1. Which assets are subject to real estate transfer tax and who is obliged to pay the tax due? Any transfer of real estate (reciprocal contracts) and transfers of ships flying the Greek flag. The tax debtor is the acquirer. 2. Which tax office is responsible for filing the tax return? Before any real estate transfer, the parties must jointly submit a real estate transfer tax return to the tax office...
FUNDAMENTAL CHANGES IN THE ISSUANCE OF BUILDING PERMITS AND GREEK BUILDING LAW The Greek Ministry of Environment, Energy and Climate Change (YPEKA) is planning fundamental changes in spatial planning and urban planning with the aim of providing investors with a more attractive investment environment. According to the ministry's plans, it will be possible to modify regional spatial planning strategies...
In the New Year, increased activity by the Greek tax authorities is expected after a decline in tax revenues, especially in the collection of VAT and special excise duties. At the same time, the overdue tax debts to the state have increased by about one billion euros, while the Ministry of Finance assumes that part of the outstanding debts can be compensated by the increased revenues by the end of the...
Positive developments of construction loans in Greece The news agency "Bloomberg" sees positive developments in the field of Greek construction loans in its article entitled "Quadrupling of the granting of construction loans from 2015 by Greek banks". The Chief Executive Officer of "Alpha Bank", Mr. Theodoros Kalantonis, explains that the year 2015 will be a turning point for the granting of...
Real estate market Greece Price reductions of up to 70% for holiday homes compared to 2008 are recorded in Greece. More stable prices for land on the Aegean and Ionian islands. With detailed tables. Based on the developments of recent years, it is foreseeable that prices for holiday homes will soon fall back to the same level as at the beginning of the last decade. However, the experts from the real...
Debt crisis drags Greek real estate market into the abyss The financial crisis and Greece's high level of over-indebtedness have significant consequences, not only on economic development and on the labour market. After all, the domestic real estate market in particular has come under severe pressure in recent years. Many households lack the financial means to purchase residential property, while others...
Real estate ownership tax ENFIA Property owners in Greece can now access their new assessments for the Uniform Real Estate Ownership Tax (ENFIA) via the electronic system "TAXISnet". The corrected tax assessments concern about 1.2 million owners of land that are outside the system of property-related unit value determination. The deadline for payment of the first instalment expires on 30 September and...
Greek Holiday Properties Greek holiday properties are part of the industry that seems to be helping Greece out of recession in the coming months. Experts are optimistic about the demand for holiday properties for sale, the number of which currently amounts to 30,000 – 40,000. According to the information provided so far, as well as reports from various real estate agencies, the first signs of...
By the end of the year, the revised legal framework is expected to be finalised, according to which the issuance of a residence permit is to be issued to citizens of third countries who wish to purchase real estate in Greece with a purchase value of more than EUR 250,000. All the new changes aimed at boosting investment in the Greek real estate sector include, among others: The possibility of...
The Greek government's economic staff will give a major boost to the real estate market by reducing the taxation of real estate transfers in the new year. The aim is to encourage foreign investment by reducing the real estate tax during the signing of the contracts. According to the government plan, the standard value is no longer to be used as a basis for determining real estate transfer tax. From 2015...
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