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Greek Tax Guide for Expats (and locals) 2023

12/04/2023 by admin

Our team of English (and Greek) speaking accountants in Greece have put together a guide for expats on taxes for expats with (and without) Greek residency.

Three key taxes in Greece for Expats

There are three general types of taxes in Greece.

1: Income Taxes (these are paid by corporations and individuals). Greece has a progressive tax system and there is no tax free threshold. 2: Capital and/or property taxes. These often apply to real estate and other matters associated with property such as the inheritance of property. 3: Consumption taxes (such as VAT or stamp duty). These taxes apply on a broad range of transactions such as purchasing property, registering a car or paying for some services.

Qualifying as a tax resident in Greece

The first step in assessing your tax obligations in Greece is to identify if you are a Greek tax resident or not. The general rule is that if yo have lived in Greece for at least 183 days you are considered a Greece resident. Leaving the country for a few weeks to reduce the total amount of days does not help. Holidays are included in the 183 days. You need to declare all of your worldwide income (which includes cryptocurrency) if you are a Greek tax resident. For those expats who are not residents, but still have an income in Greece, you only need to pay tax on your income for Greece. For example, if you are an American or Australian resident for tax purposes, however, you have a property and shares in Greece, you will need to pay income tax on rental income from the property as well as share dividends only from your assets in Greece.

Taxes in Greece for Individuals

In Greece, the law states that the full amount of an individuals personal income is subject to taxation. Greece has a progressive tax system with the highest amount being 44%. In simple terms, the more money you earn, the higher the amount of applicable tax you pay. As a guide:

  • 9% tax is applicable up to the first 10k euro you earn.
  • 22% tax is applicable on anything you earn between 10k and 20k euro
  • 36% tax is applicable on anything you earn between 30k and 40k euro
  • 44% tax is applicable on anything you earn above 40K euro.
  • When you are a tax resident in Greece, you are permitted to file for a personal income tax deduction in order to secure a tax refund. Some factors which impact the income tax deduction amount include:
  • Total number of family members
  • Meeting EU or Greek purchasing requirements
  • Any social security payments made
  • Any donations to recognized charities.
  • VAT and Stamp Duty

    The VAT is a value added tax that is an indirect tax payable by both individuals and companies. Generally speaking, the VAT is 24%, however there are some exceptions. These include tourism companies, street food and flower vendors and a range of medical services – all of whom pay 13%. In addition, books, theatre tickets and other items incur a 6% VAT and some islands, such as Samos (an island we all love) have a reduced VAT rate. Stamp duty is payable at a rate of 2.4% for many business transactions.

    Social security payments and employment income

    For people who are self-employed, income taxes are payable in advance. This also applies to freelancers. Contact our team to discuss how we can assist you in forecasting your tax. For residents who are employed, you will have to make EKA (social security) payments. This amounts 14.12% of your salary. Your employer is also required to make a contribution. These social security payments cover medical insurance, unemployment (in case of an emergency) and your pension. If you hear local greeks talking about ‘kratiseis’ with respect to their salaries, this is what they are talking about.

    Filing your income tax declarations in Greece

    Our team can help you file your income tax declarations or you can also complete these on your own. We also assist non residents in filing their tax returns. Generally speaking, these can be paid at your nearest tax office. Greece works off a regional tax system where property taxes are filed in your local region / area. The tax year starts on 1 January and ends on 31 December.

    Corporate and business taxes in Greece

    The company tax rate is 22%. Taxes are applied to worldwide profits if the company has its residency in Greece. The capital gains tax is also 24%. There are constant changes in the Greek tax laws, rules and regulations – our expert accountants and lawyers are here to assist. Withholding tax – Any dividends (or royalties) paid by a company to a non-greek resident have withholding tax applied to them. Consulting and management fees paid to EU companies are exempt. Withholding fax is usually 5% although a 15% rate applies to interest payments and a 20% rate applies to royalty payments.

    Double Taxation Rules for Greek expats including from the US and Great Britain

    Double Taxation Agreements work to expressly prevent the possibility of tax being paid twice on the same income. Fortunately, Greece has double taxation agreements in place with 57 countries. These include the US and Great Britain – although there is no double taxation agreement in place with Australia. Fingers crossed they agree on one in the next year or two. Our team members can guide you through how tax applied on different types of income and transfers according to each respective double taxation treaty. Inheritance Tax in Greece – when inheriting from very close relatives (such as a parent or grandparent) the tax rate is generally between 1 – 10 %. This rate increases depending on the closeness of the taxpayers relationship to the deceased.

    Talk to our Greek tax experts for expats

    At Tsaks Consulting, our team of expert accountants and tax lawyers help expats navigate the Greek tax system on a daily basis. We can help and have helped expats residing in Greece from Australia, the US, Canada and the United Kingdom. Contact our team today to arrange a free initial discussion of your situation.

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