Real estate property implies the healthy financial status of the tax payer and is subject to taxation in most countries. Until recently, Greek real estate property taxation, was imposed mainly on the conveyance of properties and not on the property itself. This was considered unfair and a symptom of a less developed country. Upon these negative critiques, therefore, an attempt to decrease the conveyance taxes and almost abolish the inheritance tax and tax on Parental Gifts in Greece occurred. As an offset to this abolishment of taxation, in the beginning of the year 2008, a new Greek real estate taxation has been imposed that natural persons or legal entities are in possession in Greece, i.e. the annual Greek real estate fee.

Such a fee is an annual real estate tax, which is imposed on real estate property, that individuals or legal entities are in possession in Greece on January 1, 2008 and for each year. For the implementation of this law, as real estate property is considered every right of full ownership; of bare/“naked” ownership (remainder); of life estate right on real estate property, even rights of exclusive occupation on jointly owned parts of the basement, of the “pilotis” or of the rooftop; or to the unbuilt section of the building, which is used as parking space, auxiliary space or as a swimming pool.

Subject to taxation is every individual or legal entity regardless of its citizenship, residence or seat, that is in possession of real estate property rights within Greece on January 1 of each year, regardless of the changes on the property status, which will occur within the same year.

The annual real estate fee is estimated on the value that the properties or the real estate property rights have on January 1 of the year of taxation. In areas where the “objective” tax estimation system is in effect, the fee is imposed on the objective tax value in Greece the properties have according to this tax system. The value is estimated according to the values that the Greek Ministry provides, and according to the specific documents for estimating the objective tax value. In case that the objective tax system is not in effect for the specific area, the value is estimated on the market value of the property.

The Greek real estate taxation of each person is taxed separately. Competent Tax authority for the submission of the statements and the tax imposition, is the Tax authority where the tax payer files his income tax statements. For natural persons, information for real estate properties that each person has, is provided by the E-9 tax statements, which are filed jointly with the annual Income tax statements, declaring the annual changes on the property status.

The prior payment of annual Greek real estate fee is necessary prior to any conveyance deed. According to the provisions of the law, the execution of a Notary Deed is prohibited, without attaching to the Deed, the relevant certificate that the fee, which correspond to the specific property has been paid in full.

January 2020

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