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Capital gains tax in Portugal 2026
Selling shares costs you a flat 28% on the gain, while property gains work differently: half the gain is added to your income and taxed at your band rates.
High earners face a trap — with taxable income of €86,634 or more, gains on anything held under 365 days must go through the progressive bands instead of the flat rate.
At a glance
- top rate
- 28% flat (shares and securities)
- entry band
- Property: 50% of the gain at your band rates
- tax year basis
- Calendar year
- filing deadline
- 1 April – 30 June
- residency basis
- Residents taxed on gains worldwide
- regime flag
- Main-home sale can be fully exempt on reinvestment
Rates
Capital gains by asset type (2026)
| Rate | Base | Applies to |
|---|---|---|
| 28% | Net gain | Shares and securities (band rates become mandatory if your income is €86,634+ and you held under 365 days) |
| Your band rates | 50% of the gain | Property — with inflation adjustment of the purchase cost after 24 months of ownership |
| 14% effective | 50% of the gain at 28% | Qualifying startup stock-option gains (strict conditions; excludes board members and 20%+ owners) |
Taper relief on listed securities and open-ended funds
| How long you held | Share of the gain that is taxed | Note |
|---|---|---|
| Over 2 and under 5 years | 90% | Listed on a regulated market, or qualifying funds |
| 5 to under 8 years | 80% | |
| 8 years or more | 70% |
Thresholds & allowances
- Main-home reliefFull exemption when you reinvest the proceeds
Buy the new home in the 24 months before or 36 months after the sale; European Union (EU) and European Economic Area (EEA) homes qualify
Residency
Residency trigger
Residents owe tax on gains wherever the asset sits.
Non-resident treatment
Non-residents selling Portuguese listed shares generally pay nothing (tax-haven residents and property-rich companies excluded); Portuguese property gains are taxed on 50% at the band rates.
Notes
- Losses on shares carry forward 5 years if you use the band-rate route; property losses carry at 50% for 5 years.
- The purchase price of property and shares can be inflation-adjusted once you have owned them for over 24 months.
- Crypto gains have their own rules — see the Portugal crypto tax page.
FAQ
How is property capital gains tax calculated in Portugal?
Half the gain is added to your income and taxed at your band rates — with inflation adjustment after 24 months of ownership, and a full exemption if you reinvest a main-home sale within the rules.
Do non-residents pay Portuguese tax when selling shares?
Usually not on listed shares — the gain is exempt unless you live in a listed tax haven or the company is essentially a property holder. Portuguese property gains are taxed on 50% at the progressive rates.
What is the startup stock-option rate?
An effective 14%: only half the gain is taxed at the 28% rate, if the company and a 1-year holding test qualify.
Figures: tax year 2026, compiled from public sources. Not tax advice.