Do I need a will in Portugal?

There is no legal requirement to draw up a will in Portugal; regardless of whether Portuguese laws or the laws of your home country apply to your estate. Therefore, if you want the laws of your home country to apply to your estate, you don’t really need a Portuguese will.

What happens if you die without a will in Portugal?

Portuguese inheritance law states that, if you do not have a Will, then when you die your properties will be shared among your heirs according to the law of your country of your residence.

How do I make a will in Portugal?

It must be drafted by a Notary, who must read it to the testator and/or the testatrix, who then must confirm to the Notary that they agree with the text, and sign it before the Notary, all this in front of two witnesses, who also have to sign, plus a translator if you do not understand the Portuguese language.

Are there death duties in Portugal?

There is NO inheritance tax in Portugal

This is the most important detail: inheritance tax was abolished in Portugal in 2004. However, stamp duty is still payable, so it’s really a question of semantics. However, stamp duty is at a relatively generous rate of 10% on Portuguese assets.

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Is there any inheritance tax in Portugal?

Portuguese inheritance tax

Strictly speaking, the Portuguese government abolished inheritance tax several years ago, but a stamp duty (Imposto do Selo) may apply instead. This applies at a flat rate of 10%. The tax only applies to Portuguese assets rather than assets held in other countries.

What are the inheritance laws in Portugal?

Basic Portuguese law protects immediate relatives (such as children, parents or spouse) from inheritance tax. Regulations state than a minimum of 50% must go to spouse and dependents (although this will be affected by other factors, such as the number of children), unless the will states otherwise.

How much does a will cost in Portugal?

The cost of drawing up a Portuguese will is around €230, plus VAT and administration fees.

Is a US will valid in Portugal?

Yes, it is possible to leave assets in Portugal using a foreign Will as Portuguese Law recognises Wills that are made abroad.

What is the income tax rate in Portugal?

Income tax rates in Portugal

Annual taxable income Portugal income tax rate
up to €7,112 14.5%
€7,113–€10,732 23%
€10,733–€20,322 28.5%
€20,323–€25,075 35%

Is there a gift tax in Portugal?

There is no inheritance or gift tax (see Question 7). However, the free transfer of assets (inheritance and gifts) located in Portugal is generally subject to a 10% stamp duty rate (if it is a real estate transfer 0.8% stamp duty is also due (Stamp Duty Code)).

Can you disinherit your children in Portugal?

These relatives are always entitled part of the estate and cannot be disinherited, regardless of the wishes of the testator. The available and unavailable quotas vary depending on the number and nature of the heirs.

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Does Portugal have a wealth tax?

Portuguese Wealth Tax

Portugal’s version of wealth tax affects those whose ownership of Portuguese property is worth over €600,000, regardless of where they are resident. Rates are 0.4% for properties held by companies, 0.7% for individuals and 1% for those whose share in Portuguese property goes over €1 million.

Does an English will override a Spanish Will?

Does an English Wills override a Spanish Wills? … Spanish law recognises a Will made lawfully in any jurisdiction. That means that if you make an English Will relating to all of your worldwide assets, it will include your Spanish property.

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