The volume of transfers via the international financial service “NovaPay” (TM NovaPay) for January–September 2026 increased by 36% compared to the same period in 2025, reaching 598.7 billion UAH, according to a company statement released on Monday.
According to the statement, the number of transfers increased by 12% to 388 million.
“The results for the first nine months confirm that our solutions are becoming increasingly in demand, and customers are making more active use of digital financial tools. It is important for us not only to increase transaction volumes but also to continuously improve the customer experience by offering new opportunities and convenient solutions,” NovaPay CEO Igor Prykhodko is quoted as saying in the press release.
The financial service noted that the company paid 1.47 billion UAH in taxes and fees over the first nine months of this year, which is 32% more than in the same period last year.
As previously reported, in the first half of 2026, NovaPay increased the volume of transfers by 41% compared to the same period in 2025—to 391 billion hryvnias—while the number of transfers rose by 12%—to 258 million.
NovaPay was founded in 2001 as an international financial service, part of the Nova Group (“Nova Poshta”), and provides financial services both online and offline at “Nova Poshta” branches. In 2023, the company became the first non-bank financial institution in Ukraine to receive an expanded license from the NBU, which allowed it to open accounts and issue cards; it was also the first non-bank to launch its own financial app with a wide range of financial services at the end of last year.
According to the National Bank of Ukraine, the company accounts for approximately 22.7% of the total volume of domestic money transfers.
The Hungarian government has drafted a bill to introduce an annual tax on large fortunes at rates of 1–1.5%, which could affect not only Hungarian citizens but also foreign owners of real estate and businesses. The new tax is scheduled to take effect on December 15, 2026, and the first payments are due to the budget by August 31, 2027, according to a draft from the Hungarian Ministry of Finance.
According to the document, the net value of assets exceeding 1 billion forints (approximately $3.08 million) will be subject to taxation. A rate of 1% applies to the portion of taxable assets up to 100 billion forints, and 1.5% applies to the amount exceeding that threshold.
A tax-free allowance of 1 billion forints is granted to each individual separately, including spouses. When calculating the tax base, the value of assets is taken into account net of documented liabilities.
The list of taxable assets includes real estate, shares in companies, cash, securities, cryptoassets, investment-grade precious metals, and other valuable assets. The tax may also apply to works of art and jewelry valued at more than 3 million forints per item, as well as vehicles valued at more than 10 million forints.
Tax residents of Hungary are subject to taxation on their worldwide assets. However, a special rule applies to Hungarian citizens: after moving abroad, they will lose their resident status for purposes of the new tax only after ten years of living outside the country.
Foreign non-residents will pay tax exclusively on certain Hungarian assets, including real estate, property rights, and shares in companies registered in Hungary. Shares in foreign companies may also fall under the scope of the law if more than 75% of their balance sheet assets consist of Hungarian real estate.
However, simply owning an apartment or house in Hungary does not in itself create a new tax liability. A tax-exempt threshold of 1 billion forints is also provided for non-residents with respect to the relevant Hungarian assets.
According to estimates by the Ministry of Finance, the tax could affect approximately 15,000 high-net-worth individuals and 2,000 asset management entities. The expected additional revenue over four years is estimated at 800 billion forints.
The bill has passed the public consultation phase, which concluded on October 14; however, as of October 19, a final parliamentary decision has not yet been made.
The new tax regime is of interest to foreign investors, among whom citizens of Germany, Romania, Slovakia, China, the Netherlands, and Austria remain the largest groups of buyers of Hungarian real estate.
According to data from the National Bank of Hungary, compiled based on information from the National Tax and Customs Administration (NAV) and published in August 2026, foreign citizens accounted for 4% of all homebuyers in the country in 2025.
Citizens of Germany accounted for the largest share—1.1% of all homebuyers. Citizens of Romania accounted for 0.6%, Slovakia for 0.5%, the Netherlands and China for 0.3% each, and Austria for 0.2%.
More detailed statistics from the Hungarian Central Statistical Office (KSH) for 2024 allow for an assessment of the number of purchases by nationality. At that time, foreigners purchased approximately 6,600 residential properties with a total value of 309 billion forints, accounting for 6.4% of the value of all transactions in the housing market.
German citizens purchased the most properties—1,369. They were followed by buyers from China—708 properties; Romania and Slovakia—671 each; the Netherlands—438; Vietnam—329; and Austria—268.
Russian citizens purchased 185 residential properties in 2024, while Ukrainians purchased 144. The average value of housing purchased by Russians was 83.5 million forints, and by Ukrainians—35.6 million forints.
Thus, the average transaction value for these two groups was significantly below the projected threshold for the new tax, although some wealthy investors may own significantly more expensive properties or multiple types of assets.
The geographic distribution of foreign demand varies noticeably depending on the buyers’ nationality.
Germans primarily purchase homes in the western and southwestern regions of Hungary, particularly in the Somogy and Zala counties, located near Lake Balaton and the borders with Austria and Croatia.
According to data from 2025, foreigners accounted for 11.3% of residential property purchases in both counties. More than two-thirds of these transactions were made by German citizens. Buyers from the Netherlands, Austria, and Switzerland are also active in the local markets.
Citizens of Romania and Slovakia tend to buy real estate in border regions. Chinese, Vietnamese, Israeli, and Russian buyers primarily focus on Budapest.
In the Hungarian capital in 2025, foreign nationals accounted for 5.5% of all homebuyers. In the central districts of Pest—including Districts V, VI, VII, VIII, and IX—their share reached 13.2%.
Chinese citizens were particularly active in central Budapest, accounting for 3.5% of all residential property purchases in these districts. The share of Vietnamese and Israeli citizens was 0.8% each, Turkish citizens 0.7%, Russian citizens 0.6%, and French citizens 0.5%.
These statistics reflect the distribution of new purchases by nationality, not the overall structure of real estate already owned by foreigners.
The proposed wealth tax could have the greatest impact on owners of expensive apartments, commercial real estate, large investment portfolios, and stakes in Hungarian companies.
For most foreign buyers of standard apartments, the new tax—based on the proposed threshold of 1 billion forints—should not create additional obligations, provided that the total value of their taxable Hungarian assets does not exceed the established limit.
The final terms of taxation will depend on the version of the law adopted by the Hungarian Parliament.
According to Relocation, Barcelona authorities intend to significantly increase the tax burden on vacation rental owners. On October 15, 2026, the city council tentatively approved the introduction of additional surcharges on the property tax (IBI) ranging from 50% to 150%, depending on the number of short-term rental licenses held by the owner.
The new measure will affect approximately 10,600 vacation rentals and will mark the next phase of the city government’s policy to reduce short-term rentals. Final approval of the tax changes is scheduled for December 2026. If the decision is adopted, the new rules will take effect on January 1, 2027, and the first additional tax will be assessed on December 31, 2027.
The amount of the surcharge will depend on the number of tourist licenses held by the owner. Owners of a single license will be required to pay 50% more than the current IBI tax. Owners of two or three licenses will face a 100% surcharge, while owners of four or more tourist properties will face a 150% surcharge.
Thus, if the standard annual tax on an apartment is 1,000 euros, after the new rules take effect, an owner with one tourist license will pay 1,500 euros, an owner with two or three licenses will pay 2,000 euros, and an owner with four or more licenses will pay 2,500 euros per year for the respective property.
According to city data, approximately 6,000 tourist apartments—or about 57% of the total—are owned by individuals with four or more licenses. Another 1,200 properties are owned by individuals with two or three licenses, and approximately 3,200 by those with a single license.
City officials expect to generate an additional 7–8 million euros annually through this increased taxation.
Jordi Valls, Barcelona’s deputy mayor for economic affairs, explained the need for the changes by noting that vacation rentals are effectively used for commercial purposes, so their taxation should not be subject to the same conditions as regular residential housing.
The new tax policy is being implemented against the backdrop of a previously adopted decision to gradually phase out short-term apartment rentals in Barcelona. The municipality intends not to renew existing tourist accommodation licenses after they expire in November 2028.
For real estate investors in Barcelona, the new rules mean a reduction in the potential profitability of tourist rentals. The additional costs will particularly affect professional operators who manage multiple apartments. At the same time, the prospect of tourist licenses expiring in 2028 creates additional risks for long-term investment plans.
Owners will have to consider alternative models for using their properties, including long-term rentals, medium-term leases—provided they meet the established requirements—or the sale of the properties.
At the same time, industry representatives are opposing the new restrictions. Apartur, the Barcelona Tourist Apartments Association, has called the tax increase disproportionate and said it creates legal uncertainty for businesses. The organization has stated its readiness to challenge the new rules in court once they are finally adopted.
Barcelona remains one of the largest tourist destinations in Spain and Europe. The massive growth of short-term rentals in recent years has become a source of controversy among property owners, representatives of the tourism industry, and local residents.
According to Fixygen, Greece plans to introduce a 10% tax on capital gains from cryptocurrency transactions, Reuters reports.
The corresponding bill was submitted for public comment on October 8. The bill is expected to be submitted to parliament for consideration in November.
Earlier, in June, the possibility of setting the tax rate at 15% was discussed. The new version of the bill provides for a tax exemption on income from cryptocurrency transactions amounting to less than 500 euros per year.
Currently, Greece lacks a comprehensive legal framework for taxing cryptocurrency transactions. At the same time, there is no unified system for taxing income from crypto assets within the European Union.
According to Reuters, capital gains tax rates on cryptocurrency transactions in European countries range from approximately 8% to 30%.
Greek authorities have previously noted that they cannot accurately assess the size of the domestic cryptocurrency market, as a significant portion of investors use foreign platforms.
Consequently, the government does not yet have precise estimates of potential additional budget revenues following the introduction of the new tax.
According to Experts Club, electric vehicles in Ukraine will remain more cost-effective than internal combustion engine vehicles even after full taxation on their import is restored, says Serhiy Kuyun, director of the “A-95” Consulting Group.
According to Enkorr, a 20% VAT is set to be reinstated on electric vehicle imports into Ukraine starting January 1, 2027. Meanwhile, the preferential regime in effect until the end of 2026 exempts electric vehicles from VAT and import duties.
According to Kuyun’s assessment, the elimination of this exemption will make electric vehicles more expensive to purchase, but it will not deprive them of their main advantage—significantly lower operating costs.
“Even with all taxes included, an electric vehicle remains cost-effective. The electricity needed to charge it is significantly cheaper than fuel for a vehicle with an internal combustion engine,” the expert notes.
The savings on operating costs are particularly noticeable with high annual mileage. If an electric vehicle consumes about 15–20 kWh of electricity per 100 km, then when charged at home, the cost of such a trip remains several times lower than the cost of gasoline or diesel fuel for a vehicle of a similar class.
An additional advantage of electric vehicles is the simpler design of their powertrain. They lack a number of components and consumables typical of vehicles with internal combustion engines, which potentially reduces the cost of regular maintenance.
According to Kuyun, the Ukrainian market has already reached a stage of development where tax incentives are no longer the main driver of demand for electric vehicles. In recent years, the model lineup has expanded significantly, the used-car market has grown, and the charging station infrastructure is developing.
At the same time, the reinstatement of the VAT could have a noticeable impact on the market immediately before the end of the tax incentive period. Buyers planning to purchase an electric vehicle may try to import and register it by the end of 2026 to take advantage of the current tax incentives.
As a result, electric vehicle imports may accelerate further in the final months of 2026, after which the market may undergo a correction period in early 2027.
For comparison: with a customs value of 20,000 euros for an electric vehicle, the 20% VAT refund alone potentially increases the tax component by approximately 4,000 euros, without taking into account the specifics of determining the tax base and other payments. However, for an owner with high annual mileage, part of this difference is gradually offset by lower energy and maintenance costs.
Analysts at Experts Club note that the future dynamics of the Ukrainian electric vehicle market will no longer depend solely on tax incentives. The cost of electricity and automotive fuel, the development of charging infrastructure, prices for new and used electric vehicles, the condition of batteries, and the residual value of vehicles on the secondary market will become increasingly important.
Therefore, the reinstatement of full taxation may alter the structure of imports and slow the market’s growth rate; however, it does not, in and of itself, eliminate the economic advantages of electric vehicles for a significant portion of drivers.
Original source: Enkorr – “Electric Vehicles Will Remain Cost-Effective Even With All Taxes — Expert”.
The National Securities and Stock Market Commission of Ukraine (NSSMC) sees opportunities for the revival of the municipal bond market in Ukraine, is actively working toward this goal, and supports a bill on preferential taxation of individual income from these instruments, said Commission Chairman Oleksiy Semenyuk.
“I believe this is possible (the revival of the municipal bond market). Moreover, this process is already underway on a fairly large scale,” he said during a discussion on the prospects of the stock market in Ukraine, organized by the Kyiv International Economic Forum last week.
Semenyuk clarified that a meeting is tentatively scheduled for October 2 with representatives of cities with populations of 100,000 or more—which will also include representatives from the Ministry of Finance—to discuss the main issues hindering the progress of this process.
“The main problems there are clear and have been identified… I want to note that I believe in municipal bonds,” emphasized the Commission chairman.
According to him, cities have development budgets, and they currently have significant needs for a rapid transition to energy independence, so bonds are an attractive instrument for them.
Semenyuk believes that municipal bonds could also be of interest to investment funds and local revenue-generating enterprises.
At the same time, Serhiy Fursa, deputy director of securities trading at the investment firm Dragon Capital, expressed doubt that municipal bonds would attract investors under current conditions, when the Ministry of Finance is placing domestic government bonds on the market, the income from which is tax-exempt.
“This would be a good instrument, but, again, we have domestic government bonds and their yields, as well as the need to provide a risk premium. By the way, I don’t quite understand—and this is a question for analysts—how to assess the solvency of cities in Ukraine. At the moment, I don’t really see much demand for this,” the expert noted.
According to him, the main buyers right now are individuals who are focused on returns and tax benefits.
The head of the National Securities and Stock Market Commission (NSSMC) reported that two bills on tax incentives are currently being considered for passage through the Verkhovna Rada. He clarified that the first concerns investment accounts exempt from personal income tax provided the investment term is at least three years, while the second concerns the “5+5” scheme: a 5% personal income tax rate and a 5% military levy instead of the current 18% + 5%. Semenyuk added that discussions regarding the latter bill are ongoing with the Ministry of Finance.
bond, city, INVESTMENT, NSSMC, TAX
