The Mayor of Covilhã announced this Wednesday a major measure to attract and retain young people in the municipality: a five-year exemption from the Municipal Property Tax (IMI) for those up to 35 years old who purchase their first permanent home in the municipality.
The announcement was made by Hélio Fazendeiro during the closing session of the Covilhã Innov Summit, an event organized by the municipality in partnership with the University of Beira Interior (UBI), focused on dynamizing the regional business ecosystem and promoting innovation, technology and entrepreneurship.
"Turning the temporary into resident"
During his speech, the mayor made the ambition of the measure clear. "Our commitment is to people, progress and development. Covilhã's commitment is to create, attract and retain talent. We talk a lot about digital nomads, but my goal is to turn the temporary into resident", he stated.
Hélio Fazendeiro further emphasized that the municipality's objective goes far beyond attracting students to UBI. "We don't just want young people to study in Covilhã. That is why I am announcing here a concrete measure to support talent retention that I will propose for approval at the City Council: the IMI exemption for five years, for young people up to 35 who acquire their first permanent home in our municipality", he stressed.
Challenges to the Government: industrial zone and IC6
Taking advantage of the presence of the Minister of Economy and Territorial Cohesion, Castro Almeida, at the closing session, Hélio Fazendeiro also launched some challenges to the Executive, namely the creation of a major industrial zone in Covilhã and the construction of the IC6 highway connecting Covilhã to Coimbra.
What the IMI exemption means for young people
The IMI exemption represents significant savings in the first years of property ownership - typically a financially demanding period. Combined with other national supports such as the IMT exemption for first homes for young people up to 35, this municipal measure can make Covilhã one of the most competitive options in the country for first home purchases.
Anyone considering moving to the municipality should evaluate the overall fiscal impact of the operation with a certified accountant.
