Real estate may no longer be paid for with cash, precious metals such as gold and silver or 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 property in Germany will in future be required to notify the Transparency Register not only of new acquisitions, but also of acquisitions of existing properties. Corresponding notifications must be made by December 31, 2023. This is the result of the Sanctions Enforcement Act II (SDG II), which was 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 combating money laundering," says Christian Osthus, Deputy Federal Managing Director and Legal Advisor at the IVD Federal Association.
bundestag.de/bundesfinanzministerium.de/ivd.net/
© Fotolia
English