Athens-based architect and Chicago native Katerina Sirouni helps owners decode Greek property laws. In this post, she brings the latest news in the world of Greek property, including a recently extended deadline, a new tax refund, and more.
Greek property ownership
As a Greek American who has been educated and lives in Greece — and happens to be an architect — I am continually approached by Chicago area family and friends about how to make sense of the many changes in Greece’s property laws, codes, and taxes. As the owner and operator the architectural firm, KSirouni Architects, I help clients all over the world in design, management, and maintenance of properties, as well as navigating Greece’s new property laws. Here, I present a handy guide for the required legal, technical, and tax documents that all property owners must complete.
Deadline for declaring illegal structures extended
DEADLINE extended! The grace period for declaring “Illegal Structures and Property Violations” has once more been extended up to October 8, 2016 as the law stand to date. Read this post for more information about what is an illegal structure and how to make it legal.
Greek tax REFUND!
The Greek Government has actually announced that they will be proceeding in TAX REFUNDS!
No, this is not an early April fool’s joke. If you have conducted Property Transactions after May 21, 2015, you may be entitled to a refund on taxes paid during those transactions. The objective values (αντικειμενικές αξίες) of properties, based on which taxes are calculated with, have been reduced in most areas and effective retrospectively as of May 21, 2015.
In order to claim refunds, you must file an amended tax return with the Greek Tax Authorities. For further details and information, we strongly suggest you contact your accountant in Greece.
Capital controls news
Although the weekly limit of withdrawing 420 Euros in cash still stands, you can now wire up to 500 Euros abroad per month from your Greek bank account.
Old buildings in Athens getting new life
Downtown Athens is on its way to welcoming more tourists in the next few years. Old buildings are being transformed into new and modern hotels.
Two new projects near Syntagma Square that have been announced. The former Department of Education on Mitropoleos Street will be renovated into a 5-star hotel. An existing ex-retail building further down near Monastiraki Square is also under renovation.
Two existing hotel buildings in the heart of the city near Omonoia Square will re-open under new management. Furthermore, a new boutique hotel will soon welcome visitors in the area of Kolonaki, one of the city’s most upscale districts.
New feature – Q&A
Have general questions regarding Greek property ownership?
Now you can send generation questions, which I will answer in a new F.A.Q. – Frequently Asked Questions Column based on real cases. Keep in mind, that we will be providing general information which may change or not apply to your particular matter which is why we advise you to seek further consultation before taking any actions.
Here’s an example:
Q: Does the “ENFIA” (ΕΝ.Φ.Ι.Α.) property tax apply to residents abroad?
A: The ENFIA property tax applies to all owners of Greek property, include residential and commercial property and parcels of land. This tax is imposed upon all property owners with full title, life estates, remainder interests and commercial entities.
Send your question.