Spain 
Italy 
Greece 
Condos Obliged to Identify Large Owners to Government
14 September 2014
If the condominium association fails to comply with this new regulation, it may face fines and the owners barred from selling their properties
High-value building condos will have to identify people who control large parts of the individual properties.
The goal is to enable the authorities to discover who are the individual investors who own large real estate holdings in Portugal.
According to the Jornal de Negócios, condominiums will have to maintain an updated registry of owners who hold more than half of the buildings area, with a total tax asset value above 2 million euros, and communicate the owners’ identities to the Institute of Registries and Notaries using an electronic form.
In most cases, the buildings in question were renovated office buildings or residential buildings now used as local accommodation.
Condominiums that fail to comply with the new regulation may face fines and the owners possibly barred from selling their properties.
The new rules aim to prevent money laundering and terrorist financing and are a part of an extensive legislative package that seeks to bring more transparency to business life.
Original Story: Tvi24
Translation: Richard Turner