IMI Additional Tax (Luxury Property Council Tax)

It applies to high-value properties (or portfolio of properties) that have a value equal to or greater than 600 thousand Euros.

(VPT – Tax Asset Value) Information available in the Caderneta Predial Urbana.

If a couple decides to be taxed together, the amount rises to 1.2 million euros.

Are there exemptions from this tax?

Yes. Among others, if the buildings fall under the category of Industrial/Commercial/Services.

Rates that apply to a Natural Person:

0.7% for properties worth €600,000 or more

1% for properties over €1 million

1.5% for properties over €2 million

The date of payment of this tax is during the month of September.

Rates that apply in the Legal Person/Company: 0,4%

Note: If the Property is for the private use of the owners, managers or administrators of the capital, the applicable rates are those for the Natural Person.

Fees that apply to companies based in tax havens: 7,5%

Please note that this information is not a substitute for professional legal and financial advice and no liability can be accepted for any kind of loss or damage.

Tax rates, laws and exemptions may change. Any tax returns are based on our understanding of current tax laws and practices that are subject to change. Tax information has been summarized; You should always seek personalised professional advice.