Find out what it takes to be eligible for Canadian immigration and begin your clear path to CanadaContact Us
Greece is a romantic country and therefore has always been popular with investors from all over the world. Greece is a high welfare country, but it is also a country with a strict tax system.
1️. Property tax
After purchasing a property in Greece, you have to register with the government through an accountant and pay the property tax, which is 0.124%-1.24% of the house price per year depending on the location, year and floor of the property, payable once a year and can be operated by a lawyer on your behalf.
2️. Personal income tax
Personal income tax is also payable on rental income, 15% on annual rent up to €12,000, 35% between €12,000 and €35,000, and 45% above €35,000 (subject to minor adjustments by the government each year).
3️. Home insurance fee:
about 350-500 euros a year, depending on the size of the house.
4️. Property Maintenance fees:
If you are not living in Greece, you may need the Property Maintenance Services including Property rental and Management, Bookkeeping, Payment of taxes, utility bills, and house maintenance…etc. The service charge is around 600-800 euros a year, they will send people to communicate with the tenant, find the relevant companies to maintain and repair, but the third-party expenses to be paid by the landlord, in addition to the freedom to choose the full Property Maintenance Services company to manage the property.
If you live in Greece in your own property, of course you have to pay for the utilities on a daily basis, if you rented out the property so the tenant will bear the utilities.
6️. Renovation fees:
If the property purchased is poorly decorated, you will need to renovate before renting it out, and the cost of a simple renovation is about 350-400 euros per square meter.
Some top Real Estate Companies offer their own decoration companies, or you can also find other decoration companies to do so.
7️. Municipal tax: 0.025% to 0.035% of the total value of the property to be levied.
PS: you do not have to declare your earnings from your home country or other countries, such as speculation, fund earnings, etc. They are not subject to tax in Greece.
Simard & Associates brings together a team of experienced immigration lawyers and consultants team with years of experience in the industry and strong multi-dimensional channels to help you succeed in your immigration journey. Stay tuned to Simard & Associates for more information on immigration life abroad. If you are interested, please feel free to contact us.