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Property Value Tax for Overseas Properties in 2024

If you own a property abroad, in the Faroe Islands, or in Greenland, and are also liable to pay tax in Denmark, you must pay property value tax on your overseas property.

The tax is calculated in the same way for properties overseas as for properties in Denmark. This applies whether the property is your main residence or a holiday home. However, as there is no Danish property valuation for properties abroad, the value must be determined differently.

Determining the Property Value

If there is a public property valuation in the country where your property is located, and it is comparable to a Danish valuation, this may be used – provided it has been approved by the Valuation Board. To date, only the Swedish valuation from 2001 and 2002 has been approved, and only for properties purchased before January 1st, 2002.

If there is no approved valuation, you must use the price you paid for the property. This purchase price is then adjusted using a price index to reflect the value as of the valuation date used for properties in Denmark (usually January 1st, two years prior to the tax year). A local price index is used where available; if not, the OECD index or Statistics Denmark’s holiday home index will be applied.

New Indices for 2024

Updated price indices for use in the 2024 income year are as follows:

  • The Swedish holiday home index

  • The OECD house price index

  • Statistics Denmark’s holiday home index

  • A new British index, approved by the Valuation Authority for use in the UK from 2024

These indices are used to adjust the original purchase price to reflect the value at the relevant valuation date.

Example Calculation

If you purchased a property in Switzerland in 2011 for 1,000,000 Swiss francs and need to determine its value as of January 1st, 2022. You should use the index figures for 2011 and 2021. The calculation would be:

123.3 / 87.9 × 1,000,000 CHF = 1,402,730.38 CHF

This amount is then converted to Danish kroner using the exchange rate as of December 31st, 2021. For example:

1,402,730.38 × 7.1760 = DKK 10,065,993.20, which is rounded to DKK 10,066,000.

Extensions and Conversions

If you have made extensions or conversions to the property, the costs for these must also be adjusted using the price index and added to the property’s value.

Information and Deadlines

The calculated value must be reported to Skat via TastSelv or by using a special form. The value as of January 1st, 2022 should be entered in field 212. The deadline for submitting the extended information form is July 1st, 2025.

Rebate Scheme for 2024

If you owned your overseas property as of December 31st, 2023 and your property value tax increases due to the new rules in 2024, you may be eligible for a discount. This discount will be shown on your annual statement for 2024.

Summary

In summary, you must pay property value tax on your overseas property in the same way as for a Danish property. However, as there is no Danish valuation, you must calculate the value yourself based on the purchase price and the approved price indices.

Remember to report the value on time to avoid issues with the Danish Tax Authority.

Links

  • https://info.skat.dk/

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