Need to Know in 2024

The IMT (Municipal Property Transfer Tax) exemption is a significant tax advantage for young people up to 35 years old who want to buy their first home. In 2024, the Portuguese government offers this exemption as part of an effort to facilitate access to housing for the younger population. In this guide, we will explain in detail how this benefit works and how you can make the most of this opportunity.

What is IMT?

IMT is a tax paid to the State when buying a property. The value of the IMT varies depending on the purchase price of the house and the type of property, being one of the most significant expenses in the process of buying a house. Exemption from this tax therefore represents considerable savings for young buyers.

Who Is Entitled to IMT Exemption?

To benefit from the IMT exemption in 2024, young people must meet the following requirements:

• Be up to 35 years of age on the date of purchase of the property.
• Acquire a property for own and permanent residence.
• The value of the property must not exceed the limit established by law for IMT exemption.

How Does the IMT Exemption Work?

The exemption applies only to the first purchase of own and permanent housing. Homes purchased before August 1, 2024 are not eligible for this benefit. The process to obtain the IMT exemption includes the presentation of documents proving the age and purpose of the purchase.

Advantages of IMT Exemption

• Financial Savings: The IMT exemption allows a significant reduction in the initial expenses associated with the purchase of a house.
• Facilitating Access to Housing: This tax benefit is an incentive for young people to enter the real estate market and acquire their first home.
• Stability and Security: Having your own home provides long-term financial stability and security.

Steps to Apply for IMT Exemption

1. Verification of Requirements: Confirm that you meet all the requirements for the exemption.
2. Collection of Documentation: Prepare the necessary documents, including proof of age and purpose of purchase.
3. Application Submission: Submit the exemption request to the competent authority, usually the Tax and Customs Authority.
4. Process Monitoring: Monitor the status of your request and respond to any additional requests for documentation.

Conclusion

The IMT exemption for young people up to 35 years old in 2024 is a unique opportunity to reduce the costs of acquiring a permanent home. This tax benefit not only eases the initial financial burden but also promotes housing stability for young people. If you are thinking of buying a house, make sure you know all the details and requirements to take advantage of this exemption.

For more information about the IMT exemption and other tax advantages for the purchase of housing, consult the website of the Tax and Customs Authority or talk to a specialized consultant.