"vacation house" - US or dansh property taxes

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"vacation house" - US or dansh property taxes


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Old 14th July 2008, 12:48 PM
 
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Default "vacation house" - US or dansh property taxes

We are a danish/Us coupple studying/working in Denmark, and we would like to moove to Portugal in two or three years when i have finished my studies.

We are already looking at a nice piece of land, and actually might be able to buy it now, but then it will be considered a vacationhouse untill we moove down there for real.

Does anyone have expierience with taxes on vationhouses in portugal?
I read that it is 1% of the property price (if under 83.000 euro), but is that per year or just when you buy?

And how about paying property tax to your homeland? (How much and will you have to pay dobble taxes?)

It would be really nice to get in contact with someone in the same situation.

Regards Mejsen

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Old 14th July 2008, 01:30 PM
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Can't help you with the Portuguese side of things, but for the US half of your couple, there's no real concern about having a vacation home in Portugal. If you were to rent out the property, that income would have to be reported to the US tax authorities (and because it's not "earned income" would be subject to tax). But there is no "property tax" as such imposed by the US tax authority.

I suspect the same is true for Denmark, though I don't know anything about Danish taxes. The one place they might impose a "property tax" is if you are subject to a "wealth tax" on the value of your worldwide property. You then would have to add the value of your vacation home to that of all your other assets when figuring the wealth tax.
Cheers,
Bev

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