How does inheritance work in Greece?
According to Greek inheritance law, the children and the spouse are entitled to inherit a part of the legacy, regardless of the conditions imposed by a will. If the deceased has not left a will, the heritage is divided among their closest relatives.
Is there an inheritance tax in Greece?
Pursuant to the Greek tax legislation, Inheritance Tax is assessed on the current value of the property inherited. The said property includes any kind of movable and immovable property located in Greece, regardless of the descendant’s nationality.
How do you inherit property in Greece?
In order to accept the inheritance, the heir must submit the tax declaration, pay the tax, sign the acceptance of inheritance papers and submit them to the Land Registry Office responsible for the area of the property.
Can you inherit debt in Greece?
As anyone who watches the news knows, there is a debt crisis taking place in Greece. In fact, the heirs may become personally liable for that debt. Similarly, few people are aware of the fact that certain next of kin “automatically” inherit. when their relative dies without a valid will (eg.
How much are property taxes in Greece?
When you purchase a property in Greece, you pay a transfer tax, which is FMA. The tax rate is 3.09% of the taxable property value. There’s a system of “Objective Value”. It calculates how much a property should be worth depending on its size, location, and technical specification.
How much is transfer tax in Greece?
Transfer tax applies to the acquisition of the legal or economic ownership of Greek real estate and is payable by the purchaser. The tax value of the real estate is taxed at a tax rate of 3%. Where VAT is charged on the sale of a new building, as mentioned above, the 3% transfer tax is not payable.
How does an inheritance get accepted in Greece?
In order to accept the inheritance, the heir must submit the tax declaration, pay the tax, sign the acceptance of inheritance papers and submit them to the Land Registry Office responsible for the area of the property. The beneficiaries of the inherited property are classified into three (3) categories
Who are the heirs to a house in Greece?
A dies in Greece without leaving a will. His closest relatives are his children B and C who live in Greece and have no family. The inherited property consists of a house with objective value 60.000 euros. So, B and C inherit 50% each one of this house. But A had loans with total amount remaining 90.000 euros.
What happens if there is no will in Greece?
If the deceased has not left a will, the heritage is divided among their closest relatives. If the deceased was not Greek, the legacy will be divided according to the law of their country of citizenship.
What’s the difference between first and fourth class inheritance in Greece?
It should be noted that the spouse heirs together with the other relatives and all previous classes. In the first class the spouse’s share is ¼ whereas in the second, third and fourth class is ½ of the property. The spouse is also entitled to acquire any mobile property of the deceased, which was used for their common living (furniture, car etc)
Do you have to pay inheritance tax in Greece?
Foreign citizens are subject to the same tax rates as Greek citizens. Note: there is no inheritance tax for the successor who inherits assets of a person who died prior to 1 January 1990. The following documents are required when submitting an inheritance tax declaration:
How long does it take to renounce inheritance in Greece?
The place of residence of the heir is also important, because if the heir resides outside of Greece, or the deceased died outside of Greece, the original four-month period from the passing to accept or renounce the inheritance is automatically extended to twelve months.
Who is entitled to one half of an estate in Greece?
The surviving spouse, concurring with the second, third or forth class, receives one half of the estate. If no relatives of the four classes exist, the spouse inherits all the estate in the fifth class. In the sixth class, in the absence of relatives, the heir is the State of the deceased´s nationality.
When do you have to give property in Greece?
Property may be given during the lifetime of the owner. The owner may freely give property to anyone prior to his/her death; however, if Greek inheritance rules apply (which, in the case of foreigners, is unlikely, and only if their national law provides) there may be restrictions in connection with reserved portions and forced heirship.