Radar archive — September 2025
Greece legislates 2026 income-tax cuts and recasts the rental-income scale
The tax-reform package announced at the Thessaloniki International Fair, subsequently enacted as Law 5246/2025, cuts personal income-tax rates by two percentage points across the €10,000–€40,000 bands, zeroes the rate up to €20,000 for taxpayers under 25 and lowers it to 9% for those aged 26–30, and inserts a new 39% band for income of €40,000–€60,000. It also revises the property-rental scale, adding a 25% intermediate band for rental income between €12,000 and €24,000, with the measures applying from the 2026 tax year.
Implications for capital — The reform lowers headline personal-income taxation for residents while changing the marginal treatment of Greek rental income, altering the after-tax position of individuals and property-holding investors from 2026.
Germany's Standortfördergesetz opens funds to renewables and infrastructure
The federal cabinet adopted the Standortfördergesetz, creating a legally secure framework for investment funds and other pooled vehicles to hold renewable-energy and infrastructure assets. It also adjusts investment-tax treatment of fund holdings in commercial partnerships, introduces roll-over relief for reinvested gains on corporate shareholdings, and cuts the minimum nominal share value from €1.00 to €0.01.
Implications for capital — The measures widen the range of real-asset strategies German-regulated funds can accommodate and change the tax treatment of certain fund holdings and reinvested disposal gains.
Ireland updates its UCITS rules and performance-fee guidance
The Central Bank of Ireland consulted on amendments to its UCITS Regulations and to its performance-fee guidance for UCITS and certain Retail Investor AIFs, following the Department of Finance's update to the underlying UCITS regulations. It published its feedback statement in July 2026.
Implications for capital — The revisions affect how UCITS and certain retail AIFs may charge performance fees and operate under the Irish framework.
Source: Central Bank of Ireland
Central Bank overhauls its AIF Rulebook for Qualifying Investor AIFs
The Central Bank of Ireland consulted on wide-ranging amendments to its AIF Rulebook to align with the revised AIFMD and the Funds Sector 2030 recommendations, with particular emphasis on enhancing the Qualifying Investor AIF framework. It published its feedback statement in May 2026, confirming it would largely proceed as proposed.
Implications for capital — The changes recalibrate Ireland's professional fund product, affecting how alternative and private-credit strategies are structured through QIAIFs.
Source: Central Bank of Ireland