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Capital gain tax to most of the sellers

Posted on Jun 20, 2014 by subrion

Capital gain tax



  • The following post is not a legal interpretation of the applicable law, and should not be used as such. This post is a layman’s guideline only. For valid legal advice, please contact a qualified lawyer. If you do not know a lawyer qualified to give you legal interpretation for your queries, please contact us and we will supply you with a list of qualified lawyers and accountants and their contact detailsinfo@minoan-properties.com

Capital gain deriving from transfer of capital is taxed at the rate of 15%
and refers to:

• Capital gains from the transfer against consideration of real  estate or
part thereof or encumbrance on real estate or part thereof or holding
attracting more than 50% of its value directly or indirectly from real
estate and

• Capital gains from the transfer of securities provided that such
transfers are not classified as business activities. The above does not
apply to capital gains arising from corporate restructuring /

The new provisions apply to capital gains from transfers of real estate and
transfers of securities taking place from 1.1.2014 onwards.

Capital gains tax from the transfer of real estate is withheld by the
Notary Public, whereas an exemption applies for capital gains up to Euro
25,000, provided that the respective property has been retained for at least
five years, and no other transfer of real estate has been effected within
the retention period.

Transfer of real estate has the meaning of transfer of ownership or bare
ownership, of usufruct’s constitution, habitation or other easement’s
constitution, waiver of ownership or of other rights on real estate,
expropriation of real estate, the sale of real estate as a result of
voluntary or judicial auction, the transfer of a right related to building
coefficient ratio. The law recognizes limited exceptions to the concept of

Capital gain has the meaning of the difference between the acquisition
price paid by the taxpayer and the deflated transfer price paid to him. The
acquisition price is considered to be the price as stated in the notarial
deed or the actual purchase price as evidenced or, in absence thereof, the
value upon which the real estate transfer tax was calculated. In case that
the acquisition price cannot be calculated, it is considered as nil. The
transfer price is considered to be the consideration as stated in the
notarial deed. The i) capital gain from a building constructed with expenses
of the lessee and ii) capital gain from bare ownership of real estate are
determined in a special manner. The resulting capital gains are adjusted by
applying an age coefficient determined as follows:

Years of retention

Years of retention

From 1 to 5


More than 10 and up to 15


More than 15 and up to 20


More than 20 and up to 25


More than 25



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