Taxes on Foreigners' Real Estate Rental Income in Greece
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Tax on property income in Greece
Taxation Researcher |
June 10, 2020
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 2020 |
| TAXABLE INCOME, € |
TAX RATE |
| Up to €10,000 |
9% |
| €10,000 - €20,000 |
22% on b22and over €20,000 |
| €20,000 - €30,000 |
28% on band over €30,000 |
| €30,000 - €40,000 |
36% on band over €30,000 |
| €30,000 - €40,000 |
44% on all income over €40,000 |
| Source: Global Property Guide |
INCOME TAX ON BUSINESS AND PROFESSINAL INCOME 2020 |
| TAXABLE INCOME, € |
TAX RATE |
| Up to €10,000 |
9% |
| €10,000 - €20,000 |
22% on b22and over €20,000 |
| €20,000 - €30,000 |
28% on band over €30,000 |
| €30,000 - €40,000 |
36% on band over €30,000 |
| Over €40,000 |
44% on all income over €40,000 |
| Source: Global Property Guide |
INCOME TAX ON REAL ESTATE 2017-20 |
| 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 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 - 2020 |
| 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
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 ?
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