Income tax in Greece

March 13, 2018

Greece properties for sale

INDIVIDUAL TAXATION

Residents are taxed on their worldwide income. Issuance of a residence permit by the Ministry of Interior is a requirement for residence. Married persons are taxed separately.

INCOME TAX

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.

INCOME TAX ON EMPLOYMENT AND PENSIONS INCOME 2017

TAXABLE INCOME, € TAX RATE
Up to €20,000 22%
€20,000 - €30,000 29% on band over €20,000
€30,000 - €40,000 37% on band over €30,000
Over €40,000 45% on all income over €40,000
Source: Global Property Guide

INCOME TAX ON BUSINESS AND PROFESSIONAL INCOME 2017

TAXABLE INCOME, € TAX RATE
Up to €50,000 26%
Over €50,000 33% on all income over €50,000
Source: Global Property Guide

INCOME TAX ON REAL ESTATE 2017

TAXABLE INCOME, € TAX RATE
Up to €12,000 15%
€12,000 - €35,000 35% on band over €12,000
Over €35,000 45% on all income over €35,000
Source: Global Property Guide

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 2017

TAXABLE INCOME, € TAX RATE
Up to €12,000 15%
€12,000 - €35,000 35% on band over €12,000
Over €35,000 45% on all income over €35,000
Source: Global Property Guide

INCOME TAX ON REAL ESTATE 2016

TAXABLE INCOME, € TAX RATE
Up to €12,000 11%
Over €12,000 33% on all income over €12,000
Source: Global Property Guide

INCOME TAX ON REAL ESTATE INCOME 2015

TAXABLE INCOME, € TAX RATE
Up to €12,000 10%
Over €12,000 33% on all income over €12,000

CAPITAL GAINS TAX

Capital gains derived from selling real estate property are taxed at a flat rate of 20%. Taxable capital gains are calculated as selling price less acquisition costs and related expenses.

PROPERTY TAX


Real Estate 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%
Source: Global Property Guide

Local Real Estate Duty (TAP)

Local real estate duty is payable to the municipal authorities. The rate varies between 0.025% and 0.035% of the assessed value of the property.

CORPORATE TAXATION

INCOME TAX

Income and capital gains earned by companies are generally taxed at 29%. Income-generating expenses are deductible when calculating taxable income.

Real 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 companies are generally taxed at 0.10% to 0.60%.

 

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