Hefty fines threaten those owners who fail to declare the data of their real estate assets in the Property Ownership and Management Register (MIDA), according to the new amendment by the Finance Ministry.
It will also change the way in which the Single Property Tax (ENFIA) will be calculated in thousands of property cases starting in 2027.
The new regulation provides for fines of up to €1,000 for omissions or inaccurate statements regarding the use of real estate in MIDA.
The changes are included in Article 3 of the amendment tabled in the bill to deal with the energy crisis and to strengthen the disposable income of citizens and concern both the declarations of real estate data and the new MIDA information regime.
At the heart of the new regulation is the obligation to update the Property Ownership and Management Register for the use of any property that is rented out or granted free of charge.
