Athens-based architect and Chicago native Katerina Sirouni helps owners decode Greek property laws. In this post, she discusses offering your Greek property as a short-term rental when not in use.
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.
Your Greek property: short-term rental
Many of you who own homes in Greece may not be using them as often as you wish or maybe not at all. You also may have thought of renting out your property at times without wanting to commit to a long-term rental agreement or even selling your property but decided to keep on to it.
The good news is that now, you have another option. The Greek Government has recently enforced a new fast-tracking law, Law No. 4179/2013, which allows property owners to rent out their homes exceeding 40 m² as a short-term holiday rental without registering as a hotel business.
EOT license for short term rental
A specific EOT License, issued only by Architects and Engineers, is granted by The Greek National Tourism Organization – EOT. Once acquired, you can rent out your beach house, your city apartment or even your patriko (family home) in the village for a period of up to 3-months within a year, to one or more individual tenants depending on the surface area of your rental.
When the license is issued, each property receives a unique EOT MHTE Number which must be displayed when advertising on all printed media and online. Owners, who fail to do so, will be faced with hefty fines. Additionally, as in long-term rentals, all income gained short-term must be declared on yearly tax returns to be taxed accordingly.
However, to take advantage of this new law, a “Declaration of Legal Property Status – Law No. 4178/13” is required. All property applying must be legal meaning that all built structures on-site must comply with what has been declared on the building permit and drawings. More information on this topic was discussed in a previous post, Guide to Greece’s Property Laws: Illegal Structures.
Should you offer my property for short-term rental?
You may be wondering, is it worth the fuss? Some benefits to consider other than additional income, regular maintenance that will help prevent more serious problems when property is not cared for is most importantly the fact that you can still use your property at any time.
Other articles by Katerina Sirouni: