Tough laws for Greek property

Greek and foreign individuals are both subject to the same taxation for the acquisition of property. Any owner of a property in Greece is considered to have a tax establishment there. The property owner must submit an annual return and is subject to Greek taxation for income deriving from such ownership of property. The owner is also subject to capital gains tax. The proceeds of the sale of a Greek property by a foreign non-European Community (EC) resident must be deposited in a blocked account at a commercial bank in Greece. Permission to unblock these funds is granted by the governor of the Bank of Greece. Greek corporate tax is calculated at 35% on the company's net profits. Transfers of real estate for reasons other than purchase are subject to transfer tax, but the rate and exact method of this tax varies greatly. Capital gains realized on the sale of property are taxed at a rate that ranges from 10% to 25%.