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No sanctions when renouncing one’s primary residence at a later date

05 December 2011

With resolution No 105/E of October 31, 2011 the tax office has made it clear that a property owner will not be fined in case that he can not move his primary residence to the municipality where the property is located within the prescribed period of 18 months after the acquisition of the property. However, the property owner has to renounce on tax reductions which are normally granted for the acquisition of a property used as primary residence. A voluntary waiver is not possible if it turns out afterwards that certain conditions are not met which, at the time of acquisition of the property, were named as existing in order to be entitled to tax benefits. In this case we are dealing with an intentional false statement!

(Source: 02.11.2011)

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