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Very good news Massive reduction for the property tax from 10% only to 3% for all the prospective buyers

Posted on Dec 4, 2014 by subrion

 very good news Massive reduction for the property 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                                           

Prior to the introduction of new legislation the amount of tax on real estate purchase was 8% for the purchase of up to 20,000 euros and 10% on the purchase of real estate worth more than 20,000 euros. Under the new legislation, the amount of tax on the purchase is now 3% on any type of real estate, regardless of the value of the object. Purchase tax is payable when signing of the notarial sales contract on the transfer of ownership of property to another person.

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