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U.S. citizen living in Greece? Don't forget your tax returns.

If you are an American or permanent resident (or you have dual citizenship) and lived in Greece for a substantial portion of 2016, you may owe taxes on any income you earned while living in Greece or from a Greek business. U.S. tax laws require any American citizen residing in Greece who makes more than $10,350 a year as an individual or $20,720 as part of a married couple to file an American tax return by June 15 of the tax year.

This tax filing burden is in addition to any issued by the Greek government or as part of FATCA or FBAR compliance governing accounts held in foreign banks.

This is not to say that there will be any sort of dual taxation, or that you will owe money to the American government (the Foreign Earned Income Exclusion exempts up to $101,300 in work income from non-U.S. sources), but just that a tax return is a necessity. The same is true with regards to FATCA and FBAR; compliance rules don't mean that you will have to pay taxes on your assets held in foreign accounts, particularly if you have already been taxed on them in Greece or some other country, only that you must be prepared to file tax returns disclosing their existence.

Many people don't understand the myriad tax rules and regulations applicable to people who choose to split their time between America and Greece, or who have assets in Greece (whether they are from work, inheriting property from family, or from the purchase of a vacation property). That is why working with a law firm with in-depth knowledge of the legal systems of both countries is absolutely crucial. Doing so can help you avoid mistakes that will not only cost you money, but could land you in trouble with taxation authorities in both countries.

Why risk your hard-earned money by having inferior, ill-prepared legal representation? Trust your American/Greek legal issues to a skilled attorney from the uniquely qualified firm of Hahalis & Kounoupis, P.C.

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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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New Jersey
1015 New Durham Road
Edison, NJ 08817
(By appointment only)
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Greece Offices:
18 Valaoritou Street
4th Floor
Athens, 10671
Greece
(By appointment only)
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10 Ermou Street
Thessaloniki, 54625
Greece
(By appointment only)
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Hahalis & Kounoupis, P.C. - Greek Law Group