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V1304-25 ·11 July 2025 ·consulta-vinculante Low impact
Tax

Requirements for Patrimony Tax exemption in Portuguese real estate investment entities

The consultant asks whether investing in a Portuguese real estate collective investment entity (SIC) through a society entitles to Patrimony Tax exemption. The DGT states that for the society not to be considered a patrimony manager, the SIC must carry out an economic activity, requiring at least one full-time employee with a labour contract.

In 6 key points

How it affects those involved

Investors in Portuguese real estate SICs through a society may qualify for Patrimony Tax exemption only if the SIC conducts an economic activity, such as full-time employment.

Lifecycle

2025-07-11PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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This analysis is informational only and does not constitute legal advice or create a client-adviser relationship. BM Consulting.
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