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Proposed changes to Portuguese Property Tax

The, as yet unapproved, 2007 Portuguese Budget proposes to reduce the Municipal Tax levied on offshore (blacklisted) held property from 5% to 1% which would be double the rate applied to non offshore held property.

This is a big reversal to the previous penalizing tax and could mean that for those who wish to retain the confidentiality of offshore ownership this was now at an acceptable cost.

We still need to see if the Government intend to retain the tax on a "presumed income" that has been levied up to now which if left in place would continue to make offshore ownership an expensive option.

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