The main purpose of this incentive is to help, assist, and facilitate family businesses transferring their business from one generation to the next by providing benefits including governance and fiscal benefits for better management and organization within the family and the business.
The eligible costs and expenses under this incentive are about:
- Transfer duty of immovable property that had been used for a period of at least 3 years.
- Assessment of duty chargeable when an individual transfers his shares or interest in a partnership, trust, or foundation to family members.
Duty shall be charged on the first €500,000 of the value of the property transferred at the rate of €3.50 per €100.
All undertakings registered as a family business are eligible for this scheme.
The deadline of this application is the 31st of December 2023.
For more information or assistance with this scheme send an email on [email protected]