There are various types of real estate investments Greek Americans may look into making in Greece. This includes investments in Greek hotels.
When it comes to making hotel investments in Greece, there are many issues it can be important to give careful thought to. Among these are issues related to taxes.
Tax issues can have many significant impacts when it comes to making a hotel investment in another country, such as Greece. This includes how financially challenging such an investment could prove. This is underscored in a recent study by the Institute of the Greek Tourism Confederation that looked into Greek hotel investment.
The study compared hotel investment in Greece and Cyprus. It found hotels in Greece to have lower operating profits and lower per-room revenues than hotels in Cyprus. It also found that hotel investments generally took significantly longer to amortize (both in crisis and growth conditions) in Greece than in Cyprus. The study pointed to high taxation in Greece as a contributor to the more challenging nature of Greek hotel investment.
How tax issues related to their investment are dealt with is another thing that can have major implications for investors in Greek hotels. Mishandling such issues could have major implications, financial and otherwise, for an investor. For one, tax missteps related to such an investment could endanger a person’s overall goals regarding the investment. So, it can be important for Greek Americans to have strong legal guidance regarding tax issues when investing in Greek hotels or other real estate in Greece.
Source: ekathimerini, “Tax makes hotel investments costlier in Greece,” Stathis Kousounis, Jan. 5, 2017
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