Legislation

The entire legislation may facilitate the purchase and sale in Greece, however, the bureaucracy is a subject that raises particular delays. At this point the Domgreek can help customers to complete all procedures, with all of its partners (lawyers, accountants, engineers, etc.).

Why should I purchase a property in Greece?

Studying the international Property law, one observes that the Greek legislation is one of the older and most secure legislations among the ones currently in force and combined with a number of E.U. laws, builds a sound basis for the Real-Estate Market in Greece. An important parameter regarding the property transfer in our country relates to the transfer of a proportion of the plot of land, and directly obtaining rights and obligations on the property.

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In addition, the foreigners who seek to buy a property in Greece are not subjected to a foreign capital control therefore they do not have to pay additional tax, which makes the Real – Estate market in Greece particularly appealing to the foreign investors. Inheritance assumption and parental benefits in Greece entail many low taxation scales.

Finally real estate market becomes even more appealing for foreigners who wish to buy an immovable property in Greece (even from the so called “Third World’ countries), since it allows the owner as well as the family members thereof to acquire a residence permit (in the event that the property costs more than 250000€), or a free entrance license into the country, thereby enhancing the freedom of movement.

The Legislation may benefit the real estate market in Greece, the bureaucracy, however, turns into a major cause of delays. Domgreek can help its clients overcome these bureaucratic obstacles, by undertaking and carrying out these procedures with the help of our associates (lawyers, tax consultants, engineers etc.).

Transfer and Special Assessment Tax

While purchasing an immovable property, the new owner, whether a private person or, a company /constructor, is obliged to pay a transfer tax, which is estimated to 3% for properties, whose planning permits had been issued before 01.01.2006. In the event that the planning permit of the property has been issued after 01.01.2006 and the buyer is a constructor/ company the tax is estimated to 23%.

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Purchasing a property also entails a special assessment tax for the seller, which is estimated to 15% on the gain arising from the price difference between the purchasing and the selling price of the property (after 01.01.2014). In the event that the property t to be sold has been acquired by the seller after 1995, the seller holds no responsibility of paying a special assessment tax and the tax is estimated by a set of coefficients for the years of ownership.

Unified Property Ownership Tax

The annual Unified Property Ownership Tax (Ενιαίος Φόρος Ιδιοκτησίας Ακινήτων (ΕΝ.Φ.Ι.Α.) is mandatory upon acquisition of the property. This tax is imposed upon private persons and constructors (construction companies), who possess assets– such as buildings, building lots/lots or plots, parcels, or even garages, storage rooms and pools.

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It is imposed upon natural and legal persons and it is distinguished in two categories:

  • ''Μain tax'' concerns all types of property ownership rights, and it is estimated according to the characteristics of the building lot, in combination with some coefficients. The main characteristics taken into account for the estimation of the annual Unified Property Ownership Tax are the price zone, the use of the property, the age, the surface, the store and the number of facades.
  • ''Additional Tax'', which is a type of luxury tax and is imposed on immovable properties, which value is higher than 300000€/ per owner and is estimated according to some coefficients, which range between 0,1%- 1% under special conditions.