This eliminates yet another source of inconvenience for taxpayers who, instead of going to the tax office, will complete their declaration electronically through the AADE MyProperty platform.
Chrysostomos Tsoufis
After sales, parental benefits and real estate donations, from next week with 1 click from the notary’s office, inheritances will also be made.
This eliminates yet another source of inconvenience for taxpayers who, instead of going to the tax office, will complete their declaration electronically through the platform of AADE MyProperty.
The tax-free amount of €800,000 applied to parental benefits does not apply to inheritances. The scale of inheritances provides tax-free €150,000
The tax is 1% for the segment €150,001 – €300,000, 5% for the segment from €300,001 – €600,000 and 10% for the excess amount.
An inheritance of €600,000 has a tax of €16,500
But there are some asterisks. A special tax-free allowance of €400,000 applies for the surviving spouse and his minor children if they have been married for 5 years.
In addition, no tax is imposed on the inheritance of a first home for a value of up to 200,000 euros for each minor or unmarried person and up to 250,000 euros for a married person. This amount is increased by 25,000 euros for each of the first two children and by 30,000 euros for the third and each of the following minor children, whose custody the beneficiary has.
The inheritance tax declaration is made within 9 months of the death if an heir died in Greece and within 1 year if the heir died abroad or the heirs resided abroad at the time of death.
However, taxpayers may save time and money with the digital application, but they are not spared the pain of gathering a multitude of supporting documents.
The documents required are the following:
- Death certificate
- Copy of will
- Certificate of inheritance or certificate from the competent municipal or community authority on the type and degree of kinship to the inheritor
- Certificate of the Clerk of the Magistrate’s Court on the non-publication of a new will or on the non-publication of a will in the case of intestate succession
- Public document from which the age of the beneficiary can be derived, when the age of the beneficiary is taken into account to determine the value
- Legalization document, in case of power of attorney
- The documents proving the transfer of the time of generation of the tax liability
- Evidence of inheritance debts
Inheritance tax is imposed on any property in Greece, regardless of whether it belongs to citizens or foreigners, as well as on movable property located abroad and owned by a Greek or a foreign national who had his residence in Greece.
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