LifeStyleHomes > Taxes

What taxes you might pay on Crete

At the present time this is the information we have on the business of taxes on Crete.   Obviously the situation is likely to change at any time and therefore the information we set out below is for an approximate idea only.

If you are bringing money into Crete to invest in property you will receive a “pink slip” from the bank which will then make the amount exempt from tax in Greece.

Making money from renting out a property in Greece is considered as a business. The tax you pay on profits from the business are paid as follows:

Up to 8,400 euros profit in a single fiscal year is allowed tax free

On the next 5,000 euros a levy of 15% is paid. On the next 10,000 euros you pay 30% tax and if you are lucky enough to have earned more than this in rental income you are charged at 40%.

Personal income tax is only paid after the individual has earned more than 10,000 euros per annum.

An accountant will charge from 60 – 150 euros per annum to handle your Greek tax return for rental income.

There is no capital gains tax payable in Greece unless you make a number of sales in a short period of time. You would then be considered a developer and be liable for tax at the commercial rates.