Real estate may no longer be paid for with cash, precious metals such as gold and silver, and diamonds. In addition, a real estate transaction database based on information from notarial deeds is to be created in the near future. The measures are intended to combat crime and money laundering.
In addition, foreign companies that acquire real estate in Germany will in future be required to notify the Transparency Register not only of new acquisitions but also of acquisitions of existing real estate. Such notifications must be made by December 31, 2023. This is the result of the Sanctions Enforcement Act II (SDG II) recently passed by the Bundestag.
The German Real Estate Association IVD welcomes the SDG II. "The Sanctions Enforcement Act II is a fundamentally sensible instrument for enforcing economic sanctions and advancing the fight against money laundering," says Christian Osthus, Deputy Federal Managing Director and Legal Advisor at the IVD Federal Association.
bundestag.de/federal-ministry-of-finance.de/ivd.net/
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