Macau Financial Services Bureau Announces Abolition of Stamp Duty on Second Residential Property Acquisitions

The Macanese Financial Services Bureau Jan. 15 announced the retroactive application of Law No. 1/2024, removing the stamp duty on the acquisition of a second residential property, effective Jan. 1. The announcement includes: 1) the acquisition of a second residential property isn’t subject to stamp duty of 5 percent of the purchase price; 2) a refund of the paid 5 percent stamp duty for taxpayers that acquired a second residential property between Jan. 1 and Jan. 15; 3) the continued application of the original law to acquisition of a second residential property prior to Jan. 1; and 4) the continued ...