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[BUYING AND SELLING REAL ESTATE IN GREECE]
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Furthermore, the transfer of shares or the change of partners /shareholders of companies not located in the EU or EFTA that own real estate property in cross-border areas of Greece, is also prohibited. Any such natural or legal persons (which are not nationals of the EU or EFTA) wishing to acquire real estate properties located in cross- border areas, must apply to a special Committee in order to obtain permission to acquire or rent the real estate property. Any transaction taking place in breach of the above provisions is null and void. The following areas of Greece are considered as cross-border areas, in which the above restrictions apply: Dodekanisa, Evros, Thesprotia, Kastoria, Kilkis, Lesvos, Xanthi, Preveza, Rodopi, Samos, Florina, Chios, Thira (Santorini), Skiros, as well as certain regions of the areas of Drama, Ioannina, Pella and Serres. Restrictions are lifted depending, in principle, on the legal form of the requested transaction, its monetary value, the exact location or value of the property, and unless national security reasons exist. Purchase of Islands Greek law also provides that in order for a natural or legal person to acquire ownership of or rent a privately owned island or a property located in a privately owned island, they have to apply for the issuance of a permit by the Minister of Defense. When it comes to public islands, acquisition of ownership is not possible; such islands may only be leased under
companies real estate property in Greece. Law provides for a number of exemptions from the application of the above tax, depending on the type of company and its statute. possessing Tax on Income from Property Rents Annual income from property rents is taxed by a rate of 15% on the amount of income up to 12.000€, by a rate of 35% for the amount of income between 12.001€ and 35.000€, and by a rate of 45% on any amount above 35.001€. Rents of properties leased for business or professional purposes are surcharged by a stamp duty of 3,6%, which however is usually paid by the lessee, subject to an agreement. Important Note: due to frequent legislative amendments in
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taxation of property, it is strongly recommended that all property-related taxes are re- visited and re-calculated as need may be. 8. RESTRICTIONS IN ACQUIRING REAL ESTATE PROPERTY IN GREECE
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Cross-border Areas. Greek law provides restrictions for the acquisition of property rights in cross border areas of Greece, by individuals or legal entities that are not nationals of the European Union or the European Free Trade Association (“EFTA”).
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ILN Real Estate Group – Buying and Selling Real Estate Series
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