According to the official announcement, the tax-free limit per parent increases to €800.000 and concerns, in addition to real estate and cash and shares. The measure applies to all first degree relatives (spouses, children, grandparents, grandparents and parents).
It is noted that for the donation of money today a tax rate of 10% from the first euro applies. So, for example, if a parent wants to donate €200.000 to his child today, he is charged a tax of €20.000, while from October 1 onwards, the tax will be zero.
For parental benefit regarding real estate propertoes and up to the amount of €150.000 given the current circumstances, the transaction is tax free. From €150000 and above, a tax scale is applied, which starts with the imposition of a tax of 1% from €150,000 and up to the amount of €300.000, from the amount of €300.000 up to €600.000, a tax of 5% arises, while for amounts that exceed at €600.000 there is a 10% tax.
Two main hurdles
"Many people interested in the new measures intend to proceed with notarial deeds of parental benefits within the deadline of 31.12.2021, in order to benefit from this double incentive given by the Ministry of Finance for this short period, encounters two important obstacles," the POMIDA in its announcement.
From 1.10.2021 onwards, will be mandatory the so-called 'electronic building identity', which implies excessive bureaucracy, procrastination in finding the many required documents and data, but also indefinite cost of its preparation, and the fact that the platform for declaring undeclared areas of real estate in the municipalities of the country has not been opened, which, for those citizens who now find the need to declare, according to the current law, ask for retroactive fees of up to 13 years, with surcharges of up to 200 %.
