What has changed, and what is about to change
Taxes, registries, rentals, currency and foreign ownership in the eight markets and in Israel. Each change has a date, a status, an official source and what it means for buyers, property owners and developers.
Cyprus: deemed dividend distribution continues to apply to 2024-2025 profits
The reform abolished the deemed dividend distribution mechanism for profits accumulated from 1 January 2026. According to BDO, the provisions continue to apply to undistributed profits of 2024 and 2025 until 31 December 2027.
What it means for you Cyprus-resident shareholders in a Cypriot company with undistributed profits from 2024 or 2025 need to plan a distribution by the end of 2027 to avoid a deemed distribution. For shareholders who are not Cyprus residents, the mechanism does not apply in any case.
Relevant to: Companies and businessesBDO World Wide Tax News - Cyprus tax reform includes corporate tax rate increase To the full guide
Capital declarations to be filed online only
From 1 January 2027, an individual's capital declaration (hatzharat hon, a statement of assets requested by the Israel Tax Authority) will be filed online only, under section 135(1)(a1) of the Income Tax Ordinance, added by Amendment 210. The commencement order was published in the Official Gazette (Reshumot) on 6 September 2026.
What it means for you If you receive a request to file a capital declaration, your property abroad will be reported on the online form, so it is worth keeping the cost documents and the euro payment confirmations ready in advance.
Relevant to: Property ownersCapitax (Alex Shapira & Co.) - tax update 7.9.2026 To the full guide
Romania: minimum turnover tax to be abolished from 2027
The minimum turnover tax (IMCA), at a rate of 0.5% on an adjusted revenue base, applies to companies with turnover of more than EUR 50 million in the previous year. According to PwC, the IMCA will be abolished from tax year 2027.
What it means for you Relevant only to large groups: a Romanian company above the EUR 50 million threshold will return to ordinary corporate tax only from 2027. For medium-sized and small companies the change makes no difference.
Relevant to: Companies and businessesPwC Worldwide Tax Summaries - Romania: Significant developments (checked 25.9.2026) To the full guide
Portugal: corporate tax to fall to 18% in 2027
Under Law 64/2025, Portugal's general corporate tax rate will continue to fall: 18% for tax periods beginning in 2027 and 17% for periods beginning in 2028.
What it means for you When planning the timing of profit realisation or an investment through a Portuguese company, the general rate is expected to fall by one percentage point in each of 2027 and 2028.
Relevant to: Companies and businessesGarrigues - Taxa do IRC é reduzida progressivamente até 2028 (17%) To the full guide
Cyprus: deadline for the old VAT track
On 4 May 2026 the Cyprus Tax Department announced that the deadline for applying for 5% VAT under the old track (on the first 200 sq m of a main residence) was extended from 15 June to 31 December 2026, for those who applied for a planning permit by 31 October 2023 and whose permit was granted after 1 January 2025 or has not yet been granted.
What it means for you Those eligible for the old track on an apartment that will serve as their permanent home in Cyprus must submit the application by the end of 2026.
Relevant to: BuyersKPMG - Cyprus: reduced VAT rate on new dwelling (May 2026) To the full guide
Greece: mandatory e-invoicing for all B2B transactions
The e-invoicing obligation for domestic B2B transactions applies from 2 March 2026 to businesses with gross revenue of more than EUR 1 million in 2023, and from 2 November 2026 to all other businesses (instead of 1 October). According to reports, the transition period runs until 31 January 2027. Invoices are issued through an approved provider or through AADE's free applications.
What it means for you A Greek company you own must already issue invoices to businesses through an approved provider or through the AADE system. A foreign company that is only VAT-registered in Greece, without a place of business there, is not subject to the obligation according to the sources.
Relevant to: Companies and businessesWrapp - Mandatory e-invoicing in Greece moved to 2 November 2026 To the full guide
Ukraine: lower tax on rental income
From 23 October 2026 the income tax on individuals' rent from residential and commercial real estate fell from 18% to 5%, under Laws 4903-IX (9.6.2026) and 5025-IX (15.10.2026), published on 22.10.2026. The 5% military levy remains, so the combined rate is about 10% instead of 23%.
What it means for you Owners who rent out property in Ukraine pay less tax on rent from 23.10.2026. Whether the new rate also applies to non-residents renting out through a tax agent has not yet been clarified.
Relevant to: Property ownersDTKT - ПДФО з оренди нерухомості знижено до 5% з 23 жовтня 2026 р.: зміни за законами №4903 та №5025
Cyprus: proposals to restrict real estate purchases by foreigners
In October 2026 the Interior Committee of the Cyprus House of Representatives discussed proposals to restrict real estate purchases by third-country nationals, including area caps, a ban on buying in agricultural zones and a limit of one apartment. As of the end of October 2026 the legislation had not passed.
What it means for you Israelis without a European passport already need a Council of Ministers permit to register a property in Cyprus, and the proposed legislation may add further restrictions.
Relevant to: Buyers · DevelopersCyprus Mail - MPs push for tighter rules on foreign property purchases To the full guide
Greece: higher transfer tax for buyers from outside the EU
A bill published for public consultation on 18 October 2026 (until 1 November 2026) raises, from 1 July 2027, the transfer tax on residential property for individuals who are not tax residents of the EU or the EEA. The reported rate is 15% instead of 3%.
What it means for you If your purchase deed in Greece is signed after 1 July 2027, you may be charged the new rate, so the date of signing the deed is part of planning the transaction.
Relevant to: BuyersTaxheaven - tax bill in public consultation (18.10.2026) To the full guide
Greece: VAT suspension on new buildings extended to 2027
The suspension of 24% VAT on the first sale of a new building is in force until 31 December 2026 (Law 5246/2025), and instead the buyer pays a transfer tax of about 3.09%. The bill published on 18 October 2026 extends the suspension to 2027.
What it means for you For an off-plan purchase in Greece where the deed is expected in 2027, the contract should state who bears the VAT if the extension is not enacted.
Relevant to: Buyers · DevelopersTaxheaven - Law 5246/2025, section 12 To the full guide
Greece: suspension of capital gains tax on real estate sales extended
The 15% capital gains tax on real estate sales by individuals in Greece is suspended until 31 December 2026. The bill published on 18 October 2026 extends the suspension to 2027 as well.
What it means for you Individuals selling property in Greece currently pay no Greek capital gains tax; a sale in 2027 depends on the extension being enacted.
Relevant to: Property ownersProtothema - the bill with the TIF measures in public consultation To the full guide
Greece: ENFIA abolished in small communities from 2027
Under the bill, from 2027 ENFIA will be abolished in communities of up to 2,000 residents (up to 2,200 in Western Macedonia), adding 131 communities and about 62,000 property owners.
What it means for you Owners of a property in a small community in Greece may be exempt from ENFIA from 2027, subject to the text as enacted.
Relevant to: Property ownersProtothema - the bill with the TIF measures in public consultation To the full guide
Romania: RO e-TVA for taxpayers using cash-basis VAT
According to PwC, the RO e-TVA system (a VAT return pre-filled by the tax authority) has operated since 1 October 2026 also for taxpayers reporting VAT on a cash basis. Since January 2026, the deadline for transmitting an e-invoice to the RO e-Factura system has been unified at five working days, for both B2B and B2C.
What it means for you A Romanian company that reports VAT on a cash basis needs to compare the e-TVA return prepared by the authority with its own records and ensure that invoices are transmitted within five working days.
Relevant to: Companies and businessesPwC Worldwide Tax Summaries - Romania: Significant developments (checked 25.9.2026) To the full guide
Romania: the 9% VAT track for apartments has ended
Law 141/2025 allowed the purchase of an apartment at 9% VAT to be completed by 31 July 2026 under a contract signed before 1 August 2025. Law 161/2026 (Monitorul Oficial 642, 4 August 2026) extended the deadline to 30 September 2026, for an apartment of up to 120 sq m worth up to 600,000 lei before VAT. From 1 October 2026 the rate is 21%.
What it means for you A new apartment you buy from a developer in Romania today is subject to 21% VAT. Anyone who paid 21% between 1 and 7 August 2026 and met the conditions can apply for a refund of the difference.
Relevant to: BuyersANAF - Legea 161/2026 To the full guide
Cyprus: new definition of “new building” for VAT purposes
From 1 September 2026 the sale of a building is subject to VAT if it takes place before “first occupation”, meaning before at least 18 months of systematic use, instead of a test of five years from completion of construction. The change was made by orders amending the Fifth and Eighth Schedules to the VAT Law.
What it means for you An apartment from a developer that has stood empty for several years may be subject to VAT, so before signing you need to check the seller's VAT status and the property's history of use.
Relevant to: Buyers · DevelopersKPMG Cyprus - Amendments to Schedules 5 and 8 of the VAT Law To the full guide
Romania: new planning and building code
The Planning and Building Code (Law 169/2026), published in Monitorul Oficial 661 on 10 August 2026, replaced Laws 350/2001 and 50/1991 from 25 August 2026. Applications submitted by 24 August 2026 are handled under the previous law.
What it means for you Developers applying in Romania for a permit or a planning certificate work with new forms and deadlines, and buyers should check under which law the project's permit was issued.
Relevant to: Developers · BuyersSchoenherr - Romania: the Territorial Planning, Urbanism and Construction Code To the full guide
USA: US LLCs exempt from beneficial ownership reporting
A FinCEN final rule, in force from 14 August 2026, permanently exempts companies formed in the US, including LLCs, from beneficial ownership (BOI) reporting under the Corporate Transparency Act. A foreign company registered to do business in the US still reports its non-US owners.
What it means for you A US LLC you own is not required to file a federal BOI report, but if the property is held through an Israeli company registered to do business in the US, the reporting obligation remains.
Relevant to: Property owners · BuyersBallard Spahr - FinCEN permanently exempts US entities from BOI reporting To the full guide
Ukraine: currency relief for businesses from August 2026
Resolution No. 90 of the Board of the National Bank of Ukraine (NBU) of 10 August 2026 entered into force on 11 August. According to reports, it doubles business cash withdrawals to 200,000 hryvnias per day, allows “new” dividends (on activity from 1 January 2024) to be transferred abroad even after a change in the company's legal form, and raises the limits on business cards abroad.
What it means for you An Israeli investor in a Ukrainian company needs to check whether their dividend meets the conditions for transfer abroad. Most of the martial law currency restrictions remain in force.
Relevant to: Companies and businessesАППУ - Валютна лібералізація для бізнесу з 11 серпня 2026 року (Постанова НБУ № 90) To the full guide
Portugal: mortgage repayment cap lowered to 45%
Banco de Portugal lowered the debt-service-to-income (DSTI) cap on housing loans from 50% to 45%, under macroprudential recommendation 1/2026, for credit assessments from 1 August 2026.
What it means for you If you finance a purchase in Portugal through a local bank, the maximum loan amount is calculated under a lower cap.
Relevant to: BuyersECO - Banco de Portugal reduz para 45% taxa de esforço
Romania: land registry shut down after a cyberattack
On 14 July 2026 the ANCPI systems, including e-Terra, were shut down following a ransomware attack. The system was brought back in stages from 11 August 2026, and applications submitted during the outage were kept in order of receipt.
What it means for you Transactions in Romania scheduled for the outage period were postponed, so it is worth having the contract state what happens to deadlines when the land registry is unavailable.
Relevant to: Buyers · Property owners · DevelopersStartupCafe - ANCPI: sistemul repus în funcțiune To the full guide
Thessaloniki: freeze on new short-term rental registrations
From 1 July 2026 to 31 December 2026, no new AMA numbers for short-term rentals are issued in the first municipal community of Thessaloniki. On a sale, gift or transfer to a child, the existing AMA number is cancelled; inheritance is excluded.
What it means for you If you buy a property in central Thessaloniki to rent out on Airbnb, you will not be able to obtain a registration during the freeze, even if the seller rented it out that way.
Relevant to: Buyers · Property ownersOT.gr - New restrictions on short-term rentals in Thessaloniki To the full guide
Portugal: flat 7.5% IMT for non-resident buyers
Under Decreto-Lei 97/2026, from 25 May 2026 a buyer who is not a tax resident of Portugal pays IMT at a flat rate of 7.5% on a residential property, without the brackets and exemptions that apply to residents. The exceptions include becoming a tax resident within two years or letting the property at a moderate rent for at least 36 months.
What it means for you An Israeli who buys an apartment in Portugal and does not become a tax resident there pays 7.5% of the price as purchase tax.
Relevant to: BuyersPortal das Finanças - Decreto-Lei 97/2026
Portugal: 6% VAT on residential construction
Decreto-Lei 97/2026 sets VAT at 6% (instead of 23%) on the construction and renovation of homes to be sold as permanent residences for up to about 660,982 euros or let for up to 2,300 euros a month, for works begun between 25 September 2025 and 31 December 2029.
What it means for you A developer in Portugal can pay reduced VAT on the works, but loses the benefit if the home is not sold as a permanent residence or let within 24 months of the occupancy licence.
Relevant to: DevelopersPortal das Finanças - Decreto-Lei 97/2026
Portugal: 10% tax on moderate rents
The autonomous IRS rate on residential rental income at a moderate rent (up to about 2,300 euros a month) drops from 25% to 10%, for contracts signed through 2029. For companies, only half of such income is included in the tax base.
What it means for you Owners letting long term in Portugal at a moderate rent may pay less tax; tourist rentals are not included.
Relevant to: Property ownersECO - O pacote fiscal da habitação explicado em 13 pontos
EU short-term rental regulation also applies in Romania
From 20 May 2026 Regulation (EU) 2024/1028 applies: every short-term rental property needs a registration number shown in the listing, and platforms pass activity data to the authorities. The regulation applies in all EU member states, including Greece, Cyprus, Bulgaria, Italy and Portugal.
What it means for you A listing without a valid registration number may be removed from the platform, so before renting out your property in the EU through Airbnb, make sure it is registered under local law.
Relevant to: Property owners · Buyers · DevelopersEUR-Lex - Regulation (EU) 2024/1028 To the full guide
Portugal: 10 years of residence for citizenship
The amended Nationality Law (Lei Orgânica 1/2026), in force from 19 May 2026, extends the residence period required for citizenship by naturalisation from 5 to 10 years (7 years for EU citizens and CPLP countries).
What it means for you Golden Visa holders in Portugal who planned to apply for citizenship after 5 years need to recalculate their timeline.
Relevant to: Property owners · BuyersSovereign Group - Portugal brings new Nationality Law into force
Ukraine: military levy extended beyond the end of martial law
On 14 April 2026 the President of Ukraine signed a law extending the 5% military levy on individuals for three years after the end of martial law. The levy also applies to income from the sale and rental of real estate.
What it means for you If you own property in Ukraine, the tax on rent and on a sale will continue to include a 5% levy in the three years after martial law ends.
Relevant to: Property ownersInterfax-Ukraine - Zelensky signs bill extending military levy
Greece: simpler documents for property transfers
Law 5293/2026 (FEK A 57, 7 April 2026) removed the requirement to attach a topographic plan to a transfer deed in areas where the cadastre has been completed (section 16), and provided that the notary will gather the transaction documents digitally as a One Stop Shop (section 15).
What it means for you For a transaction in Greece in a mapped area the signing file is smaller, but some provisions depend on administrative decisions, so it is worth confirming with the notary what is already in operation.
Relevant to: Buyers · Property ownersTaxheaven - Law 5293/2026, section 16 To the full guide
Italy: new restrictions on the intercompany dividend exemption repealed
The 2026 budget law limited the 95% exemption on intercompany dividends and capital gains to holdings of at least 5% or with a tax value of at least EUR 500,000. An emergency decree that entered into force on 28 March 2026 repealed the restrictions, and according to reports it was converted into Law 88/2026 and the repeal applies retroactively from 1 January 2026.
What it means for you An Italian company holding a small stake in another company returns to the 95% exemption on dividends received, as was the case until the end of 2025.
Relevant to: Companies and businessesFiscal Focus - 26 maggio 2026 (Legge 88/2026, participation exemption) To the full guide
USA: rule on reporting cash purchases struck down in court
The FinCEN rule requiring reports on transfers of residential real estate to an entity or trust without bank financing took effect on 1 March 2026 and was vacated nationwide by a federal court ruling in Texas on 19 March 2026. FinCEN has appealed to the Fifth Circuit, and pending a decision the reporting is not required.
What it means for you A cash purchase through an LLC in the US does not currently require this report, but if the appeal succeeds the obligation may return.
Relevant to: Buyers · DevelopersGibson Dunn - FinCEN Residential Real Estate Reporting Rule Vacated Nationwide To the full guide
Romania: updated micro-enterprise rules (OUG 8/2026)
Emergency ordinance OUG 8/2026 entered into force on 25 February 2026 and is being implemented in stages. According to reports, income from the sale of fixed assets and land no longer counts towards the EUR 100,000 turnover cap, a company can return to the micro-enterprise regime at the start of a tax year if it meets the conditions, and the employee requirement has been relaxed, including when the employment contract is suspended.
What it means for you A small Romanian company that sold a one-off asset will not necessarily leave the micro-enterprise regime because of the sale, and a company that left it can consider returning at the start of a year.
Relevant to: Companies and businessesContabilul.ro - Noutăți OUG nr. 8/2026: modificări la microîntreprinderi To the full guide
Greece: new migration code also covers the Golden Visa
Law 5275/2026 (FEK A 17, 6 February 2026) is a new migration code that also applies to Golden Visa permits. The real estate investment thresholds remain as set by Law 5100/2024: 800,000 euros in Attica, Thessaloniki, Mykonos, Santorini and islands with more than 3,100 residents, 400,000 euros in other areas, and 250,000 euros for conversion to residential use or restoration of a listed building.
What it means for you A new Golden Visa application in Greece is filed under the new code, and a property used for it may not be let short term.
Relevant to: BuyersIBA - The Greek Golden Visa after the 2024-2026 overhaul To the full guide
Greece: new 25% bracket in rental income tax
From tax year 2026, rental income in Greece is taxed at 15% up to 12,000 euros, 25% between 12,000 and 24,000 euros (instead of 35%), 35% up to 36,000 euros and 45% above that (Law 5246/2025).
What it means for you Owners letting property in Greece long term pay less tax from 2026 on the portion between 12,000 and 24,000 euros.
Relevant to: Property ownersTo Vima - Renting in Greece: cash payments end on Jan. 1, 2026 To the full guide
Greece: rent only through the bank
From 1 January 2026, residential rent in Greece must be paid into a bank account in the landlord's name. A landlord who receives rent in cash loses the 5% deduction from rental income.
What it means for you If you let a property in Greece, the contract should provide for payment by bank transfer to an account in your name, not to the property manager's account.
Relevant to: Property ownersTo Vima - Renting in Greece: cash payments end on Jan. 1, 2026 To the full guide
Romania: 16% dividend tax
From 1 January 2026 the dividend tax in Romania rose from 10% to 16% (Law 141/2025). The new rate applies to dividends distributed from that date. According to an ANAF clarification, an interim dividend distributed on the basis of 2025 interim financial statements remains at 10%, without recalculation.
What it means for you If you hold a property or project through a Romanian SRL, profit distributions from 2026 leave you with less net.
Relevant to: Property owners · DevelopersKPMG - Romania: tax reform measures effective August 1, 2025 To the full guide
Romania: micro-company threshold lowered to 100,000 euros
From 2026 the turnover threshold for a micro-company in Romania is 100,000 euros (250,000 euros in 2025), and the tax is a flat 1% of turnover. A company that exceeds the threshold moves to 16% corporate tax on profit.
What it means for you A project company in Romania with annual sales above 100,000 euros is generally taxed at 16% on profit rather than 1% of turnover.
Relevant to: DevelopersForvis Mazars Romania - Tax changes in Romania To the full guide
Romania: local building tax has risen
Law 239/2025 updated from 2026 the per-sq-m values used to calculate the local building tax (about 2,677 lei per sq m for a residential building with all utilities, instead of 1,492) and abolished the age discount for older buildings.
What it means for you Owners of an apartment or villa in Romania, including non-residents, pay a higher annual tax to the local authority from 2026.
Relevant to: Property ownersPrimăria Buzău - residential building tax formula 2026 To the full guide
Romania: 0.9% luxury tax on high-value buildings
From 2026, the owner of a residential building in Romania whose taxable value exceeds 2,500,000 lei pays 0.9% (instead of 0.3%) on the excess, under Law 239/2025. The declaration and payment go to ANAF on Form 216.
What it means for you The tax also applies to non-residents, comes on top of the local building tax and is assessed on a formula-based taxable value, not on market price.
Relevant to: Property ownersDigi24 - ANAF modifică declarația pentru taxa pe lux To the full guide
Cyprus: stamp duty abolished
Law 239(I)/2025 repealed the stamp duty laws from 1 January 2026, as part of the tax reform. A document that one of the parties signed by 31 December 2025 is still subject to stamp duty.
What it means for you A purchase contract in Cyprus signed from 2026 is not subject to stamp duty, which was up to 0.2% of the consideration and capped at 20,000 euros.
Relevant to: BuyersCCCI - Abolition of the Stamp Duty Laws as of 01/01/2026 To the full guide
Cyprus: 15% corporate tax and dividend changes
The tax reform that took effect on 1 January 2026 raised corporate tax in Cyprus from 12.5% to 15%, abolished the deemed dividend distribution mechanism and lowered SDC on dividends for residents from 17% to 5%.
What it means for you A developer operating in Cyprus through a Cypriot company pays higher corporate tax on the project profit.
Relevant to: DevelopersEY Global Tax News - Cyprus enacts major tax reform legislation
Bulgaria has adopted the euro
From 1 January 2026 the euro is Bulgaria's currency, at a fixed rate of 1.95583 leva to the euro. The dual circulation period ended at the end of January 2026.
What it means for you Contracts, loans, taxes and registration in Bulgaria are handled in euros, and your currency risk is between the shekel and the euro.
Relevant to: Buyers · Property owners · DevelopersECB - Bulgaria introduces the euro To the full guide
Italy: short-term rental from the third apartment is a business
The 2026 Budget Law (Law 199/2025) kept the cedolare secca at 21% on the first apartment let short term and 26% on the second. From the third apartment, letting is treated as a business activity requiring a partita IVA, instead of from the fifth.
What it means for you If you have three or more apartments let short term in Italy, you need a business structure and not just individual reporting.
Relevant to: Property ownersPartitaIVA.it - Affitti brevi, cedolare secca a due velocità
Portugal: corporate tax reduced to 19%
Law 64/2025 (7 November 2025) reduced the general corporate income tax rate (IRC) from 20% to 19% for tax periods beginning in 2026. The reduced rate for small and medium-sized enterprises fell from 16% to 15% on the first EUR 50,000 of taxable income.
What it means for you From 2026 a profitable Portuguese company pays one percentage point less corporate tax, and a small or medium-sized business benefits from 15% on the first part of its profit. Municipal and state surtaxes (derramas) were not changed by this law.
Relevant to: Companies and businessesGarrigues - Taxa do IRC é reduzida progressivamente até 2028 (17%) To the full guide
Cyprus: losses carried forward for 7 years and new transfer pricing documentation thresholds
The Cyprus tax reform from 1 January 2026 extended the loss carry-forward period from five to seven years, introduced a 10% tax on hidden dividends, and set thresholds for a transfer pricing local file: EUR 5 million for sales of goods, EUR 10 million for financing and EUR 2.5 million for other transactions with related parties.
What it means for you A Cypriot company in an Israeli group that provides or receives financing, services or goods from related companies needs to check whether it exceeds the thresholds and must prepare a local transfer pricing file.
Relevant to: Companies and businessesBDO World Wide Tax News - Cyprus tax reform includes corporate tax rate increase To the full guide
Bulgaria: accounting and financial statements in euro
From 1 January 2026 companies in Bulgaria keep their books in euro, and lev balances were converted at the fixed rate of 1.95583. Financial statements for 2025 remain in lev, and statements for 2026 are presented in thousands of euro. The Registry Agency converted the registered capital of OOD, EOOD, AD and EAD companies to euro and announced on 24 March 2026 that it had completed the process.
What it means for you For a Bulgarian company you own, the first financial statements in euro will be for 2026, and the articles must be updated to state the capital in euro. For reporting in Israel, the conversion from the new reporting currency must be adjusted.
Relevant to: Companies and businessesLion Consult - Capital redenomination: euro in Bulgaria To the full guide
Italy: enhanced depreciation on equipment investments 2026-2028
The 2026 budget law replaced the Transizione 4.0 and 5.0 credits with enhanced depreciation (iper-ammortamento) on investments made between 1 January 2026 and 30 September 2028: an increase of the acquisition cost for depreciation purposes by 180% up to EUR 2.5 million, by 100% above 2.5 and up to EUR 10 million, and by 50% above 10 and up to EUR 20 million.
What it means for you An Italian company planning an investment in qualifying equipment can deduct depreciation higher than the actual cost, if the investment is made by 30 September 2028 and meets the conditions.
Relevant to: Companies and businessesPwC Worldwide Tax Summaries - Italy: Tax credits and incentives To the full guide
Romania: restrictions on dividends and shareholder loans (Law 239/2025)
Law 239/2025 amended Companies Law 31/1990 and entered into force in December 2025. A company that has distributed an interim dividend may not grant loans to shareholders or related parties until the dividend is settled. A company whose net assets are below half of its registered capital may not repay shareholder loans or distribute dividends until it restores its equity. Fines range from 10,000 to 200,000 lei.
What it means for you If you financed a Romanian company with shareholder loans and it has accumulated losses, you may be unable to withdraw the loan until equity is restored, and a shareholder who received a prohibited repayment may be liable for the company's tax debts up to that amount.
Relevant to: Companies and businessesStartupCafe - Ghid ANAF 2026: distribuirea dividendelor și restituirea împrumuturilor către asociați To the full guide
Romania: the Nordis law protecting off-plan buyers
Law 207/2025 (the “Nordis law”), in force from 11 December 2025, limits a reservation agreement to 60 days and the deposit to 5%, and staged payments to 25% after the structure and 20% after the building systems. Deposit money is held in a separate bank account for the project.
What it means for you When buying off-plan from a developer in Romania, the payment schedule in the contract must fit the statutory caps, and a developer asking for a deposit above 5% must present an insurance policy.
Relevant to: Buyers · Developersbnt attorneys - Romania Law No. 207/2025 To the full guide
Romania: VAT on new apartments has risen to 21%
Law 141/2025 raised the standard VAT rate in Romania from 19% to 21% from 1 August 2025 and abolished the reduced 9% rate for residential apartments, with a transitional track for earlier contracts.
What it means for you A new apartment from a developer in Romania is subject to 21% VAT, so check whether the price you were offered includes VAT.
Relevant to: Buyers · DevelopersKPMG - Romania: tax reform measures effective August 1, 2025 To the full guide
Cyprus: new mechanism for “trapped” buyers
Law 110(I)/2025, published on 4 July 2025, allows a buyer who paid the full price and registered the contract with the Land Registry to obtain ownership even when the property is mortgaged, with the consent of the mortgage holder or by court order if consent is refused.
What it means for you Buyers in Cyprus who paid the full price and did not receive a title deed because of a developer's mortgage can apply to the court within 45 days of the refusal.
Relevant to: Buyers · Property ownersLegal 500 - From payment to ownership: Cyprus' new trapped buyers rules To the full guide
Israeli purchase tax brackets frozen until January 2028
The Economic Efficiency Law of December 2024 froze the Israeli purchase tax (mas rechisha) brackets between 16 January 2025 and 15 January 2028. On the purchase of a sole apartment there is no purchase tax up to NIS 1,978,745.
What it means for you A property abroad is generally not counted for “sole apartment” purposes in Israel, so someone who has no apartment in Israel is entitled to the sole-apartment brackets even if they own a property in Romania or Greece.
Relevant to: BuyersKol Zchut - what is purchase tax To the full guide
Additional 2% surtax on capital income
From tax year 2025, Israel applies an additional 2% surtax on income from capital sources, including rent and capital gains, above NIS 721,560 a year, on top of the 3% surtax. The threshold is frozen until 2027.
What it means for you A large gain from selling a property abroad or high rental income from abroad may make you liable in Israel for a surtax of up to 5% on the portion above the threshold.
Relevant to: Property ownersPwC Israel - Arrangements Law 2025 To the full guide
Athens: freeze on new short-term rental registrations
From 1 January 2025, no new short-term rental registrations are accepted in municipal communities 1, 2 and 3 of Athens. The freeze was extended to 2026, and in September 2026 the government announced an extension until 31 December 2027.
What it means for you An apartment in central Athens without an existing registration number cannot be used for short-term rental during the freeze, so you cannot rely on Airbnb yields when planning the purchase.
Relevant to: Buyers · Property ownersTo Vima - Gov't to extend short-term lease restrictions in Athens, Thessaloniki To the full guide
Italy: national identification code (CIN) for every short-let apartment
From 1 January 2025, every apartment let short term or for tourist use in Italy must have a national identification code (CIN) from the Ministry of Tourism's BDSR database, displayed in listings and at the property entrance. The fine for letting without a CIN can reach 8,000 euros.
What it means for you Before letting an apartment in Italy through Airbnb you need to obtain a CIN, which also serves as the registration number required under the EU regulation.
Relevant to: Property owners · BuyersInformazioneFiscale - Affitti brevi, codice identificativo nazionale CIN
Israel: 2% tax on undistributed profits in a closely held company
The Economic Efficiency Law (published on 31 December 2024) added sections 81A-81F to the Income Tax Ordinance: an annual additional tax of 2% on the “excess profits” of a closely held company, starting from tax year 2025. The additional tax is not payable in a year in which the company distributed a dividend exceeding 50% of the excess profits, or at least 6% of the accumulated profits (5% in 2025). The Israel Tax Authority published Income Tax Circular 7/2025 on 19 October 2025.
What it means for you An Israeli closely held company that accumulates profits, including profits from operations or subsidiaries abroad, needs to check its “excess profits” every year and decide whether to distribute a dividend or pay the additional tax.
Relevant to: Companies and businessesB.S.H. CPA - Undistributed profits 2025: a guide for owners of closely held companies
The information is general and accurate as of the update date. Legislation and interpretation change, so before taking any action check the current position against the source and with a lawyer.
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