News

Major changes to real estate transfers will come into effect in early 2024, with the aim of reducing tax evasion and money laundering.

End to cash
The most significant change is the ban on the use of cash for real estate transfers. The transfer price must be paid exclusively by bank transfer.

Electronic property file
Another major change is the full activation of the Electronic Property File. The collection of documents required for the transfer of a property will be done by the notary public, who will obtain them from the electronic platform.
Three new digital applications
In addition, three new digital applications will be created to facilitate real estate transfers:
•    Update and extension of the electronic submission of Real Estate Transfer Tax declarations for amended declarations.
•    Extension of the application for electronic submission of Gift/Inheritance Tax declarations for amended declarations.
•    Development of an electronic application for ENFIA certificates that are issued by manual procedure.
Evaluation of the changes
These changes are expected to have a positive impact on the real estate market, as they will reduce tax evasion and make transfers easier and faster.
Specifically, the advantages of the changes are the following:
•    Reduced tax evasion: The ban on the use of cash will make it more difficult to use black money to transfer real estate.
•    Facilitated transfers: The creation of the Electronic Property File and the new digital applications will make transfers easier and faster.
•    Increased transparency: The full electronic recording of real estate transfers will increase the transparency of the market.
There may also be some disadvantages, such as:
•    Additional cost: Collecting documents from the notary public may incur additional costs for taxpayers.
•    Technical support problems: The operation of the new digital applications will depend on the good functioning of technical support.
Overall, these changes are expected to have a positive impact on the real estate market, as they will help to reduce tax evasion and improve transparency.