Who does this apply to?
Any individual who is fully tax-liable to Denmark under the Danish Tax Assessment Act (Kildeskatteloven § 1) and who owns property abroad is in scope. This includes holiday homes, residential properties, and owner-occupied dwellings in other countries.
The obligation applies regardless of where the person is currently posted. A Danish-resident employee seconded to another country is still subject to these rules for any foreign property they own.
If a double tax treaty designates the individual as tax-resident in another country, only Danish properties fall within scope.
For employers: this obligation sits with the individual, not the company. But employees who are unfamiliar with the rules often miss deadlines or calculate incorrectly. The deadline for the 2025 income year is the 1st of July, 2026. Incorrect or late filings surface as reconciliation issues and SKAT correspondence that lands on the employer's desk.
Why is there no standard valuation for a foreign property?
Danish property value tax is normally based on a public Danish property assessment. Foreign properties have no such assessment. Section 14 of the Property Tax Act (Ejendomsskatteloven) therefore sets out a specific method for determining the taxable value of properties abroad.
The method works by indexing the original purchase price forward or backward to the relevant valuation date: the 1st of January, 2024 for income year 2025.
What changed with the 2025 rules?
Under the rules applicable from income year 2025, the taxable value is based on a single calculation: the indexed market value per the 1st of January, 2024. The three-value comparison using 2001 and 2002 reference values, and the distance percentage that appeared in earlier calculations, no longer apply. If previous declarations were based on the old method, they are not grounds for reopening, but the 2025 declaration must follow the new method.
How is the taxable value calculated?
The calculation follows a defined priority order. Work through the steps below in sequence. Stop at the first step that applies to the property in question.
Step 1: Is there an approved foreign valuation?
If the country where the property is located has a public valuation that the Danish Property Assessment Agency has approved as equivalent to a Danish assessment, that valuation can be used as the starting point. This is subject to the precautionary principle (see Step 2, note on alternative documentation).
In practice, the Danish Property Assessment Agency has only approved Swedish public valuations from 2001 and 2002, and only for properties acquired before the 1st of January 2002. For almost all cases, proceed to Step 2.
Step 2: Index the purchase price
The property’s actual purchase price is indexed to reflect price development in the relevant market, bringing it to the price level at the valuation date.
For income year 2025, the relevant valuation date is the 1st of January, 2024. The index figure used is always the figure for the year before the valuation date. This means the 2023 index figure applies in all cases for income year 2025.
The three approved indices are applied in this priority order:
An approved country-specific index: currently only the Swedish holiday home index and the UK House Price Index (from the Office for National Statistics).
The OECD index for house price developments.
Statistics Denmark’s price index for summer houses in Denmark (used as a fallback for countries not covered by the OECD index).
The formula:
Indexed value = (Index figure for 2023 ÷ Index figure for year of purchase) × Purchase price
The result is then converted to Danish kroner at the exchange rate on the 30th of December 2023, and rounded to the nearest DKK 1,000.
Step 3: Three details that frequently cause errors
Renovations and extensions. If the property has been extended or significantly renovated after purchase, the indexed cost of those works is added to the indexed market value. This step is commonly missed.
Currency changes. If the country changed currency after the date of purchase (for example, by adopting the euro), the original currency must be used for the conversion. Conversion ratios are available from Danmarks Nationalbank. Where the Danish summer house index is used, there is a choice between the exchange rate at the time of purchase and the exchange rate at the valuation date.
The precautionary principle. Where the taxable value is based on a valuation or estimate rather than indexation, the taxable value is set at 80 per cent of the market value, not 100 per cent. This applies when an approved foreign public valuation is used, when alternative documentation is relied upon, or when market value is estimated because no index applies. Indexation-based calculations are not subject to this reduction.
The approved indices for income year 2025
The Danish Property Assessment Agency published the following index figures in SKM2026.242.VURDST on the 22nd of May, 2026. The 2023 figure is the relevant calculation figure for income year 2025 in all cases.
Swedish holiday home index
Applies to all properties in Sweden used as a holiday residence, regardless of property type. Source: Statistikdatabasen.
| Year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Index | 1,111 | 1,103 | 1,101 | 1,200 | 1,186 | 1,014 | 923 | 892 | 902 |
| Year | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Index | 826 | 785 | 710 | 682 | 664 | 677 | 679 | 633 | 603 |
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||
| Index | 588 | 527 | 470 | 424 | 383 | 358 | 335 |
Worked example: Sweden
Property purchased on the 1st of May, 2014 for SEK 1,200,000.
2023 index: 1,101. Purchase year index (2014): 710.
Indexed value: 1,101 ÷ 710 × 1,200,000 = SEK 1,860,845
Converted at SEK/DKK rate on the 30th of December, 2023 (0.6717): DKK 1,249,930
Rounded to: DKK 1,250,000
OECD indices
The OECD index applies where no country-specific approved index exists. The 2023 index figure is the relevant figure for income year 2025. Countries currently covered include Germany, Finland, France, Ireland, Italy, the Netherlands, Norway, Spain, Switzerland, and the USA.
USA
| Year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Index | 201.4 | 195.8 | 185.8 | 177.6 | 156.7 | 134.5 | 124.7 | 118.8 | 112.0 |
| Year | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Index | 105.6 | 100.0 | 95.1 | 90.8 | 84.9 | 82.7 | 86.4 | 89.1 | 94.8 |
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||
| Index | 103.2 | 103.3 | 97.6 | 88.4 | 80.8 | 75.1 | 70.1 |
Germany
| Year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Index | 152.7 | 148.0 | 150.3 | 164.1 | 154.7 | 138.7 | 128.7 | 121.7 | 114.1 |
| Year | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Index | 107.5 | 100.0 | 95.5 | 92.6 | 89.8 | 86.8 | 83.9 | 83.0 | 82.3 |
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||
| Index | 81.2 | 83.0 | 83.3 | 82.3 | 83.6 | 83.3 | 84.4 |
Italy
| Year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Index | 116.2 | 111.7 | 108.3 | 106.9 | 103.0 | 100.4 | 98.5 | 98.6 | 99.2 |
| Year | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Index | 100.3 | 100.0 | 104.0 | 109.1 | 116.7 | 119.7 | 118.1 | 118.6 | 123.2 |
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||
| Index | 121.1 | 115.2 | 108.2 | 100.6 | 91.5 | 83.0 | 75.8 |
Finland
| Year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Index | 98.9 | 101.3 | 104.6 | 111.5 | 110.5 | 105.6 | 103.8 | 103.3 | 102.4 |
| Year | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Index | 101.3 | 100.0 | 100.0 | 100.4 | 99.2 | 96.9 | 93.9 | 88.3 | 87.1 |
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||
| Index | 86.4 | 81.6 | 76.2 | 70.7 | 65.3 | 61.4 | 57.9 |
Ireland
| Year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Index | 197.2 | 183.4 | 169.0 | 164.0 | 146.0 | 134.8 | 134.4 | 131.4 | 119.2 |
| Year | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Index | 107.5 | 100.0 | 89.7 | 77.0 | 76.0 | 87.9 | 106.0 | 122.4 | 151.4 |
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||
| Index | 162.7 | 151.4 | 131.8 | 121.3 | 109.1 | 95.6 | 89.3 |
The Netherlands
| Year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Index | - | 198.2 | 183.3 | 186.8 | 164.9 | 144.0 | 133.4 | 124.4 | 113.8 |
| Year | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Index | 105.3 | 100.0 | 96.6 | 95.8 | 101.9 | 109.2 | 111.4 | 113.4 | 118.7 |
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||
| Index | 116.1 | 110.8 | 106.2 | 102.3 | 98.0 | 94.7 | 88.9 |
Norway
| Year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Index | 152.5 | 144.6 | 140.8 | 141.6 | 134.5 | 121.8 | 116.8 | 114.0 | 112.4 |
| Year | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Index | 107.0 | 100.0 | 94.3 | 91.8 | 88.2 | 82.6 | 76.5 | 70.7 | 69.4 |
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||
| Index | 70.1 | 62.3 | 54.8 | 141.6 | 140.8 | 144.6 | 152.5 |
Spain
| Year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Index | 180.6 | 160.3 | 147.7 | 142.0 | 132.2 | 127.5 | 124.7 | 118.6 | 111.1 |
| Year | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Index | 104.6 | 100.0 | 96.5 | 96.2 | 105.9 | 124.3 | 134.6 | 137.0 | 146.7 |
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||
| Index | 148.8 | 135.5 | 119.3 | 104.1 | 88.0 | 73.3 | 62.7 |
France
| Year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Index | 127.0 | 126.2 | 131.6 | 132.4 | 124.6 | 116.8 | 110.7 | 107.1 | 104.0 |
| Year | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Index | 100.9 | 100.0 | 101.9 | 103.8 | 106.0 | 106.6 | 100.6 | 95.7 | 103.0 |
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||
| Index | 102.1 | 95.8 | 85.5 | 74.1 | 64.4 | 57.6 | 53.0 |
Switzerland
| Year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Index | 145.5 | 138.6 | 134.9 | 132.6 | 123.3 | 115.4 | 110.6 | 106.7 | 103.6 |
| Year | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Index | 101.6 | 100.0 | 97.4 | 94.9 | 92.1 | 87.9 | 82.6 | 80.4 | 80.0 |
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||
| Index | 77.1 | 72.8 | 68.6 | 66.2 | 63.8 | 62.9 | 63.0 |
Worked example: Switzerland
Property purchased on the 1st of January 2011 for CHF 1,000,000.
2023 index: 134.9. Purchase year index (2011): 87.9.
Indexed value: 134.9 ÷ 87.9 × 1,000,000 = CHF 1,534,699
Converted at CHF/DKK rate on the 30th of December 2023 (804.85): DKK 12,352,021
Rounded to: DKK 12,352,000
Statistics Denmark summer house index
Used when the country of the property is not covered by an OECD index. Base year is 2022 = 100.
Source: Statistics Denmark, table EJ67.
| Year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Index | 108.0 | 103.0 | 100.2 | 100.0 | 95.1 | 81.3 | 74.9 | 72.4 | 69.2 |
| Year | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
| Index | 66.6 | 64.9 | 64.5 | 64.2 | 65.2 | 67.9 | 71.4 | 71.0 | 80.2 |
| Year | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||
| Index | 83.9 | 80.6 | 68.1 | 55.6 | 45.8 | 41.7 | 38.6 |
Worked example: Portugal
2023 index: 100.2. Purchase year index (2015): 64.9.
Indexed value: 100.2 ÷ 64.9 × 220,000 = EUR 339,661
Converted at EUR/DKK rate on the 30th of December 2023 (745.29): DKK 2,531,460
Rounded to: DKK 2,531,000
UK House Price Index
The Danish Property Assessment Agency has approved the UK House Price Index (HPI) published by the Office for National Statistics for all property types in the United Kingdom. This index applies from income year 2024 onwards.
Unlike the OECD index, the UK HPI is area- and property-type specific. It must be used without seasonal adjustment. Indexation runs from the end of the acquisition year to the end of 2023.
Because the UK HPI is area- and property-type specific, no single index figure applies across all UK properties. Use the calculator at landregistry.data.gov.uk with the property’s postcode and property type to retrieve the correct figures for your calculation.
Note: switching to this index does not entitle property owners to reopen earlier tax assessments beyond the ordinary reassessment rules.
What to do before the 1st of July 2026
The calculated market value per the 1st of January, 2024 must be reported in field 212 of the extended tax return (det udvidede oplysningsskema). This is submitted either via SKAT’s self-service portal (Tast-selv) or on form 04.053.
The deadline is on the 1st of July, 2026. Missing this deadline triggers interest and can lead to a discretionary assessment by the tax authority.
Employees whose total property value tax increased when the new rules took effect in 2024 may be entitled to a transitional discount under Section 36 of the Property Tax Act (Ejendomsskatteloven), provided the property was acquired on or before the 31st of December 2023. This discount appears automatically on the 2025 annual tax statement (årsopgørelse). Employees who acquired foreign property before that date should verify this discount appears on their statement; if it does not, they should raise it with their tax adviser before the 1st of July, 2026 deadline.
What this means if you have employees with foreign property
The obligation to calculate and report foreign property value tax sits with the individual employee. In practice, internationally mobile employees frequently miss it.
The calculation involves identifying the right index, applying the correct formula, handling currency conversion at the right date, and accounting for renovations or extensions. For employees who have held property through multiple market cycles, or who own property in the UK where the area-specific HPI applies, the process is not simple.
Errors surface at year-end reconciliation or when SKAT issues a reassessment. At that point, the correction costs more than getting it right would have in the first place.
We support employers in ensuring their internationally mobile employees meet these obligations correctly. If you have employees who are likely to be affected, speak to your HR or payroll contact at Crossbord.
Source: SKM2026.242.VURDST, the Danish Property Assessment Agency (Vurderingsstyrelsen), 22nd of May 2026.
Legal basis: Ejendomsskatteloven § 14; Den juridiske vejledning 2026-1, afsnit C.H.4.2.5.2.
Frequently asked questions
Does my employee have to pay Danish property value tax on a holiday home in Spain?
Yes, if the employee is fully tax-liable to Denmark under Kildeskatteloven § 1. Full tax liability applies to individuals who are resident in Denmark or who have been resident for a qualifying period. The obligation covers holiday homes, residential properties, and owner-occupied dwellings abroad. The taxable value is calculated using the relevant index. For Spain, the OECD index applies. For income year 2025, the relevant 2023 index figure for Spain is 147.7.
Which index applies if my employee owns property in Portugal?
Portugal is not covered by a country-specific approved index or the OECD index. The fallback is Statistics Denmark’s price index for summer houses in Denmark, sourced from table EJ67 in the statistical database. For income year 2025, the relevant 2023 figure is 100.2.
What is the deadline for declaring foreign property value tax for income year 2025?
The deadline is on the 1st of July, 2026. The taxable value must be reported in field 212 of the extended tax return (det udvidede oplysningsskema), submitted via SKAT’s Tast-selv portal or on form 04.053. Missing the deadline triggers interest and can lead to a discretionary assessment.
Do renovations affect the calculation?
Yes. If the property has been extended or significantly renovated after purchase, the indexed cost of those works is added to the indexed market value. This step is frequently missed and is a common source of error in declarations.
What happens if the country my employee bought property in has since changed its currency?
The original currency at the time of purchase must be used for the indexation and conversion. Conversion ratios are available from Danmarks Nationalbank. Where the Statistics Denmark summer house index applies, there is a choice between the exchange rate at the time of purchase and the exchange rate at the valuation date.
Does the precautionary principle reduce the taxable value?
The precautionary principle applies when the taxable value is based on a valuation or estimate rather than on indexation. In those cases, the taxable value is set at 80 per cent of the market value, not 100 per cent. Indexation-based calculations, which apply in the majority of cases, are not subject to this reduction.
Who does this apply to if my employee owns a property in the UK?
From income year 2024 onwards, the Danish Property Assessment Agency has approved the UK House Price Index (HPI) from the Office for National Statistics for all property types in the United Kingdom. Unlike the OECD index, the UK HPI is area- and property-type specific and must be used without seasonal adjustment. Because the index varies by area and property type, no single figure applies to all UK properties. The index is available at landregistry.data.gov.uk; use the property’s postcode and property type to retrieve the correct figures.
Is there a transitional discount if my employee's property tax increased under the new rules?
Possibly. Employees whose total property value tax increased when the new rules took effect in 2024 may be entitled to a transitional discount under Section 36 of the Property Tax Act (Ejendomsskatteloven), provided the property was acquired on or before the 31st of December, 2023. The discount is applied automatically on the 2025 annual tax statement (årsopgørelse). Employees who believe they may be eligible should verify it appears on their statement before the 1st of July, 2026 filing deadline.
