Greek Homeowners to Pay Additional Money to Sell or Rent

Traditional blue and white colors building on Kos island, Greece

(Greece) – Home and property owners in Greece will be required to pay an extra 1000 euros to the Greek government in order to sell or rent that property. Although the bill that would require this is currently in the draft stage by the Finance Ministry, if it passes, all home owners will be accountable for this fee if they want the paperwork to move legally through the system.

This bill will require property owners to also submit additional documents before they are able to sell or rent the property. Many of these document requirements are completely new. For instance, each building or piece of land will be required to have an electronic identification card as well as a certificate that indicates that the city planning division is in compliance. Property owners will also need a document that shows that it has an accessible power supply. Property owners will have five years in order to obtain the property or building’s electronic identity, and it will need to be renewed every seven years.

In addition to this additional fee of 1000 euros, property and home owners will still be required to pay the Uniform Real Estate Tax, or ENFIA. The government says that this tax can be payed in five installments and the payments would occur monthly. The first payment would be scheduled to occur on September 30, 2016 and the last one would happen on January 31, 2017. The Finance Ministry has said that property and home owners are experiencing similar ENFIA payments as they did in 2015.

Greece has been in a recession since before the first bailout, which took place in 2010. One of the problems the country has been faced with is tax evasion, which has resulted in a loss of government revenue. There are now new measures in place designed to prevent the tax evasion from happening.

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