Greek inheritance taxation is based on the principal that acquiring property without exchange, results to the ability of the person who acquired the property to pay taxes to the state, for the re-allotment of individual funds and for reasons of social policy.

Every natural person or legal entity who acquires inherited property is obliged to file Greek inheritance taxation statements for the Greek Estate, declaring to the competent tax authority of the deceased's last residence, the bequest of the inherited assets. In case that there is more than one heir, then each heir is obliged to pay Greek inheritance taxes, depending on the property that he is entitled to. In the Greek inheritance tax statements, the heir has to declare any asset that is bequeathed to him either real estate property (lots, plots, buildings, etc.) or personal (funds, furniture and equipment, stocks, bonds, cars, boats) or even any allowance of funds to any person.

The deadline for filing, the Greek inheritance tax statements arises to six months upon the deceased's passing or upon the will's probate, in case that the deceased has left a probated will. Said deadline extends to one year, if the deceased passed away abroad. An extension of three months may be granted, upon the relevant application of the heirs for specific reasons (e.g. health problems of the heir, his absence abroad, encountering difficulties towards collecting the relevant documentation for the filing).

For the imposition of the Greek inheritance tax, Greek law has ranked the heirs in categories, depending on their kinship with the deceased. A different Greek inheritance tax structure is provided for each category, providing a tax free amount and a progressive tax scale, depending on the value of the inherited property. Additionally, for the final Greek inheritance tax imposition, any previous tax paid for parental gifts or gift deeds is taken into consideration and reduced from the final Greek inheritance tax imposition.

A number of relatives are included to each tax scale. More specifically:

First category: parents, children, grandchildren, surviving spouse, etc…

Second category: grand parents, great grandchildren, brothers-in law, sisters-in-law, parents-in-law, children of the deceased from previous marriages, etc.

Third category: any other relative who is not included in the above categories or heirs, who do not have kinship with the deceased.

According to the provisions of the Greek Estate tax laws, the Greek inheritance tax imposition is certified and can be paid in instalments.

The execution of any Notarial document, by virtue of which ownership on recently inherited properties is conveyed, is prohibited, without the prior documented tax clearance that there is no Greek inheritance tax due (tax free inheritance or payment up in full).

All the above procedures for the protection of your Property in Greece can be accomplished through a Limited Power of Attorney to a specialized Greek Lawyer,  like our Greek Law Office.

 

January 2020

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