About Taxbordr: founder-led capital gains advisory
Taxbordr is a Lisbon-based cross-border tax advisory founded by Telmo Ramos, member of the Ordem dos Economistas, Cédula nº 16379. Telmo trained at KPMG Luxembourg and EY Lisbon. He founded Taxbordr in 2022. The firm has handled 250+ cross-border cases involving capital-gains positions: portfolio liquidations on relocation, SIPP / 401(k) drawdowns, primary-residence sales with reinvestment relief, founder share sales, RSU vesting timing, and crypto disposals. Every CGT election goes out under his name with the Portuguese-side position documented for the home-country accountant.
Real estate (resident individuals)
Default treatment: 50% of the net gain included in taxable income at progressive marginal rates per CIRS art 43 n.º 2
Primary-residence reinvestment relief: conditional on reinvestment of proceeds in another habitual residence in PT/EU/EEA within 24 to 36 months per CIRS art 10 n.º 5; documentation required
Special incentive rates for specific situations (e.g. pre-1989 acquisitions, certain reinvestment scenarios, social housing initiatives)
Non-residents: 100% of the gain at 28% flat per CIRS art 72; EU/EEA election available
Withholding on non-resident sales: 35% provisional withholding can apply per CIRS art 71 mechanics; final position reconciled on Modelo 3
IFICI residents: foreign-source real estate gains exempt under exemption method per CIRS art 81 n.º 4; PT-source gains follow the resident rules above
Crypto
See the dedicated crypto tax guide for the full framework. Summary:
Cat G (private investor): 28% flat below 365-day holding; exempt at or above 365 days per CIRS art 10 n.º 1 al. k) + CIRS art 72 (introduced by Lei 24-D/2022 effective 2023). Excluded from exemption: crypto issued by entities resident in blacklisted jurisdictions
Cat E (passive yield): staking, lending, LP rewards taxed at 28% flat at receipt; no 365-day rule
Cat B (regular activity): mining, day-trading at scale, organised systematic trading; progressive IRS rates plus Segurança Social
Listed micro / small caps and unlisted holdings
CIRS art 43 contains specific rules for holdings in micro and small enterprises that meet defined criteria (Decreto-Lei 372/2007 size definitions). Effective inclusion can fall to 50% with conditions, similar to the long-held listed-securities mechanism. Verify the company's qualification before relying on the carve-out. Founder share sales of qualifying SMEs are a common scenario.
Stock options, RSUs, and equity compensation
Equity compensation is generally Cat A (employment) at vesting/exercise, Cat G at disposal of the underlying shares. The vesting/exercise event is taxed at progressive rates with SS layer; the disposal is at 28% with the long-held relief if held > 365 days from exercise. EU/EEA treaty cross-checks apply to vesting periods that span pre-arrival and post-arrival in Portugal. Pre-arrival exercise often produces a cleaner allocation.
IFICI and capital gains: the exemption method
For taxpayers under the IFICI regime (EBF art 58-A, Lei 82/2023):
Foreign-source Cat G: exempt under the exemption method per CIRS art 81 n.º 4, with mandatory aggregation for rate calculation
PT-source Cat G: standard resident rules apply (28% autonomous or 50% inclusion at progressive rates)
Blacklisted-jurisdiction issuers: excluded from exemption, taxed at aggravated autonomous rates per CIRS art 81 n.º 5
Common mistakes
Claiming the primary-residence exemption without documenting reinvestment within the 24 / 36-month window (CIRS art 10 n.º 5 is conditional, not automatic)
Treating crypto as Cat G when it is realised through Cat B activity (regular and systematic trading)
Aggregating securities gains (englobamento) when the autonomous 28% rate produces a better outcome
Selling foreign assets after Portuguese residency starts without modelling whether IFICI exemption applies
Not modelling 50% inclusion vs 28% autonomous for long-held securities (different bases produce different optimal elections)
Treating blacklisted-jurisdiction gains as exempt under IFICI (they are excluded under CIRS art 81 n.º 5)
Frequently Asked Questions
What is the capital gains tax rate in Portugal?
The default is 28% autonomous on securities and crypto (Cat G) per CIRS art 72 n.º 1 c). For long-held listed securities (>365 days), 50% of the net gain is included at progressive marginal rates per CIRS art 43 n.º 2. Real estate for residents: 50% of net gain at progressive rates. Non-residents pay 28% on 100% of the gain.
Is there a primary-residence exemption from capital gains in Portugal?
Yes, but it is conditional on reinvestment. CIRS art 10 n.º 5 exempts the gain on sale of a habitual residence if the proceeds are reinvested in another habitual residence in Portugal, the EU, or the EEA within 24 to 36 months. Without documented reinvestment, 50% of the net gain is included at progressive rates per CIRS art 43 n.º 2.
Are foreign capital gains taxed in Portugal under IFICI?
No, generally exempt. Under CIRS art 81 n.º 4 (EBF art 58-A), foreign-source Cat G gains are exempt under the exemption method, with mandatory aggregation for rate calculation. Two carve-outs: pension income (Cat H, irrelevant for CGT) and income from blacklisted jurisdictions per Portaria 150/2004 (CIRS art 81 n.º 5).
What is the holding-period rule for Portuguese securities?
For Cat G disposals by resident individuals, listed securities held > 365 days qualify for 50% inclusion at progressive rates per CIRS art 43 n.º 2 (the long-held relief). Below 365 days, the default 28% autonomous rate applies per CIRS art 72. Optional aggregation is available either way if it produces a lower total tax.
Does Portugal tax stock options and RSUs?
Yes. The vesting or exercise event is generally Cat A (employment), taxed at progressive IRS rates with Segurança Social. The subsequent disposal of the underlying shares is Cat G at 28% autonomous, with the long-held relief if held > 365 days from exercise. Cross-border vesting periods need treaty allocation analysis.
What rate applies to non-residents selling Portuguese property?
28% flat on 100% of the net gain per CIRS art 72. EU/EEA non-residents may elect the resident framework (50% inclusion at progressive rates) on equal-treatment grounds. Withholding mechanics on the sale apply per CIRS art 71; the final position is reconciled on Modelo 3.
How is crypto capital gains taxed in Portugal?
Cat G crypto disposals (private investor) are taxed at 28% if held < 365 days; exempt if held ≥ 365 days per CIRS art 10 n.º 1 al. k) and art 72 (introduced by Lei 24-D/2022 effective 2023). Cat E (staking, lending) is 28% flat at receipt, no 365-day rule. Cat B (regular activity) is at progressive rates with SS. See the crypto tax guide for full detail.