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Greece - Other taxes and levies

Other taxes and levies

Taxation of international executives

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Social security tax

Are there social security/social insurance taxes in Greece? If so, what are the rates for employers and employees?

Employer and employee

Type of insurance Paid by employer Paid by employee Total
Social insurance from 1 January 2019 to 31 May 2019 25.06% 16% 41.06%
Social insurance from 31 May 2019 until 31 May 2022 24.81% 15.75% 40.56%

According to Greek law, all employees are subject to social security contribution. The employee’s social security contribution is withheld on a monthly basis from the salary by the employer whereas employer’s social security contributions are also due.

Note: The employee rate is scheduled to be reduced to 15.75 percent as of 1 June 2019 and to 15.5 percent as of 1 June 2022. The employer rate is scheduled to be reduced to 24.81 percent as of June 2019 and to 24.56 percent as of 1 June 2022.

The maximum monthly gross salary on which social contributions are due is EUR5,860.80 for January 2019 and increased to EUR6,500 as of 1 February 2019. It should be noted that not all the categories of the working force are covered by the same social security rates as the salaried employees. Further investigation is required in case the individual performs other kinds of entrepreneurial/business activities.

In certain circumstances, EU and non-EU employees may be exempt from registering with the Greek social system.

Gift, wealth, estate, and/or inheritance tax

Are there any gift, wealth, estate, and/or inheritance taxes in Greece?

Inheritance and gift tax is based on the value transferred through inheritance or gift (donation). The tax is based on a graduated scale of rates, which increases with the value of the property transferred (inherited or gifted). The rates also vary depending on the degree of relationship between the deceased or donor and the recipient of the property. Inheritance tax applies to all property located in Greece as well as movable property located abroad owned by Greek citizens or foreign nationals domiciled in Greece (except for those residing abroad for more than 10 years).

Donation tax applies to all property located in Greece. It also applies to movable property located abroad and owned by Greek citizens. Finally, it also applies to movable property located abroad and owned by foreign citizens provided that the recipient of the donation is a Greek or foreign citizen domiciled in Greece.

The recipient of an inheritance or donation is obliged to file a tax return generally within 6 months from the death of the inherited individual or publication of a testament or receipt of a donation. Under certain circumstances where a donation is effected, both the recipient (donee) and the donor must file a joint tax return.

Exemptions from inheritance and donation tax may apply under circumstances for social (e.g. tax exemption for the husband/wife and the juveniles of the inherited) of for economic reasons (such as tax exemption of joint accounts). 

Real estate tax

Are there real estate taxes in Greece?

A Unified Real Estate Ownership Tax (UREOT) is imposed on individuals and legal entities irrespective of their citizenship as follows. 

UREOT consists of a main tax and a supplementary tax. The main tax on buildings ranges from EUR2 to EUR13 per square meter, depending on their location/tax zone, multiplied by certain coefficients that vary depending on elements characterizing each property, such as its surface, building’s age, etc.

The main tax for plots of land located within city limits or zoned areas ranges from EUR0.0037 to EUR11.2500 per square meter, depending on their location/tax zone.

The main tax for plots of land located outside city limits or zoned areas is EUR0.001 per square meter, multiplied by certain coefficients that vary depending on their use, whether they are irrigated, etc.; the resulting main tax is increased fivefold, if a residence is built on such a plot of land.

The supplementary tax is imposed on all real estate owned by legal entities at the rate of 5.5 per mille unless the property is used for own business purposes, in which case the rate reduces to 1 per mille. Specific categories of non-profit entities’ supplementary tax depending on the clause amounts to 3.5 per mille

The supplementary tax is imposed on individuals owning real estate exceeding EUR250,000 in total (calculated on values resembling the objective tax value) and is calculated at rates ranging from 0.15 percent up to 1.15 percent on such values.

24 percent VAT is imposed on the transfer of real estate involving new buildings whose construction license was issued or renewed as from 1 January 2006 (provided that construction works have not commenced up to the date of the license’s renewal). Following this first transfer, every subsequent transfer will be subject to 3.09 percent real estate transfer tax.

In addition, Greek and foreign companies owning or having usufruct rights on (use of) real estate located in Greece are subject to a special annual tax calculated at the rate of 15 percent on the objective tax value of real estate, unless certain conditions are fulfilled (including if (a) their ultimate individual shareholders are revealed/obtain a Greek tax number, or (b) their shareholders include certain types of regulated entities, such as listed entities, banks, etc.).
Furthermore, the holding of Greek real estate gives rise to certain municipal property taxes (not normally of significant value), which are collected through electricity bills.

Sales/VAT tax

Are there sales and/or value-added taxes in Greece?

A value-added tax (VAT) at the rate of 24 percent applies in Greece.

Unemployment tax

Are there unemployment taxes in Greece?

No.

Other taxes

Are there additional taxes in Greece that may be relevant to the general assignee? For example, customs tax, excise tax, stamp tax, and so on.

Local taxes

There are no churches or local taxes imposed on the income of individuals.

Transfer taxes

Real estate transfer tax is levied on the title transfer of real estate. The tax is computed on the difference between the sale price and the purchase price.

Capital gains arising from the transfer of real estate is taxable at the rate of 15 percent as of 1 January 2020 and on the condition that it is not considered business profit.

Foreign Financial Assets

Is there a requirement to declare/report offshore assets (e.g. foreign financial accounts, securities) to the country/territory’s fiscal or banking authorities?

Annual Income Tax Return

In the annual income tax return the following information is being reported:

  • Any income generated by foreign bank accounts (e.g. interest, dividends etc.)
  • The amount of investments made in a tax year (e.g. value of shares purchased, etc.)
  • The value of investments sold/liquidated in a tax year.


Even though the financial accounts and securities are not provided per se (but rather the amount reported as a total value), in case of a tax audit the taxpayer shall present all documents (e.g. bank statements etc.) evidencing the amounts reported.

Assets Declaration Return (Pothen Esches)

According to the Greek tax legislation, certain categories of individuals, are obliged to submit a declaration of their, their spouse’s and their minor children’s assets, Assets Declaration Return (Pothen Esches) including all the assets which the liable individuals (and their spouses, minor children) possess worldwide on 31 December of the previous calendar year. In addition to the Assets Declaration Return, the individuals indicated above should also submit a Declaration of Financial Interests indicating their and their spouse’s business activities, participations in companies and other relevant information.

Automatic Exchange of Information (AEOI)

According to the new framework of Automatic Exchange of Information (AEOI) which has already been implemented in Greece, information of Financial Accounts will be mutually disclosed between the Tax Authorities of different States/Jurisdictions, providing details on the accounts, the account holders and the beneficial owners.

In the context of the mutual exchange, Greece has already adopted the global standard for the automatic exchange of information (Common Reporting Standard – CRS, Greek Law 4428/2016), has integrated the European Directive on Administrative Cooperation (DAC, Directive EU 2011/16 & 2014/107) about the mandatory automatic exchange of information in the field of taxation (Greek Law 4170/2013) and has ratified the Intergovernmental Agreement between Greek and the US Government about the mutual automatic exchange of information on financial accounts (Greek Law 4493/2017). Greece has already committed to first exchange in 2017.

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KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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