Cost of Selling?

Crete Property: Q&A’s – buying, selling, property off-plan, legal, architects, regulations

This topic contains 5 replies, has 4 voices, and was last updated by  Titch 6th June 2013 at 6:14 pm.

Viewing 6 posts - 1 through 6 (of 6 total)
  
  • Author
    Posts
  • #43184

    Titch
        • Topics: 17
        • Replies: 129
        • Total: 146
        • BIC Full Member
        • ★★★★★
        Member since: 6th June 2010

        Hi all.
        Any ideas how much (roughly) one is expected to pay when you sell a property before 5 years ownership is up?
        Cheers
        Carol

        Compare hotel prices and find the best deal - HotelsCombined.com

        #43518

        Herby
            • Topics: 3
            • Replies: 110
            • Total: 113
            • BIC Full Member
            • ★★★★★
            Member since: 3rd February 2012

            For properties purchased, donated etc. after the 1st January 2013 the new Capital gains tax 20% will effect a sale of this property in the future. This Capital gains tax will have to be fully paid before the execution of the transfer of the property, will be imposed on the difference between the acquisition cost (price that is written on the purchase notary contract) of the real estate property to be transferred and its sales price. This difference is inversely proportionate to the time of ownership of the real estate to be transferred, according the follow table reducing the difference:
            Years property remained at the ownership of the seller

            Reduction factor

            (inflation adjustment) of the capital gains

            1-5 years        0.90

            5-10 years       0.80

            10-15 years      0.75

            15-20 years      0.70

            20-25 years      0.65

            Over 25 years    0.60

            Obviously this tax only applies if you sell at a profit! (and no, you don’t get a refund if you sell at a loss)

            http://www.cretanaccountant.gr/tax-liabilities-in-greece-for-non-greek-citizens/

            #43747

            Titch
                • Topics: 17
                • Replies: 129
                • Total: 146
                • BIC Full Member
                • ★★★★★
                Member since: 6th June 2010

                lol thanks for the info Herby…..you sure we don’t get a refund? :)

                #43921

                Topdriller
                    • Topics: 76
                    • Replies: 1435
                    • Total: 1511
                    • Practcally Cretan
                    • ★★★★★★
                    Member since: 3rd March 2007

                    So, if you sell your house for €250,000 and its a non Greek purchaser then presumably the buyer pays €125,000 into your UK account and €125,000 into your Greek account so you pay the capital gains tax on half the amount?

                    I’m not suggesting this of course, but we all know its going to happen if CGT is 20%. :)

                    Jon

                    #44068

                    latsida
                    Participant
                        • Topics: 165
                        • Replies: 2407
                        • Total: 2572
                        • Practcally Cretan
                        • ★★★★★★
                        Member since: 17th October 2006
                        #44177

                        Titch
                            • Topics: 17
                            • Replies: 129
                            • Total: 146
                            • BIC Full Member
                            • ★★★★★
                            Member since: 6th June 2010

                            Jon I like your way of thinking…. :D
                            oooops did I say that out loud lol

                          Viewing 6 posts - 1 through 6 (of 6 total)

                          You must be logged in to reply to this topic.