Minoan Properties Real Estate Agency Crete

Contact Maria Havaledaki on +30 28250 32272

QR Code

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 /
transformations.

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
transfer.

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

0,95


More than 10 and up to 15

0,79


More than 15 and up to 20

0,73


More than 20 and up to 25

0,66


More than 25

0,61




 

No tags added.

Comments

Newsletters

This count started on 09-02-2015

Sponsored

Recent Real Estates

Gavalochori

Gavalochori, a 5 bedroom, exclusive villa for sale with fabulous views, outdoor barbeque and garage

450,000 EURO

Gavalochori, Chania 73008

Ref_ID: 819G

The villa is 220sqm with a large basement and garage space and has 5 bedrooms and 4 bathrooms ....

Plaka

Plaka ,a beautiful, 5 bedroomed Villa with a fantastic view to the sea with private pool

290,000 EURO

Plaka, Chania 73007

Ref_ID: 778P

Open to realistic offers . This lovely opportunity is located in Plaka about 500 meters from...

Plaka

A beautiful house with 3+2 bedrooms and a large plot in the village of Plaka.

400,000 EURO

Plaka, Chania 73007

Ref_ID: 771P

This very nice house is offering except of the really exceptional finish and really good privacy...

Vamos

Vamos , Luxury villa for sale with sea vew.

475,000 EURO

Vamos, Chania 73007

Ref_ID: 783V

A very nice house with pool and panoramic Mountain views. The house is 210 sqm and stands on a...

Crete Vamos

Kalamitisi Vamos Crete.Εxceptional villa for sale

330,000 EURO Reduced To 300,000 EURO

Kalamitisi, Chania 73008

Ref_ID: 759K

The house is 160 sqm and stands on a large plot of 6500 sqm with beautiful view at the mountains...

Kalyves

Kalyves, a lovely house for sale in the town

120,000 EURO Reduced To 80,000 EURO

Kalyves, Chania 73003

Ref_ID: 360J

This really nice two storey house has been lovely renovated by the best workers with the best...

Kokkino Chorio

Kokkino Chorio, a two bedroom bungalow for sale, with pool sea an Mountain view

329,000 EURO Reduced To 220,000 EURO

Kokkino Chorio, Chania 73008

Ref_ID: 386V

Set in the heart of the popular village of Kokkino Horio this spacious two bedroom bungalow must...

Plaka

Plaka, a two bedroom villa with private pool ,sea and mountain views.

220,000 EURO Reduced To 199,000 EURO

Plaka, Chania 73007

Ref_ID: 806P

A lovely property which is secluded and private, reached by a nice driveway. It is a bungalow;...

KOURNAS

KOURNAS. A nice ground floor apartment with nice vew.

330 EURO

Kournas, Chania 73007

Ref_ID: 817K

Megala Chorafia

Megala chorafia,one apartment with fantastic sea views for long term rental on Crete

500 EURO Reduced To 450 EURO

Megala Chorafia, Chania 73003

Ref_ID: 708M

A beautiful 2-storey house split into two apartments, each with fantastic sea views. The ground...