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Reworking of collective investment vehicles


The new collective investment vehicle (CIV) regime is applicable to securities investment fund. Taxand Portugal explains the changes which apply as of 1 July 2015 onwards.

The new CIV regime is applicable to securities investment funds, securities investment companies, real estate funds and real estate investment companies, all incorporated and operating in accordance with Portuguese law.

The tax regime for other CIVs that already benefited from a specific tax regime remains largely unaltered, for example, the real estate urban rehabilitation investment fund and Forest Real Estate Investment Fund and the real estate investment fund for rental purposes.

Stamp tax at the level of the CIV
Stamp tax on the net asset value of the CIV will be levied at:

  • 0.0025% rate for CIV that invest exclusively in money market instruments and deposits (determined and payable on trimester basis); or
  • 0.0125% rate for all other CIVs including real estate funds/companies (determined andpayable on trimester basis).

Discover more: Portugal changes tax landscape of collective investments vehicles

Your Taxand contacts for further queries are:
Fernando Castro Silva
T. + 351 21 891 32 32

Tiago Cassiano Neves
T. +351 218 913 232

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Taxand's Take

This law significantly amends the tax regime applicable to Portuguese collective investments vehicles - all applicable vehicles should be prepared for July 2015.

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