Greece attracts not only unique landscapes and rich cultural heritage, but also opportunities for a comfortable life. Before moving, it is important to understand the peculiarities of the country's tax system and the average level of living expenses. Understanding these aspects will help you plan your budget and make an informed decision. In this article, let's look at the key taxes for residents and non-residents, the cost structure for housing, food, transportation and other important categories to give you a complete picture of life in Greece.
In Greece, the taxation system for individuals is based on a progressive scale: the higher the income, the higher the interest rate. Tax residents are taxed on income earned both in Greece and abroad, while non-residents are taxed only on income with a source in Greece.
Income tax rates for individuals vary depending on the level of income:
These rates apply separately to each category of income and not to the whole amount.
If an individual receives income from rental real estate, it is taxed as follows:
A 5% deduction is automatically deducted to cover the costs of maintaining the property.
The sale of real estate or other assets in Greece is subject to a capital gains tax of 15%. In some cases, exemption from the tax is possible if the property has been owned for a certain period of time or if other conditions are met.
Social security is compulsory for all working citizens and residents. Employees pay approximately 15.5% of their wages as social contributions, while employers cover 24.56%.
The taxation system in Greece provides for certain deductions that allow you to reduce the amount of tax. For example, it is possible to partially reduce taxable income through medical expenses, donations, and certain social benefits. The possibility and amount of deductions depend on the personal tax situation of the citizen.
These tax rules help taxpayers to better plan their personal budget and to comply with tax obligations, which is an important aspect when living and doing business in Greece.
Taxation of legal entities in Greece includes a number of mandatory fees and taxes, among which the main one is the corporate tax. The country offers competitive tax rates for companies, encouraging investment and business development.
Companies in Greece are subject to income tax at a rate of 22%. This tax applies to profits earned both within Greece and abroad (for tax residents). Non-residents pay tax only on income earned in Greece. Income tax returns are required to be filed annually.
Dividends paid to shareholders are taxed at a rate of 5%. This tax is withheld at source and is considered final for individuals. For foreign shareholders, a preferential rate or exemption from tax may apply based on international double taxation agreements.
VAT in Greece is 24%, but reduced rates of 13% and 6% apply for certain goods and services. Companies that sell goods or services are required to register for VAT and file regular returns.
Gains realized from the sale of assets are subject to capital gains tax. The rate depends on the type of assets and the length of time they have been owned. In most cases, gains from the sale of commercial real estate or shares are taxed at the income tax level.
In addition to basic taxes, companies are required to pay social contributions on behalf of their employees. These contributions amount to approximately 24.56% of payroll and cover the costs of health insurance, pension contributions and other social needs.
Some companies are required to pay additional taxes depending on the type of business. For example, the hospitality industry and some retail businesses are subject to special levies designed to support local infrastructure and the tourism industry.
The Greek tax system provides legal entities with transparent and clear tax rules, which contributes to the ease of doing business and maintaining high standards of tax discipline.
Greece attracts many people because of its climate, culture and relatively affordable cost of living. Let's look at the main categories of expenses: food, transportation, housing, utilities, and entertainment.
Food prices in Greece vary by region and type of store. On average, the monthly grocery costs for one person are around 200-300 euros. Approximate prices for basic products:
Public transportation in Greece is affordable and convenient. Fare:
The cost of renting accommodation depends on the city and location. Average prices:
Monthly utility costs for an 85 m² apartment:
Prices for entertainment and leisure activities:
The overall cost of living in Greece depends on lifestyle and preferences, but in general it remains affordable compared to other European countries.
With One World Migration, the process of obtaining a residence permit in Greece will be simple and straightforward. We provide comprehensive residence permit services including assistance with documents, tax and legal aspects. Our experts will help you to take into account all the nuances to successfully complete the process of obtaining residency in Greece.
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