How is foreign capital gains taxed in Portugal?

As a general rule, capital gains will be subject to tax at a flat rate of 28%.
Only 50% of capital gains arising from the sale of shares held by micro and small companies not listed in the stock exchange will be subject to taxation.
In 2021, 50% of capital gains arising from the sale of real estate by tax residents in Portugal is taxed at marginal rates varying between 14.50% and 48%.
The gain may be wholly or partially exempt if the property being sold is the taxpayer's primary residence and the sale proceeds, reduced by the value of any outstanding loans relating to the purchase of the property being sold, are reinvested in the acquisition, improvement, or construction of another primary residence in Portugal or within the European Union within 36 months from the sale or in the period of 24 months previous to the sale.
Capital gains earned by non-residents that are not borne by a PE in Portugal are fully taxable at a flat rate of 28%.

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DERREN JOSEPH:
So someone is asking how are capital gains taxed. And I, I know it's, it depends, right? Whether it's capital gains, it could be from securities income when which should be treated in a certain way, can be from real estate. Do you know? So it is a, a wide kind of question isn't that?

AUGUSTO PAULINO:
Yes, we need to, confirm, the nature of the capital gain, but to give two examples, we can consider capital gains on the sale of real estate. For example, the rule would be that those capital gains would be taxed in the country where the property is located and therefore exempt from taxation in Portugal. This would be the most common situation under double text treat is concluded by Portugal. So taxation at source exemption under the NHL regime in Portugal with respect to securities, it's the opposite because usually, the double text treaties allow the taxation at the country of residents, which in this case would be Portugal. And then, and is granted under the NR regime. There are some exceptions to this rule, I can recall, for example, Brazil, double text concluded between Portugal and Brazil is an exception, but the most common situation would be that the capital gains on the sale of securities would be subject to tax in Portugal under the regime.

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