10 Feb 2023

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Real estate company ownership in Greece : individual ownership VS company – a comparative table

Legal entity Advantages Disadvantages 1. Income from property is taxed as profit from business activity at the flat tax rate of 22%. Apart from the flat tax rate for the income from property, the further distribution of dividends by the company to the shareholders is taxed as well at the tax rate of 5%. However, in case there are also other sources of income except from the property income, there may be a flexibility in arranging when to receive the dividends and pay the dividend tax. 2. Α legal entity which acquires real estate income in Greece has the right to deduct the total of its business...

12 Jan 2023

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Special tax on real estate the treatment of the existence of a trust in the structure

Posted by Niki Plyta

in Real Estate, Special topics

Greek Special Real Estate Tax (SRET): the implications of a trust in the structure Conceptual elements of the institution of foreign trust - Imposition of Special Real Estate Tax A trust - an institution originating in Anglo-Saxon law - is a special regime for the administration and liquidation of property, which lacks legal personality and is created either by declaration of the owner of the property or by transfer of the property, either during life or by will. The settlor (settlor or trustor) enters into a settlement agreement with the trustee and transfers assets to the trustee, which the trustee manages for...

21 Nov 2022

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Requirements for the exercise of the profession of Real Estate Agent (Greek Law 4072/2012 – Article 198)

Posted by Niki Plyta

in Real Estate, Special topics

In order to exercise the profession of real estate agent, the following conditions must be met by the person concerned or, in the case of a legal entity, by at least one of the persons representing it, and more specifically: a) He/She must be a Greek citizen or a citizen of a Member State of the European Union or a Member State of the European Economic Area (EEA). The citizen of a third country is required to have a residence and work permit in Greece, or a residence permit for independent economic activity. b) He/She must not have been convicted of a...

04 Mar 2022

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Municipal Real Estate Tax

Posted by Niki Plyta

in Real Estate, Special topics

What is the Municipal Real Estate Tax ? The Municipal Real Estate Tax (in Greek “Telos Akinitis Periousias” or TAP) is a municipal obligation, a fixed small amount which is paid to the municipality that the real estate is located. Every real estate owner owes this amount to the Local Authority to which his/her real estate is located. However, in practice these fees are collected by the municipalities through the electricity bills, together with the Municipal Fees and the remaining Municipal Taxes. Real estate ownership is further subject to (national) real estate tax. How is the Municipal Real Estate Tax...

05 May 2019

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The procedure of correction of the Initial registrations before the Cadastre Office

Posted by Niki Plyta

in Real Estate, Special topics

The properties are registered at the Cadastral Office and receive a special code number (called “KAEK”). Any correction of the initial registrations of the property can be performed easily following the administrative procedure of “obvious error”. the correction of the initial registrations has an expiration date....

24 Aug 2018

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Hellenic Cadastre – FAQs

Posted by Niki Plyta

in Real Estate, Special topics

According to Law 4512/2018, the company under the name “National Cadastre and Mapping Agency S.A.” is abolished and replaced by a new public entity under the name "Hellenic Cadastre" (“Elliniko Ktimatologio”), based in Athens. The new entity is supervised by the Minister of Environment and Energy....

20 Oct 2017

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Opening a bank account in Greece by foreigners intending to acquire real estate property

Posted by Niki Plyta

in Real Estate, Special topics

Foreigners who wish to buy real estate property in Greece are not expressly required by the law to open a bank account with a bank in Greece; in practice, however, they need to open an account in order to be able to pay the real estate transfer tax. to open a bank account in Greece, where the account holder is a foreign citizen, it is the same as that required by Bank of Greece from Greek citizens ...

29 Jun 2016

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Acquisition & Occupation of Real Estate Costs, Evaluation & Taxation

Posted by Niki Plyta

in Real Estate, Special topics

The costs of the notarial act’s signature includes the notary's fee - which is usually paid by the purchaser, as well as the lawyer's and the estate agent’s (if any) fee for each party.The cost of the contract’s recordation, paid by the purchaser, includes the recordation fee of the Land Registry Office and/or the Cadastre Office....

27 Jan 2016

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Acquisition & Occupation Of Real Estate: Basic Legal Framework, Property Rights, Procedural Issues Of Acquisition, Restrictions

Posted by Niki Plyta

in Real Estate, Special topics

The basic legal framework governing real rights in immovable property The right to property, as a fundamental right, is under the protection of the State, as provided in the Greek Constitution, Article 17, whereas it is stipulated that property rights cannot be exercised against the public interest. Within this context, the Constitution imposes a restriction or deprivation of property (expropriation) for the sake of public interest, always under the prerequisite of a prior compensation of the owner. Furthermore, the most significant source of property law lies in the third book of the Civil Code (articles 947-1345). Other provisions and property law rules exist...

04 Nov 2015

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Supporting documents for real estate purchase agreements (2015)

Posted by Niki Plyta

in Real Estate, Special topics

1. Real property acquisition title. 2. Copy of construction permit for the real property, validated by the relevant town planning authority, where the permit has been issued after 17 March 1983. 3. Engineer certificate under Law 4178/2013 “on addressing illegal construction”. Where the real property is located in land not zoned, the certificate should also be accompanied by a surveyor’s plan dependent on the Hellenic Geodetic Reference System 1987 (HGRS87), unless it falls under the exceptions provided for in Article 2 of Law 4178/2013 (for example, real property on a beach zone, forest land, historical site, etc.). 4. Surveyor’s plan for the real...

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