purchase tax 3.09% of the new build
tax 0.5% of the cadastral
value per annum
tax 15–45% of the rental income
gains tax 0% of the property value
The property purchase tax amount may vary greatly:
- Buyers pay a 24% VAT
on new-buildswith permits issued after 1 January 2006.
- For properties built before 2006 only the title deed transfer tax — 3.09% of the property value — applies.
Buyers have to pay a registration tax ranging from 0.475% to 0.775% of the transaction value when purchasing any property.
The annual real estate tax has two components. The main part ranges from €0.001/m² to €13/m². The precise amount is determined by a number of factors: area, property value, building date, and so on. There is an additional levy for properties of at least €200,000 in cadastral value at rates from 0.10% to 1.15%, depending on the property price, which individuals have to pay. For legal entities, the additional levy is fixed at 0.55%
There is also an annual municipal tax, which ranges from 0.025% to 0.035%, depending on the location of the property.
Individuals pay a rental income tax of 15% to 45%, depending on how much they receive. Property maintenance costs are deducted from the tax base.
|Annual income, €||Tax rate, %|
|12,001 to 35,000||35|
|35,001 and over||45|
Companies pay rental income tax at the corporate tax rate of 29%.
Capital gains tax on the sale of real estate by individuals has been suspended until 31 December 2017. Companies pay capital gains tax at the corporate tax rate of 29%.
Donation and inheritance
For close relatives there is an inheritance tax of 1% to 10% of the property cadastral value after the deduction
The gift tax rate runs at 10%, 20% or 40%, depending on the relationship between the donor and the recipient.
Disclaimer: the information in the above article is for reference and may be subject to change over time. Persons interested in exact calculations should contact a certified tax specialist in Greece before purchasing property there.