Greece "punishes" uninsured properties - New regulations will enter into force from June 1, 2025
Greek businesses with an annual turnover of over 500,000 euros that are not insured against natural disasters will not only not have the right to compensation for damages caused by earthquake, flood or fire, but will also face a fine of 10,000 euros. .
Owners of uninsured properties with a taxable value of over 500,000 euros also lose state compensation in case of damage from natural disasters, while flood and fire insurance becomes mandatory for cars.
The new tax regulations that will be activated from June 1, 2025, bring changes to the mandatory insurance coverage for businesses, homes and cars, while especially for those who insure houses up to 500 thousand euros, the discount reaches up to 20%. The reduction remains at 10% for higher value homes.
Also, the mandatory insurance limit for businesses is reduced from 2 million euros to 500 thousand euros of annual turnover. It is foreseen that businesses with annual gross income, during the previous tax year, over 500 thousand euros, must be insured against fire, flood and earthquake.
Businesses that fail to be insured will be fined 10,000 euros, which must be paid within 30 days of notification, otherwise it will be doubled to 20,000 euros. They will be excluded from any grant of state aid for material damage to their assets, including housing assistance.
Vehicle insurance against fire and flood risks is mandatory, based on the current commercial value of the vehicle. Those who do not have their vehicles properly insured will lose the state aid grant in the event of a natural disaster.
The insurance obligation exists continuously from the issuance of the license and license plates, regardless of the movement or operation of the vehicle.
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