In Greece, they are strict about taxation, as well as the timely repayment of regulated and mandatory payments. Every owner of real estate, whether residential or commercial, must annually file a declaration and pay property tax. There are several articles of taxation related to the rental of property, making a profit. It is important to know about this when planning the purchase or long-term rental of property in Greece.
About property tax
For the first time, future owners of real estate in Greece are faced with taxation already in the process of registration of ownership. Before submitting documents to the registry, it is imperative to pay the property transfer tax, calculated on the basis of data on the value, type of property, as well as the year the building permit was issued:
|Tax rate, %
|Purchase of an object of the secondary real estate market.
|Purchase of an object of the primary market, built on the basis of a permit issued before 31.12.2005. inclusive.
|Acquisition of real estate (primary market) built in accordance with permits issued after 01.01.2006 inclusive.
Having become the full owner of real estate, a foreigner is obliged to pay an annual tax, consisting of two parts:
- The main one is determined by the location, area, purpose of the object, depends on the date of construction and other characteristics;
- Additional – applies to objects whose value exceeds 300,000 euros with sole ownership or 600,000 euros with joint (share). This part is also called the “luxury tax”, the interest rate is low – from 0.1 to 1.0%, but the total amount is impressive.
Payment of property tax applies not only to owners, but also to tenants who have entered into a long-term lease agreement. It is better to learn about this directly from a specialist, since the calculation is individual and depends on many nuances. Advice on this topic can always be obtained at the time of signing the lease agreement with Nomos Travel.
About profit and income
Owning a business in Greece, movable / immovable property rented to the arena, you are required to file an income declaration and pay income tax, while the rate varies:
|Up to 12 000
|From 12 000 to 35 000
|Over 35 000
Taxes help from Nomos Travel
It is difficult to immediately understand the taxation system of another country if you have not encountered it before. We provide advice, as well as assistance in calculating taxes, filing declarations and more. Why think about taxes and paying utility bills for real estate in Greece – entrust it to specialists. The company’s team provides a number of concierge services, including a convenient and popular option – “Property Management”.
We will be happy to help in matters relating to the purchase / sale / rent / management of real estate, taxation, individual tourism. More information can be obtained by phone or by leaving questions of interest in the feedback form. Contact information is available on the website.