Currently real estate property in Greece is subject to various taxes. In that respect, the possession, the use, the purchasing, the donation or inheritance of real estate property are currently subject to tax. VAT is imposed on new buildings as from 1 January 2006 in accordance with Law 3427/2005.
Individuals or Companies (Greek and non-Greek) acquiring real estate property in Greece or receiving income from such property situated in Greece, need to obtain a Greek tax registration number and file a Greek income tax return. Furthermore, foreign companies owning real estate property in Greece must also follow certain minimum accounting requirements, regardless of whether they maintain a permanent establishment in the country, in case they undertake building construction or extension works.
A tax reform introduced in April 2010 by L. 3842/2010 has resulted in major changes in real estate taxes. Moreover, tax laws L. 3943/2011 and 3986/2011 have also amended significantly the Greek real estate taxation. The below aim to depict the position after those several amendments, but it should be noted that Greek tax environment continues to be fluid.
Source : PWC