Why Now Is the Best Time to Invest in New Property in Greece!

2021-2022 can be the best time to invest in new property in Greece, here is why:

Purchasing your real estate as an individual in Greece leads to the mandatory payment of a transfer tax. During the purchase stage buyers are required to settle an amount of 3.09% on property value (property transfer tax), should the property have a construction permit before the 1st of January 2006, alternatively, the transfer tax is 24% VAT in case the property has a construction permit issued after the 1st of January 2006.

At the moment and until December 31, 2022, the 24% VAT on new construction is suspended. The current elected government is endorsing domestic and foreign investments to revive the local growth and economy. The mentioned tax reform was introduced on new properties built after the year 2006, which is still in effect, and it will be valid until December 31, 2022, according to (article 6, L.2859/2000).

For Golden visa investors, purchasing property in Greece with a minimum value of 250,000€, the transfer tax on older buildings is around 7,700€, the same applies to investors in a new project, the transfer tax similarly will be around 7,700€ instead of 60,000€.

What if I am Non-resident individual buying property in Greece?

Non-resident individual buyers are taxed in the same manner as resident individual buyers.

How about Capital gains in Greece?

Capital gains by individuals in Greece are commonly taxable at a percentage of 15%. This too is suspended until 31 December 2022. This release has been passed yearly since 2013 and is anticipated to continue until other tax reforms are updated.

Greek Golden Visa Through Property Investments in Greece

If you are interested to invest in the Greek real estate market, or should you be looking for your future Greek home, our firm can process your purchase and Golden Visa application, as we have done with hundreds of satisfied families, contact our team at legal@varnavas.gr and you will be briefed about your remote Golden Visa process. Alternatively, you may fill in our contact form.

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