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Uniform Real Estate Property Tax (ENFIA)

Every natural person or legal entity with property rights in Greece in January 1st of each year should pay property tax.

This tax is an annual fee estimated on the objective value of the property
Since January 1st, 2005, a declaration of property must be filed electronically by any natural or legal person at any time any modification to their property status takes place.

Income Tax

  • Any natural person or legal entity that receives money in Greece should pay taxes regardless of its nationality or residence.
  • This obligation also implies if someone resides in Greece and receives money in Greece from abroad. In such a case it must be examined whether treaties about avoidance of double taxation are applied or not.
  • Greeks or foreigners who live abroad, should file income returns if they
    1. have income from leasing real estate property
    2. have business in Greece
    3. are members of any kind of company or partnership in Greece
    4. change their property status by buying or selling property in Greece
    5. receive interest from funds deposited in bank accounts in Greece

LAW TAX IN GREECE CONSULTING files all kind of tax statements and income tax returns with the competent Tax Authorities on behalf of our clients.

In favor of our clients, we also examine if Greece and the country where the Greek resident receives income from, have executed any treaty for the avoidance of double taxation.

Donation Tax and Parental grant

For donations and parental grants (i.e. transfer of assets while the transferor is alive) there is a donation tax or parental grant tax to be paid, estimated on the assessed value of the property donated.

Taxable property includes any kind of movable and immovable property located in Greece.

The tax rates are graduated and vary, depending on the relationship between donor and donee. Donation tax statements or parental grant statements are filed with the tax authorities which impose the relevant tax.

From 1 October 2021, a major tax break has been introduced by the Greek government.

Parents who wish to transfer to their children any type of asset, including real estate, cash, company stakes, will not pay transfer tax for the gifting of property worth up to 800,000 euros. The tax-free parental gift of 800,000 euros applies to each parent gifting property to each child.

Real Estate Transfer Tax

  • In Greece properties have two values: the objective value the agreed/market value.
  • Most of the times the market value is higher than the objective value.
  • Each transfer of real estate, which is not subject to VAT, is subject to real estate transfer tax.
  • The real estate transfer tax levies on the buyer and amounts to 3% of either the objective value of the property or the agreed/market price (whichever is the higher). On the amount of above main transfer tax is imposed an extra tax of 3% in favor of municipalities
  • When a property is going to be sold, Real Estate Transfer Tax statement is filed with the Tax Authorities of the property’s location. – The Tax Authorities estimate and decide the amount of the real estate transfer tax due.
  • Exemption from real estate transfer tax for the purchase of a primary residence shall only be granted to natural persons (married or unmarried persons or civil partners, provided they are permanent residents in Greece or intend to become established in Greece no later than 2 years from the date of the purchase)