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Will new real estate laws in Greece affect you?

As real estate prices continue to drop in Greece, new laws add more red tape and expenses for Greek property owners. For those who live in the U.S., dealing with the new regulations and real estate tax laws can be quite complicated and expensive.

Real estate taxes

In 2013, Greece imposed a real estate tax on properties owned by individuals and entities. Then, earlier this year, that law was amended, raising the annual real estate ownership tax (ENFIA) rates. The main tax rose across the board by 23.33 percent to 25 percent and the supplementary tax by as much as 150 to 200 percent depending on the class of the property. These taxes apply to numerous types of real estate, including:

  • Residential housing
  • Commercial properties
  • Vacant lots
  • Farms
  • Sports fields

Are you planning to sell or rent a property in Greece?

Recently proposed laws are making the process of selling and leasing Greek properties more costly and complicated for owners. The finance ministry is working on a bill that requires additional documentation and payments of additional levies prior to any real estate transaction.

If the law passes, three additional documents will be added to the list of necessary items, including:

  • New: Electronic identity card for each property and building
  • New: Certificate of city planning compliance
  • New: Certificate of payment of the local authority property levy (TAP)
  • Certificate of payment of the single property tax (ENFIA)
  • Certificate of energy compliance
  • Verification of proper power supply

Deadlines for acquiring the new documentation varies from item to item, as does the renewal period for each. Retroactive application of the bill, if it is passed, may catch many landowners unaware. Also at issue this year is a change in tax treatment of uncollected rental income. Fortunately, this law works to the benefit of landowners.

Get knowledgeable legal assistance

To help ensure your compliance with tax and property ownership laws, obtain guidance from a Greek lawyer who practices in the U.S. as well as in Athens. Contact Hahalis & Kounoupis, P.C. - Greek Law Group.

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Hahalis & Kounoupis, P.C. - Greek Law Group
Phone: 610-628-1336
Toll Free: 877-509-4333
Fax: 610-691-8418

U.S. Offices:
20 East Broad Street 
Bethlehem, PA 18018
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1015 New Durham Road
Edison, NJ 08817
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Athens, 10671
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Thessaloniki, 54625
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Hahalis & Kounoupis, P.C. - Greek Law Group