Major Fiscal Changes on Stock.estate in 2026

Stock.estate, the ASF-authorized real estate crowdfunding platform, will introduce significant changes to its tax and commission structure starting January 1st, 2026, based on a specialized tax opinion. These adjustments align its operations with the classification as a VAT-exempt financial intermediation activity, in accordance with Article 292 (2) (a) of the Fiscal Code.

VAT Exemption on Commissions The commission charged by Stock.estate to investors and developers will no longer be subject to VAT starting in 2026. The detailed tax opinion confirms that crowd-lending services, regulated under EU Regulation 2020/1503 and Law 244/2022, qualify as VAT-exempt financial operations, similar to banking services. This simplifies processes and eliminates additional costs for all parties involved.

No Invoices for Commissions Commission revenues will no longer be recorded through traditional invoicing – Stock.estate will not issue invoices to investors or developers. Instead, commissions will be reflected directly in the account statement, which can be downloaded from the “My Investments” section. Investors may use this statement for tax reporting purposes without the need for additional documentation.

Withholding Tax Applied to Net Interest The 10% withholding tax will be calculated based on gross interest minus the Stock.estate commission, rather than on the full gross amount as in 2025. The platform will automatically apply this adjustment in monthly calculations and reports.

New Commission Structure The Stock.estate commission will change from 10% + VAT on interest earnings to a 0.2% administration fee applied to the total value of the investment portfolio.

Example methodology: For an invested amount of EUR 100,000, gross interest of 18% (EUR 18,000 over 12 months), 10% withholding tax, 21% VAT, and the previous 10% commission. The chart below illustrates the evolution of net interest.