Greece Home Europe Greece Taxes and Costs Taxes on Foreigners' Real Estate Rental Income in Greece More GR × Greece Financial Overview Overview House Prices Market in Depth Rental Yields Income Tax et al Tax Example Taxes if Resident Buying Guide Landlord and Tenant Property Inheritance Country Statistics Property Investments Where to Buy Survey of Greece Athens Central Greece Crete Thessaly Key Contacts Accountants Lawyers Real Estate Agents Mortgages Tax on property income in Greece August 13, 2018 Effective Tax Rate on Rental Income Monthly Income US$1,500 US$6,000 US$12,000 Tax Rate 7.50% 14.31% 18.40% Click here to see a worked example Source: Global Property Guide Disclaimer INDIVIDUAL TAXATION 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. 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. 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 15%. Taxable capital gains are calculated as selling price less acquisition costs and related expenses. 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% 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. Greece - More data and information Guide to buying houses and registering property sales in Greece Where to by property in Greece Comments Jackie | February 20, 2018 i bought a property in 2005 in Crete,I paid the construction company by cheque in 4 stage payments over 6 months,now i have been informed by my Greek solicitor before i can sell i must prove where my money as come from, As the Tax authorities have said they have no record of my payments..i have bank statements of the monies being transferred but it does not state who received the payment , what can i do ? Login or Register to submit a comment! In order to promote open and spam-free conversations, Global Property Guide moderates commetns on all articles. You can expect that your comment will be published within 24 hours.