Income tax on rent, worked example, in Greece
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| Non-resident couple´s rental income1 | ||||
| Monthly Rental Income2 | 1,500 | 6,000 | 12,000 | |
| Annual Rental Income | 18,000 | 72,000 | 144,000 | |
| Less: Expenses3 | 40% | 7,200 | 28,800 | 57,600 |
| Depreciation4 | 10% | 1,800 | 7,200 | 14,400 |
| = Taxable Income | 9,000 | 36,000 | 72,000 | |
| Income Tax5 | ||||
| Up to € 12,000 | 15% | 1,350 | 1,800 | 1,800 |
| Over € 12,000 | 35% | - | 8,050 | 8,050 |
| Over € 35,000 | 45% | - | 450 | 16,650 |
| Annual Income Tax Due | 1,350 | 10,300 | 26,500 | |
| Tax Due as % of Gross Income | 7.50% | 14.31% | 18.40% | |
Thanks to: |
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Notes
1 The property is jointly owned by husband and wife.
2 Exchange rate used: 1.00 EUR = 1.00 EUR
3 A standard deduction of 40% is allowed to account for income-generating expenses.
Taxpayers may choose itemized deductions instead of availing the standard deduction, but the expenses must be supported by valid invoices.
4A deduction of 10% is allowed for depreciation expense.
5 Rental income earned by nonresident individuals are taxed at progressive rates.
INCOME TAX ON REAL ESTATE 2017 |
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| TAXABLE INCOME, € | TAX RATE | |
| Up to € 12,000 | 15 | |
| €12,000 - € 35,000 | 35% | |
| Over € 35,000 | 45% | |