Buyer’s Information

What is the Transfer Tax?

Transfer tax is levied at a flat rate of 8% if the property value is €20,000 or less, and at a flat rate of 10% if the property value exceeds €20,000.

TRANSFER TAX
Property Value, € TAX RATE
Up to €20,000 8%
Over €20,000 10%
What is VAT?

If property was constructed on or after 01 January 2006, the property will be subject to 23% Value Added Tax (VAT) instead of transfer tax.

How much are the Land Registry Fees?

The property transfer is registered in the Cadastre. Land registry fees include registrar’s rights, certificates, and stamp duty. Registrar’s rights are around 0.475% of the property value, plus 23% VAT.

How much are Notary Fees?

Notary fees are around 0.65% to 1% of the property value, plus 23% VAT. The sale and purchase agreement must be notarized for it to be valid.

Notary fee
Property Value, € TAX RATE
Up to €120,000 1%
€120,000 – €380,000 0.70% on band over €120,000
€380,000 – €2 million 0.65% on band over €380,000
How much are Legal Fees?

Legal fees are around 0.40% to 1% of the property value, plus 23% VAT. Buyer and seller share the costs. Employing the services of a lawyer is highly advisable to avoid the “who owns what” mischief rampant in Greece. The lawyer will make sure that the land title is clear.

The Greek law defines the minimum amounts of remuneration for any property transaction. There is no maximum limitation and these shall be agreed by mutual consent between the buyer and the lawyer.

LEGAL FEE
PROPERTY VALUE , € RATE
Up to €44,020.55 1%
€44,020.55 – €1,467,351.43 0.50% on band over €44,020.55
€1,467,351.43 – €2,934,707.86 0.40% on band over €1,467,351.43
Effective income tax ranges from high to low in Greece
EFFECTIVE TAX RATE ON RENTAL INCOME
Monthly Income €1,500 €6,000 €12,000
Tax Rate 2.8% 12.7% 22.8%
How much is Individual Taxation in Greece?

Nonresidents in Greece are taxed on their Greek-sourced income. Married couples are taxed separately, but some modifications are applicable. Nonresidents are allowed to avail of deductions and credits, if they are residents of EU member states, and 90% of their worldwide income is from Greek sources.

How much is Income Tax?

Nonresidents in Greece are liable to pay taxes on their income from Greek sources. Taxable income includes (1) employment income, (2) professional income, and (3) investment income. The taxable income is generally an aggregate of all kinds of income, less income-generating expenses and applicable deductions.

Nonresidents are also liable to pay a surtax of 5% on income up to €12,000, unless they are residents of EU member states and 90% of their worldwide income is from Greek sources.

INCOME TAX
TAXABLE INCOME, € TAX RATES
Up to €5,000 0%
€5,000 – €12,000 10% on band over €5,000
€12,000 – €16,000 18% on band over €12,000
€16,000 – €26,000 25% on band over €16,000
€26,000 – €40,000 35% on band over €22,000
€40,000 – €60,000 38% on band over €40,000
€60,000 – €100,000 40% on band over €60,000
Over €100,000 45% on all income over €100,000
How much is Rental Income Tax?

Rental income earned in Greece is taxed at progressive rates, from 11% to 33%. Income-generating expenses are deductible from the gross income. Instead of itemized deductions, taxpayers can avail of standard deductions: 40% for income-generating expenses (with supporting invoices) and 10% for depreciation.

INCOME TAX ON REAL ESTATE INCOME 2014
TAXABLE INCOME, € TAX RATE
Up to €12,000 11%
Over €12,000 33% on all income over €12,000
How much are Capital Gain Tax? 

Capital gains derived from selling real estate property are taxed at a flat rate of 15%.

How much is Property Tax?

State real estate tax is imposed annually on natural and legal entities that possess Grecian property. The tax base is the objective property value on 01 January as assessed by the tax authorities. Properties owned by individuals are taxed at progressive rates.

PROPERTY TAX
TAXABLE INCOME, € TAX RATE
Up to €200,000 0%
€200,000 – €5 million 0.20% – 1%
Over €5 million 2%
Greece – House price change (Athens)

% change over a year earlier

Q1 Q2 Q3 Q4
2014 -1.94 -2.35
2013 -3.15 -3.54 -1.35 -4.26
2012 -3.17 -3.23 -3.02 -4.17
2011 -0.79 -1.97 -1.24 -4.12
2010 -0.35 -1.34 -3.89 -0.34
2009 -3.60 -0.31 -1.83 1.54
2008 -0.09 0.13 -1.06 0.27
2007 1.44 -0.05 1.74 0.73
2006 4.56 2.69 0.46 3.68
2005 1.97 2.33 1.13 3.24
% change over a quarter (QoQ)

Source: Bank of Greece

Index of Prices of Dwellings, Athens (2007=100)