One of the main taxes that are imposed on Greek real estate property, is the Greek conveyance tax. The reason for the imposition of the Greek conveyance tax is the exchange that the parties receive from a conveyance of real estate property. Since the establishment of the Greek State, there has always been a Greek conveyance tax of real estate properties with an exchange. Today, Law 1521/1950, after numerous amendments and changes, regulates the Greek conveyance tax on real estate property with an exchange. Greek conveyance tax on real estate property has come into effect by more recent laws.

Pursuant to the provisions of Law 1521/1950 (as amended), subject to taxation is the conveyance of the Greek real estate property with an exchange, i.e. when the seller receives exchange (money or other) for the sale. Such exchange can be given either by immediate payment of the sale proceeds or by credit, or through the sale (exchange) of another property. As conveyance of properties it is considered the conveyance of ownership rights either by virtue of a Notarial Deed or a Court’s ruling, or the resignation of the owner of real estate property rights or through allotment of a property.

The tax value of the Greek property is the value that the property has (market value or “objective” tax value), at the time of the property’s conveyance. In particular, the tax is calculated on the market value that is depicted on the conveyance Deed, and in case that this value is lower than the “objective” tax value, the tax is imposed on the (higher) “objective” tax value.

Greek conveyance tax burdens the purchaser, while the purchaser and any third party in possession of the property are liable for five years after the execution of the conveyance Deed.

Several exemptions exist for the Greek conveyance tax. One of the most important exemptions of the Greek conveyance tax is the exemption of “first home residence”, which is granted in case that the purchaser, his spouse and their minor children do not have rights of full ownership, life estate rights or rights of habitation on another house or apartment which can cover their housing needs; even in case that they have not ownership rights on a buildable plot, where a house that will cover the housing needs of the family can be built. This Greek conveyance tax exemption is granted only once. We can assist with all necessary advice and registrations, so our clients enjoy the most out of the tax exemptions provided. The Competent Tax authority for the submission of the conveyance tax statement in Greece is the tax authority of the property’s location.

Copy of the submitted Greek conveyance tax statement, as well as copy of the receipt of payment of the tax imposition, is necessary for the Notary Public, in order for him to be able to proceed with the execution of the conveyance deed.

June 2020