Recently, the Greek Parliament passed a new property tax. This property tax has been in the works for many years and meets the requirements of international creditors.
According to the newly published tax law provisions, the property transfer tax in Greece will be reduced from the current 10% to 3%, a reduction of 70%. This will undoubtedly provide overseas property investors with more convenient benefits and great appeal.
For example, for a property valued at 250,000 euros (approximately 2.08 million RMB), this will save 17,500 euros (approximately 145,000 RMB) in purchasing costs. Of course, this reduction in costs only applies to properties that obtained building permits before December 31, 2005. If purchasing properties that obtained building permits after January 1, 2006, a value-added tax equivalent to 23% of the total property value will still need to be paid.