Silves Town Council Grants Tax Exemptions for Urban Rehabilitation

7 November 2017

The vacant or degraded properties that are rehabilitated within the Urban Rehabilitation Area of the city of Silves, in the Algarve, will benefit from tax exemptions and municipal taxes, announced today the Câmara de Silves.

“Through these measures, the municipality intends to promote the rehabilitation and urban regeneration of the city of Silves, stimulate private investment and boost the local economy,” the municipality said in a statement.

The tax incentives include an exemption from transmission taxes, after the rehabilitation, on the acquisition of a building or an autonomous fraction of urban building, destined exclusively for own and permanent housing.

Included in the exemption are those properties where urban rehabilitation works were initiated after the publication in the Diário da República of the delimitation of the Urban Rehabilitation Area of Silves, on May 18, 2016, “which are the subject of previous and successive inspections and which will be concluded by 31 December 2020 “.

Owners who wish to benefit from the exemptions must request an inspection of the renovation works from municipal services, to obtain a certification of the improvement of the state of conservation of the property, a document that must be transmitted to the Tax Authority for approval of the tax benefit.

The municipality adds that, in addition to the municipal benefits, public or private individuals, including condominiums, can apply for national financial instruments, such as the IFRRU 2020, for urban rehabilitation and increased energy efficiency.

In the municipality of Silves, IFRRU 2020 focuses on the Urban Rehabilitation Area for the full rehabilitation of buildings or the conversion of abandoned spaces and industrial units.

Original Story: Diário de Notícias / Lusa

Translation: Richard Turner