| Ramzi Chamat
Owning property is one of the most common aspirations for many individuals. However, with the relentless rise in real estate prices and the additional fees that can quickly accumulate, becoming a homeowner may seem out of reach for many. Fortunately, in the canton of Geneva, a legal measure called "Casatax" has been implemented to lighten this financial burden.
Casatax is an initiative from the canton of Geneva, introduced in 2004, aimed at alleviating the financial burden for primary residence buyers in the region. Its name is a combination of the terms "casa" (house, in Italian) and "tax", reflecting its primary objective: to reduce the taxation and fees associated with purchasing property.
The rapid growth of property prices in Geneva for many years pushed away many potential residents from homeownership. Faced with this reality and the need to guarantee affordable housing for its residents, the Geneva government introduced this legal measure to support buyers. Casatax primarily manifests as a significant reduction in registration fees and mortgage deed charges. These reductions can represent a substantial saving for buyers, thus facilitating access to property for many residents of the canton.
To be eligible for Casatax benefits:
- You must be a natural person.
- The real estate you are buying must serve as a primary residence.
- You must commit to occupying the property for at least three years, within two years following the signing of the sales contract.
Casatax can lead to substantial savings when purchasing your property. To illustrate this, consider an example for a property valued at CHF 1’100’000.-:
- Purchase price of the property : CHF 1’100’000.-
- Mortgage loan (20% down payment) : CHF 880’000.-
As you can see, for a purchase of CHF 1’100’000.-, the savings potential with Casatax exceeds 30,000 francs, a significant amount.
Casatax is a boon for those looking to buy property in the canton of Geneva. Thanks to this initiative, many residents have been able to realize their homeownership dreams while benefiting from significant savings. If you are considering buying real estate in Geneva, Casatax is an opportunity not to be missed.
