Portugal to Increase Tax on House Purchases by Foreign Buyers

The Portuguese government will raise the tax on house purchases carried out by non-residents as part of a series of measures aimed at increasing the supply of affordable homes in the southern European country.

Prime Minister Luis Montenegro announced the plan to raise the so-called IMT tax after taking part in a cabinet meeting in Lisbon. He also confirmed other measures the government has designed to ease the country’s housing crisis.

Portugal has attracted foreign residents with its mild temperatures, relatively low cost of living, tax incentives and its golden visa program. Foreigners from outside the European Union are buying ...