Some larger developments (often with swimming pools, wellness, restaurants and other facilities) have a full professional management service which will rent your apartment out when you are not using it. The property is freehold property but the day you buy it, you agree to “lease it back” to a management company for a minimum period of 9 years. During this time your property is fully managed and maintained by the letting agent but you may block out periods for your own use. The latest leaseback properties offer more flexible owners’ use than previously.
Buyers are given a tax incentive to rent their apartment. You do not have to pay the 20% TVA (French VAT) which you usually have to pay for a new classic freehold apartment. The prices in our brochures are therefore shown as net of VAT. Some leasebacks give a guaranteed index-linked rental income; others give you a share of the actual rental income for the weeks your apartment is in the rental pool.
2. Classic Freehold
Most properties are classic freehold. This is a second home property and you are not obliged to rent it. You may keep the property for your exclusive use or rent it.
3. DIY Leaseback
If you buy a new “classic freehold” chalet or apartment and you choose to rent it on a commercial basis you can still reclaim the TVA and effectively get a 20% discount off the gross purchase price shown in our brochure. To qualify for the tax incentive given by the French tax office the rental arrangement has to satisfy their rules. You must rent your property to a specialist company (we can introduce you to one) on a long lease. The rental company must provide some basic services to the renters. You can block out periods for your own use so it is quite flexible. Depending on how many weeks you take yourself, the rental company will either offer you a fixed rental for the season or (more likely) pay you for each week it is rented.
The TVA you can reclaim is 20% and this is amortised over 20 years so if you decide after 10 years that you wish to cancel the lease and keep the property for your exclusive use you would pay back half the tax you saved. You can cancel at any time or sell the property on to a buyer who could either carry on the rental arrangement or pay back part of the TVA and keep the property for their own exclusive use.
- Classic freehold property - there is no obligation to rent your property.
- Leaseback property - you are required to rent this property for a minimum period of 9 years (further details above), but you may block out periods for your own use.
- You have the option to save the 20% TVA (French VAT) if you decide to rent the property
- You pay only 2.5% purchase costs (compared to 8% for a resale)
- You don’t pay the Taxe Foncière for the first 2 years
- TVA rebate – the buyer receives a 20% VAT rebate / discount on the gross purchase price
- Guaranteed rental returns – some management companies give you a guaranteed quarterly or bi-annual rental income which is reduced according to a tariff for the weeks you use it yourself
- Low purchase price – typically leaseback properties are in larger developments which are competitively priced
- A trouble-free investment – the management company will organise and fund the maintenance of your property
- Furnishing and storage - leaseback properties are usually sold fully-furnished with a private storage space for the owners to use while their property is rented
This means you are deemed to be running a commercial enterprise and therefore entitled to recover the VAT. It is more of a commitment than a rental mandate and the restrictions are ones that don’t affect the normal owner (can't live there for more than 182 days a year and have to make it available for around 8 winter weeks).
1. Placing an option
Some developers will block an apartment for you if you have booked flights to visit. When you have decided to buy a specific property most developers allow you to ‘place an option’ on the property thereby taking it off the market for a short period. This provides you with time to prepare your finances and gives the developer time to draw up a reservation contract.
2. Reservation contract
The first step is to sign a reservation contract and pay a deposit, which is usually 5%.
All deposits are held in Escrow by the appointed notary. The notary is a government officer and official third party in every property transaction who ensures safe transfer of ownership.
3. Cooling off period
Once you receive the counter-signed reservation contract you have a 10 day cooling off period during which you can still exercise your right to withdraw. Even after the cooling off period you still have the right to cancel and get your deposit back if your mortgage application is refused.
4. Signature of the notary’s contract (VEFA)
This must be physically signed in France in the notary’s office but most buyers sign a power of attorney in favour of the notary’s secretary or another responsible person to sign on their behalf as this is a formality and they do not want to travel to France just to sign. Depending on your citizenship may need to have your power of attorney ratified by a governmental authority (e.g. the Foreign Office in the UK). On signature of the VEFA you will need to transfer the funds to the notary.
Once approved and signed, the buyer pays the deposit which is usually 10% of the agreed purchase price.
Resale property – total purchase costs will be in the range of 6% to 8%.
Registering the mortgage – the notary will charge an additional 1%.
New build properties will tend to be funded through stage payments laid out in the VEFA. Commonly the schedule will look as below.
- 5% paid as the initial deposit
- 30% of the total price when the foundations have been laid
- 35% of the total price when the property is weatherproof
- 25% of the total price when construction is complete
- 5 %of the total price on receipt of the keys
If you are taking a mortgage, you pay the first instalments and then bank will pay the remaining instalments. When you receive the keys you have one month in which to take possession of your property and report any faults to the developer.
If you are buying a sale and leaseback property, the developer will organise the TVA (French VAT) rebate so you only pay the net price and have no paper work.
If you create your own commercial lease then you can either reclaim the TVA each time you make a stage payment or wait until you have paid the full price and reclaim the total TVA in one claim. These claims are usually processed in 2 or 3 months.
The repayment period is usually 15 or 20 years.
We are able to recommend mortgage brokers which specialise in French finance and deal with all the major French banks.
Whilst in many countries, mortgages are granted on the basis of a multiple of your earnings, this is not the case in France. French law does not allow lenders in France to offer mortgages if the repayments on that mortgage amount to more than 30% of the borrower’s monthly income (joint income for joint mortgages). This 30% includes any existing mortgage you pay for your principal residence.
The percentage level of the loan (LTV) will be reduced but if you have a high and stable income, the lending criteria can be relaxed. It may be necessary to consider re-mortgaging your principal residence to release equity.
The most commonly used vehicle to purchase and hold French residential property is a SCI, a ‘société civile immobilière’. However, running a furnished property is a commercial activity so as an SCI does not allow you to “depreciate” the asset, a ‘SARL” should be used. A “Sarl de Famille’ would a more suitable method of obtaining joint ownership.
- Purchase a property with multiple partners - there must be at least 2 partners (related or unrelated) but there is no minimum contribution
- Tax-free ownership transfers – ownership can be transferred tax free (to children or grandchildren, for example) by a transfer of shares
- Tax efficiency – 10% reduction in the taxable amount of your property for Wealth Tax and negation of Inheritance Tax if you plan to transfer ownership
- No impact on mortgage application – SCIs and SARLs have a transparent structure so mortgage application will be treated as if you were simply applying in your own name
There are no penalties for selling a leaseback property and you do not have to repay any VAT. The buyer will purchase the freehold from you and will step into your shoes and continue the lease to the management company.
If you created your own sale and leaseback then when you sell the property the buyer has a choice; either to carry on the rental arrangement or to pay back part of the VAT and keep the property for their own exclusive use.
Example; the profit tax on a property owned for 10 years would be reduced by 30% (5 x 6%)
The European Court of Justice (ECJ) ruled in February 2015 that French social charges on unearned income such as capital gains or rental income generated in France should no longer apply where the taxpayer is subject to the social security system of another EU or EEA country or Switzerland. The French Supreme Court confirmed the ECJ’s position on 27th July 2015.
- Non-EU residents - 33.3% plus 15.5% social charges, making a total of 48.8%.
- EU residents - the top rate is 19% plus 15.5% “social charges”, making a total of 34.5%.
There is no inheritance tax payable between spouses or couples with a “Pacte Civile de Solidarité”
Each child is entitled to a tax free allowance of €100,000 from a parent and there are large tax bands at both 20% and 30%. Therefore, for children, French inheritance tax is perfectly reasonable and for a large estate, where assets are left to children, normally the inheritance tax bill is considerably lower than in the UK. Also, France offers more opportunities for reducing tax. Inheritance Tax can be reduced or completely avoided by buying in the name of a company (SCI).
When the value of assets passes the €100,000 threshold the rate of Inheritance Tax is banded depending on the value of additional assets in France.
|Fraction taxable||Taxe rate|
|Up to €8,072||5%|
|From €8,072 to €12,109||10%|
|From €12,109 to €15,932||15%|
|From €15,932 to €552,324||20%|
|From €552,324 to €902,838||30%|
|From €902,838 to €1,805,677||40%|
The taxe foncière and taxe d’habitation are both typically around 8 euros per m2 per year each. If you are leasing your property to a professional management company (see more detail later) the management company usually will pay the taxe d’habitation so you only pay only the taxe foncière. When you buy a new property you do not pay the taxe foncière for the first two years.
|Fraction Taxable||Rate of Tax|
|€0 - €800,000||0%|
|€800,000 - €1,300,000||0.50%|
|€1,300,000 - €2,570,000||0.70%|
|€2,570,000 - €5,000,000||1%|
|€5,000,000 - €10,000,000||1.25%|
Yes, due to the importance of tourism to the French economy the French tax office give much more generous tax incentives for renting your French property than the Inland Revenue would allow for a property in the UK. If your accountant claims all the allowances you should declare only a very small “paper profit” and thus pay no tax in France. You can offset these:
- Purchase costs (the notary fees when you bought)
- Land taxes
- Interest on your mortgage
- Accountant’s fees
- A “maintenance” trip (to check your property)
- Property Depreciation - As 20% of your property value in France is in the land, the remaining 80% can be amortised (‘on paper’) by either 4% per annum over 25 years or 3.33% over 30 years even though the property is actually appreciating in value!
- Furniture Depreciation – the value be amortised over 5 or 10 years.
With careful tax planning, you will not pay income tax in France. For example, the owner may elect when to start using the depreciation relief. If you wait until the mortgage interest is paid off or is no longer enough to offset 100% of the rental income and start the amortisation then that will continue to significantly reduce (or in most cases completely eliminate) your taxable profit.
From April 2017 buy to let rental properties in the UK will no longer qualify for income tax relief in the UK so you will not be permitted to off-set mortgage interest and costs against income tax. You can still off-set the interest on your French property provided you are deemed to be “in control” of the management so the rental of a classic freehold qualifies but a fully managed sale and leaseback will not.
France has dual taxation treaties with most countries so you do not pay the tax twice and if you are liable to taxation in your country of residence you will be credited with any tax paid in France.
Non-residents pay French tax on the taxable income at a flat rate of 20%.
As explained above, you may make a lot of deductions before calculating your actual taxable income or if your gross rental income (i.e. the total rental income before deductions) from furnished lettings is less than €32,900, the taxable income may be calculated under the Micro-BIC, a simplified deduction scheme that simply taxes 50% of the gross income (i.e. 50% of the gross rental income – so the total income with no deductions at all – is automatically deducted in place of actual expenses).
No expenses need be demonstrated, no accounts are required and no separate tax forms for the business need be prepared. The main drawback of this regime is that it always shows a fixed taxable profit i.e. it can never show a lower net profit or a loss.
If the developer gives a guaranteed rental income this will be indexed linked and usually the rent will increase by up to 3% annually (more information at www.insee.fr). Most developers cap this increase so the annual increase averages at around 2% for an extended period of several years rental.
Once you have purchased the property, you have to enter France on a 90 days’ tourist Schengen visa which is easy to have when become an owner. Next you must ask the local prefecture (where your property is situated) for a residency card next to the prefecture,
It is fairly straight forward but there is a fair amount of paperwork to fill in as with any administration in France but we can put you in contact with experts who can help.
All the apartment owners are bound together in a kind of residents association (known as a “co-propriety”), which sets out the rules of the house (e.g. the laundry room to be used only between certain hours). The owners have complete control over the building and at the annual meeting they will appoint an Administrator who will deal with the day to day running of the property. The annual meeting will set the budget for the forthcoming year, vote on suggestions made by the administrator and apartment owners, and review any problems.
Similar arrangements are often made for a community of several chalets which will often share costs for snow clearance and gardening.
No. In 2012 in a referendum the Swiss decided that no new building permits should be given for the construction of second homes in resorts where second homes already make up 20% of total property. Therefore no more new properties will be built for the foreseeable future in any of the Swiss ski resorts.
Developments which have already received a building permit will continue to be built over the next two or three years but when these have been sold no more new properties will be built. This affects both Swiss and foreigner buyers.
The new properties we are currently selling are the last opportunity to buy a new holiday home in the Swiss Alps. They will be an excellent investment and will increase in value as new supply dries up.
Each canton has different rules and these vary from commune to commune even within the same canton.
Grindelwald (Canton Berne)
- Foreigners are permitted to buy apartments and chalets with a market value of over 750,000 Sfrs
Wengen and Lauterbrunnen (Canton Berne)
- Foreigners are permitted to buy apartments but not detached chalets
- Only 50% of the apartments in one building may be sold to foreigners
- Foreigners may resell at any time
- There is no minimum purchase price
Gstaad Valley and Villars (Canton Vaud)
- Foreigners may buy most properties but may not resell for 5 years
- Foreigner permits are freely available for both re-sale and new properties
Nendaz, Les Collons, Veysonnaz, La Tzoumaz (Canton Valais)
- We still have the possibility to have a new chalet built to order (old permits granted before 2012)
- Foreigners must wait 5 years to resell except in special circumstances
Saas Fee (Canton Valais)
- No new building permits have been granted for foreigners
- We do have some foreigner-owned re-sale chalets which may be sold to foreigners
Verbier (Canton Valais)
- There are permits available for foreigners
- We have new and re-sale chalets and apartments which may be freely sold to foreigners
Zermatt (Canton Valais)
- Foreigners are not permitted to buy in Zermatt at all
- The only exception is the 7 Heavens as these chalets are considered as a business and are fully staffed
- Swiss nationals and foreign residents (B permit holders) are permitted to buy most properties in Zermatt
- Some properties are strictly reserved for residents of Zermatt who paying their taxes there
Engelberg (Canton Obwalden)
- Foreigners are permitted to buy in some of these resorts
St Moritz, Davos and Klosters (Canton Graubünden)
- Generally foreigners are not permitted to buy in these resorts. There is the occasional expetion.
Switzerland is one of the cheapest countries in Europe to buy or sell a property. The total purchase fees (which include the notary’s fee, land registry fees and taxes) are between 2.5% and 5% of the purchase price and vary from Canton to Canton (see below).
All the purchase costs are payable by the purchaser. The vendor does not pay. When you come to sell your property you do not pay notary fees.
This is charged on a sliding scale which varies in different cantons. In Canton Valais it is a straight 1.6% of the amount of the loan. In canton Vaud it is calculated on a sliding scale starting at 0.6% of the amount borrowed but decreasing to 0.44%. When buying a resale property you may take over the existing mortgage deed and avoid the charge for registration. You could borrow from the same bank as the vendor or they could pay the loan off and you can use the mortgage deed to borrow from another bank.
Canton Bern (Lauterbrunnen, Wengen and Grindelwald)
- Total purchase costs are 3% of the purchase price.
- Total purchase costs are 2.5% of the purchase price.
- Total purchase costs are 3% of the purchase price
- Registration of mortgage 1.6% of the loan
- Total purchase costs are 5% of the purchase price
- Registration of mortgage 0.6% decreasing to 0.44% of the loan
- New properties: 5 years for visible construction defects, 10 years for hidden defects.
- Resale properties: there are no guarantees.
Within 30 days of being allocated a permit you must sign the notary’s deed of sale and pay a deposit.
The notary will send you the deed of sale in French or German with a professional English translation and a power of attorney which authorises his secretary to sign the deed for you. The purchaser and the vendor usually both sign a power of attorney authorising one of the secretaries working in the notary’s office to sign the sales deed on their behalf so there is no need to travel to Switzerland to sign.
The notary will also liaise with the bank for the registration of your mortgage.
If you are a United States citizen it is very difficult to borrow from a Swiss bank so unless you can buy without a mortgage you should consider buying in a French resort as French banks will still lend.
Interest is payable every quarter on the capital balance outstanding over that period. The repayments will therefore be higher in the earlier years but will reduce as the capital is repaid. Swiss interest rates are the cheapest in Europe – they are currently less than 1.5% variable rate or fixed at 2% for long term.
The service charges for an apartment building are divided up proportionately between the owners, according to the size of their apartment. These expenses include, the caretaker, maintenance of the building and grounds (snow clearing and gardening), electricity and heating for the common parts. In addition are structural insurance (very cheap in Switzerland) and an allocation to the building’s renovation fund.
The service charge is usually payable annually. Apartments with swimming pools and facilities tend to be more expensive and also the charges vary from canton to canton. Typically they are around 0.5% of the value of the property per year in Valais up to around 0.75% in Vaud. As an example, you would expect to pay around 5,000 sfrs a year service charge for a 3 bedroom apartment.
Additional costs are your own consumption of electricity and water which are cheap in Switzerland as they have hydro-power. Contents insurance is also cheap in Switzerland (there is hardly any crime)!
Chalets are cheap to maintain (particularly if new) as very little maintenance is required.
Renting your property out when you are not using it will easily provide sufficient income to cover the annual running costs, particularly if you rent out some of the peak weeks (Christmas, New Year, all February, and Easter). In every resort there are companies which will clean and service your property in between rentals.
You may be liable to pay tax in the country in which you are resident but most countries have a dual taxation agreement with Switzerland so you do not pay your tax twice. As above, you would expect to pay almost the same annual tax if you decide to rent your or not.
The principal source of profit for foreign investors has been the Swiss Franc, which is one of the strongest currencies in the world. Swiss real estate has historically appreciated on a very steady basis and property in the best ski resorts always appreciates.
You may be liable to pay tax in your country of domicile but Switzerland has a dual taxation treaty with most countries so you will get a credit for any tax paid in Switzerland so you do not pay tax twice.
Inheritance tax is payable in Switzerland but is much lower than in the UK and most European countries. Inheritance tax is a cantonal tax and varies from one canton to another. In most cantons there is no tax between spouses and in Canton Valais (Verbier) there is zero inheritance tax if the property is willed to direct line descendants.
In Canton Vaud (Villars) the tax is progressive - starting at 1.8% for property valued at up to 500,000 Sfrs, rising to 5.068% if the fiscal value of the property is over 1m Sfrs. If the property is registered in the name of more than one person, then tax would be payable only on the share of the property owned by the deceased.
However, as is always the case (in whatever country you may own property) where there is a dual taxation treaty, you would be liable to pay tax in the country in which you reside and be given credit for any tax paid to the foreign (Swiss) government.
The tax is calculated on notional rental value of the income which could be derived from the property. That is based on the fiscal or “tax value” of the property (about 60% of the market value). Using this calculation, the total annual taxes are around 0.5% of the market value of the property in Valais but in Vaud taxes are slightly higher at around 0.8%. Canton Valais does not re-assess the fiscal value of properties so you will probably pay the same tax in 10 years’ time as you do today but Canton Vaud revalue properties about every 5 years.
As an example, you would expect to pay total taxes of around 5,000 sfrs a year for a 3 bedroom apartment in Valais and you will pay almost the same annual tax if you decide to rent your apartment or if you prefer to keep it exclusively for your own use.
Working in Switzerland - you will need a contract of employment from a Swiss company or you could establish your own company or be self-employed but you will need to show that you are creating employment for Swiss nationals have an annual income of over 50,000 Sfrs.
Retiring in Switzerland - you can obtain a B permit if you are over the age of 50 and you can show that you have sufficient financial means and have a private Swiss health insurance cover (it costs around 120 sfrs per month). You must also pay tax in Switzerland. This is known as a “taxe a forfait” and is a fixed 5 year tax deal which your advisor will negotiate in advance with the local tax office. Resorts such as Crans Montana in Valais offer very good tax arrangements and this is a lovely, sunny dual season resort with a golf course so it is also a good choice for retirement.
EC residence permits are valid for five years and will automatically be renewed if the requirements are still satisfied.
NON EU Passport holders – applications are reviewed case by case but generally the requirements, if retiring, are to have reached retirement age (60 years old), not to work in Switzerland, to prove one has sufficient financial means to live in Switzerland without working and to have personal ties in Switzerland.
If you prefer not to rent your property, we are able to offer a small selection of properties that have a rare “second home” permission, which means you have no obligation to rent.
Some properties offer a fully managed rental service where the developer teams-up with a large tour operator who will efficiently handle all your rentals when you are not using your property and then pay you a quarterly or monthly income as well as handle all your bookkeeping. As an owner you simply book your forthcoming winter and summer dates in advance and the tour operator will do the rest… With fully managed properties sometimes the tour operator will offer a guaranteed rental return for a fixed period of time.
If you want to maximise the personal use of your property and are looking for complete flexibility, then a property with a flexible rental option is perfect. In this way you can either rent your property through a local tour operator, or rent privately. If you chose a tour operator, they will advertise your property, manage your online bookings, meet and greet your guests, and deal with the laundering and cleaning of your property when your guests have departed. If you chose to rent privately, you can make your own web site to advertise your property, or advertise on a holiday rental portal, of you can rent privately to friends and family.
It is not possible for non-EU citizens to buy in The Tyrol, Vorarlberg, or Salzburg Provinces. It is possible to buy in the Carinthia province however and you would need to apply for a foreigner purchase permit, which usually takes a couple of months.
Alternatively, it is possible to buy in the name of an EU Company.
- The process of buying a property in Austria is very straightforward. The notary will act on behalf of both the purchaser and the vendor, he will draw up the deed of sale and all the documents required to transfer the legal ownership.
- When buying a property, both the purchaser and the vendor are required to attend the notary’s office to sign the deed of sale in his presence. Alternatively both parties can sign a power of attorney authorising one of the secretaries working in the notary’s office to sign the sales deed on their behalf. In this case the buyer will receive from the notary a copy of the deed of sale in German and a professional English translation along with a power of attorney (also in English) which authorises the notary’s secretary to sign on their behalf.
- The buyer will need to take the power of attorney to either a Notary Public (not a solicitor) in their country of residence to have their signature witnessed and (in the UK) the Notary Public will send the document off to the foreign office to have it ‘legalised’. Alternatively, documents can be signed and legalised at the same time if taken to the Austrian Embassy.
Fees are calculated as follows:
- Purchase Tax ‘Stamp Duty’ – 3.5% of the gross price
- Registration in the Land Registry – 1.1% of gross price
- Notary’s fees – between 1.5 and 2% of gross price
- Court costs, administration fees – approx. 150 euros
Purchase payments will typically be something like this:
- 15% at start of building works
- 35% on completion of the shell and roof
- 20% on completion of plumbing and electrical installations
- 12% on completion of the façade & windows
- 12% on completion of the property
- 4% on hand over of keys
- 2% after three years (or after developer providing a bank guarantee or insurance to the purchaser)
The advantage to buyers is that during the winter they can sign their purchase contract to secure their property but will not have to start making stage payments until construction starts in the spring.
Variable rates are around 3%.
- Purchase a property with multiple partners – If you want to buy a property with more than two owners then buying in the name of a company is a good option.
- Tax-free ownership transfers – Ownership can be transferred tax free (to children or grandchildren, for example) by a transfer of shares.
As a rough guide the basic running costs for a property usually work out around 3-5 euros per m2/month and this would cover the cost of snow clearance, rubbish removal, water rates, building insurance, and local property taxes, cleaning and lighting for any communal areas, and maintenance of the gardens etc.
These expenses would not include your own personal usage of heating and electricity as this varies depending on how much you use the property.
If you buy a property with extensive leisure facilities such as swimming pools and spas then these costs could increase to around 7-11 per m2/month.
It is because of this important tourism industry that the Austrian government does not want owners of chalets to leave their properties empty for large parts of the year. Owners who do not live permanently in the mountains are encouraged to make sure that their property is regularly visited by holidaymakers as it is important for the local infrastructure of the villages to have a good flow of tourism.
You are permitted to claim back all the VAT - the full 20% - if you rent your property commercially and do not use it yourself. If you declare in advance that you will be using the property partly for your own private use then the amount of VAT you can reclaim depends on the ratio of personal use to rental use.
To reclaim the tax you will need to register for VAT, and in some cases pay the gross price and then claim the tax back. This usually takes two to three months and you will be appointed a tax advisor to help you with this. It is possible to obtain a bridging-loan for this if required, however in some of the property we sell this is not necessary as the developers will have pre-arranged everything for you so you will only need to pay the net price.
For example, the interest you pay on your mortgage can be written off against rental income profits and you can also write off 10% of the costs of your furniture package as depreciation against your rental income.
If you rent your property to holiday-makers and pay the income tax for these rentals in Austria then there is an 11,000 euro income tax exemption per person per year, so if two people purchase a property together there is a tax free allowance of up to 22,000 euros per year. If you claim the VAT back on your purchase you will also be required to become VAT registered with the tax authorities for 20 years, but after this time you can de-register and will no longer be required to make annual tax returns. You will need to charge VAT at a rate of 10% on your rentals which can then be reclaimed each quarter upon the filing of accounts.
We always recommend a choice of local tax advisors to help with your tax returns. The tax advisor will charge a one off fee to set up your registration (please contact advisors directly for prices) and annual tax returns will cost in the region of 300 – 500 euros per year.
When you rent your property you will need to charge your guests tourism tax for the nights they spend in your property. These rate of tax varies from resort to resort but as a rough guide it is somewhere between 1 and 3 euros per night per person for each guest over the age of 14 years.
Capital Gains Tax:
The housing market in Austria has been subject to a number of controls in order to keep house prices within reach of locals, especially in the tourist areas. Capital Gains Tax of 30% will apply to any profits you have made on your property (effective since Jan 1, 2016).
Inheritance tax has been abolished in Austria (effective since August 1, 2008).