Greece, tax-free rent for 3 years - What does this mean for landlords and long-term contracts?
The Greek Ministry of Finance is reviewing the tax exemption for real estate owners, with the aim of increasing the availability of housing on the market and supporting families with three or more children. The income tax exemption for rentals for a three-year period will now be extended to include larger apartments. Certain categories of public sector employees, such as teachers, doctors and military personnel, will also benefit.
The Ministry of National Economy and Finance has introduced three main changes to the relevant legislation, with the aim of improving this three-year tax exemption.
First, the 120 square meter limit for apartments benefiting from this scheme will be increased in cases where the property is rented out long-term to a family with three or more children. This means that an owner of a 140 square meter apartment, if he rents it out to a family with many children, will not pay tax on the income he receives for three years.
Also, a “second chance” is given to owners so that they do not lose the right to tax exemption if the tenant leaves before the end of the three-year period. Specifically, if the tenant leaves earlier, the owner will have a three-month period to find a new client, without losing the right to tax exemption.
Third, a new option for short-term rentals will be created, primarily for teachers and other state employees. A landlord who rents a property for a period of six months to a teacher will not lose the right to a tax exemption.
In parallel with these measures, a draft law on inheritances will be presented to Parliament in the coming weeks, with the aim of creating a new list of properties that can be put to use to meet housing needs.
The list of measures will also be supplemented with a new subsidy program for the renovation and energy improvement of real estate. This program will include not only properties that will be used for personal residence, but also those that will be rented out.
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