Fine levied by NAV, the Hungarian Tax Authority is against EU Law

> properties for expats, property sale and purchase, property sale contract, property sale contracts in English language, property sale contracts in foreign languages, property sale contracts in German language, sale and purchase contract, sale and purchase contracts for foreigners, sale and purchase contracts in Hungary > Fine levied by NAV, the Hungarian Tax Authority is against EU Law

An EU regulation on the prevention of illegitimate international movement of cash requires that any natural person entering or leaving the EU and carrying cash of a value of EUR 10 000 or more shall declare that sum to the competent authorities of the Member State through which they are entering or leaving the EU. Under Hungarian law the fine levied for a breach of such obligation to declare depends on the magnitude of undeclared amount of cash and for sums above EUR 50,000 the fine to be paid on the spot is 60 per cent of the undeclared cash. According to the ruling of the European Court of Justice this provision is not consistent with the principle of proportionality.

The rate of house price appreciation fell in April, with prices halving in some areas and stagnating in others.

hvg.hu 9/05 The rate of house price increases slowed down in April. The small momentum of the demand recovery in the first quarter faded out by April, which is good news for buyers, as more sales are expanding supply, making it easier to sell existing homes when moving on, and avoiding much higher prices when […]

Demand for housing was weak for most of 2023, but by the end of the year interest had increased, and from the beginning of 2024 the Csok Plus programme boosted the market

hvg.hu 16.04 In the first quarter of this year, home buyers took advantage of the new subsidy option in almost exactly one sixth of the loans, 16.7 percent. Of course, it was not only the Csok Plus programme that helped, but also the fact that interest rates have started to fall and inflation has also […]

Second highest house price increase in the EU since 2010 in Hungary

hvg.hu, 04 04 – In the last quarter of 2023, the average price of housing in the EU was 48 percent more expensive than in 2010 – Eurostat said. House prices in Hungary rose by 185 percent between 2010 and 2023. This is the second highest increase in the EU, with only Estonia 217 percent […]

Heirs left in the lurch at the probate hearing

napi.hu, 20.01 – Cryptocurrencies, social media profiles or documents stored in the cloud are increasingly common in probate proceedings. However, few people know that in lack of proper regulation and provisions, access to crypto currencies can be questionable for heirs, or that tech giants only allow access to deceased people’s data to those entitled to […]

Property and mortgage market data

napi.hu, 18.01 – More than a third of Budapest clients signed contracts for over HUF 20 million last year. Between September and December, for example, their share was 42%, which reflects an increase of 10 percentage points in 2021. The number of applications in this value range has increased steadily from quarter to quarter, to […]