Taxation

The tax information provided regarding Portuguese investment funds and their investors is intended for general guidance only. For a comprehensive understanding and to ensure compliance with applicable regulations, consultation of the relevant tax legislation or a qualified tax advisor is strongly recommended.
Contact us for more information

Contact us for more information

Taxation of Investment Funds

Income and Taxation

Real Estate

  • Income derived from property rentals is exempt from taxation.
  • Capital gains (both real estate and non-real estate) are exempt from taxation.
  • Capital income (interest and other earnings) is exempt from taxation.
  • The income earned by the Fund is not subject to withholding tax.
  • The Fund is exempt from municipal and state surtaxes.
  • The Fund is not required to make advance tax payments or special advance payments.
  • The Fund is subject to Corporate Income Tax (CIT) at the general rate set forth in the Corporate Income Tax Code. The taxable profit is determined in accordance with Article 22 of the Tax Benefits Statute, and tax losses are deductible as per the terms and deadlines specified in the Corporate Income Tax Code.

Private Equity

  • Taxation is a key differentiating factor for venture capital funds, with favorable tax regimes designed to stimulate the capital markets and the Portuguese financial system.
  • Venture Capital Funds are exempt from Corporate Income Tax (CIT) on income earned, irrespective of its nature.
  • The benefits also extend to the taxation of investors, as detailed below. The regimes outlined do not include the specific exemptions available to other types of investors or special tax regimes provided by law.

Investor Taxation

Real Estate

  • The regimes presented do not encompass the specific exemptions applicable to other categories of investors, nor the special tax regimes established by law.

Private Equity

  • Taxation is a key differentiating factor for venture capital funds, with favorable tax regimes designed to stimulate the capital markets and the Portuguese financial system.
  • Venture Capital Funds benefit from exemption from Corporate Income Tax (CIT) on income earned, regardless of its nature. These advantages also extend to the taxation of investors, as detailed below.
  • The tax regimes presented do not account for specific exemptions applicable to other categories of investors or for special tax regimes established under applicable legislation.

Documents

Access important documents outlining Montefino Capital’s compliance policies, financial information, and risk management framework. These resources are available for download and provide transparency on our investment practices and commitment to regulatory standards.

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