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Property taxes in Greece

Non-residents of Greece pay real estate taxes at the same rate as the residents of the country.

Purchase
The amount of tax when buying a property can vary greatly:

for new buildings, the construction permit of which was issued after January 1, 2006, the buyer pays VAT of 24% of the value of the object.
for real estate built before 2006, only the tax on transfer of ownership is valid – 3.09% of the value of the object.
When acquiring an object of any type, the buyer pays a registration tax – from 0.475 to 0.775% of the transaction value.

Possession
The annual property tax in Greece consists of two parts: the main and additional.

The main part varies from 0.001 to 13 euro / m², its size determines a number of factors: the area, the notional value established in a particular municipality, the date of construction, etc.

For individuals, an additional part of the tax is applied to objects with a cadastral value of 200 thousand euros and is paid at a rate of 0.10 to 1.15%, depending on the value of the property. For legal entities, the rate of the additional part is fixed and amounts to 0.55% of the cadastral value of the object.

In addition, there is an annual municipal property tax. Its size is from 0.025 to 0.035%, depending on the location of the object.

Rental
Individuals pay tax on rental income at a rate of 15 to 45%, depending on the amount of income received. Real estate maintenance costs are deducted from the taxable base.

Annual
income, Euro Rate
tax%
12,000 and less than 15
12 001 – 35 000 35
35 001 and more than 45
Companies pay tax on rental income at a corporate tax rate of 29%.

Sale
Capital gains tax on the sale of real estate for individuals canceled until December 31, 2018.

Companies pay capital gains tax at a corporate tax rate of 29%.

Pass on inheritance and donation
For close relatives, the inheritance tax rate varies from 1 to 10% of the cadastral value of the property after deducting the non-taxable amount. For the remaining heirs, the tax rate reaches 40%.

Gifts are subject to a gift tax at rates of 10, 20 or 40%, depending on the degree of kinship of the donor and the recipient.

The above is basic tax information in Greece. To understand the nuances, determine the exact size of taxes and how to optimize them will help you certified tax professionals in Greece. Tranio recommends contacting them before making a deal.

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