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Everything you need to know about taxes in Greece

As in most developed countries, taxation in Greece is based on the direct and indirect system. Examples of direct taxes are income tax and real estate tax. Examples of indirect taxes are VAT and service taxes. The tax administration in Greece is a competency of the Ministry of Finance.

Tip: If you have income in multiple countries including Greece, check the Double Taxation agreements between those countries to legally avoid paying taxes twice on the same income.

Do I have to pay taxes in Greece?

Contact Greece Property Planet for your free consultation and to avoid Double Taxation

yes

Residence Permit holders

Permanent residents including Residence Permit holders are obliged to pay income tax in Greece on their income earned in Greece and overseas.

no

Non-residents

Non-residents are obliged to pay tax on their income derived in Greece but not on income from outside of the country.

in Greece

Income from paid employment, entrepreneurial activities, and pensions is subject to income taxation. The rates start at 22% for an annual income of up to 20,000 Euros and go up to 45% for an annual income above 40,000 Euros. A special solidarity tax applies for income above 12,000 Euros per year and ranges from 2.2% to 10%.

When and how do I have to pay?

Tax declarations are required to be submitted by 30 June of the following year. Foreign residents must submit an income tax declaration in Greece if income is obtained in this country.

Rental income from property in Greece

Taxes for income from renting property in Greece are taxed between 15% for an annual rental income of up to 12,000 Euros and 45% for an annual rental income of over 35,000 Euros.

Corporate taxes

Greek businesses and corporations are obliged to pay taxes on their income in Greece and from abroad. Companies from overseas, which operate in Greece, are taxed only on that income, which is generated in Greece. As of 2019, the corporate income tax is 28%. However, the government is planning to reduce this amount to 25% by the year 2022.

Tax exemptions

There are a few cases of tax exemptions under the Greek taxation system, including:

Tax deductions

The examples of tax deductibility in Greece are similar to those of other Western European and North American nations:

Do I have to pay taxes in Greece?

Are you considering Greece as a place of residence and/or real estate investment? Read more about easy Residence Permit options via the so-called Golden Visa and contact us today for a free consultation.

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