How high are inheritance taxes in Greece?

 

Heritage tax shall be levied by the State. The tax does not apply to the deceased's estate, but to the beneficiaries for their share of the estate. The tax liability arises on the date of death.

The legacy tax is based on the fair market value of each beneficiary's share at the time of death. Expenses such as funeral expenses, the debts of the deceased, and the expenses of the deceased's care are legacy deductible. real estate qatar

The heirs are divided into three categories, depending on how closely the deceased is kinship.

Category I covers spouses, kids, grandchildren and parents.

Category II includes grandparents, siblings, stepbrothers, stepsisters, foster parents, in-laws and previous married children.

Category III comprises all non-Category I and Category II recipients.

Real property belonging to heirs of Category I and Category II shall be taxed at a flat rate of 1%. Heirs of Category I are entitled to an exemption of € 95,000, while the non-taxable threshold amount for heirs of Category II is € 20,000.

Heirs of Category III shall be taxed on all their heritage at the following tax rates.

CATEGORY III HEIRS INHERITANCE TAX

BASIC TAX, € RATE TAX

Up to 6,000 euros nil

6,000 euros - 72,000 euros 20 p. 100

72,000 euros - 267,000 euros 30 p. cent

More than €267,000nForty per cent

Source: Guide to Global Property

LAW INHERITANCE

Kelemenis & Co. thanks.

What inheritance laws in Greece are applicable?

Legal matters relating to property situated in Greece are governed by the law of the nationality of a foreigner.

The Greek Civil Code (GCC) stipulates, pursuant to its second chapter ("Private International Law") (Art. 28), that issues arising from heritage are regulated by the law of the deceased at the time of his death.

If national law of the foreign deceased states that, in matters of substantive heritage, the law applicable to the country in which the property is located (for example, the law of Greece), then the competent court, whether Greek or otherwise, should apply the heritage rules of the GCC (arts 1865 - 2035, GCC).

In such cases, the inheritance law of the foreigner is applied to dispose of the estate by the court, as the inheritance issues are effectively governed by the law of the nationality of the deceased and differ from the legal requirements of Greek jurisdictions concerning technicalities of the transfer of property ownership.

As a result, the foreigner is able, after his death, to disposes of his property in Greece without the restrictions applicable to Greek citizens, for example, forced heirship, provided that this is acceptable in accordance with his/her national law.

The only situation in which Greek heritage rules are automatically applicable to a deceased foreigner's estate is if he/she also has dual Greek citizenship.

The GCC stipulates (Article 27) that rights of ownership, including rights to immovable property, shall be governed by lex réi sitae, that is, the law of the State of its location. The same legislation applies to contracts of property and other legal acts creating, conveying, modifying or reducing rights to property (art. 12, GCC). It should be stressed, however, that these are procedural rather than substantive matters and not undermine the general rule which essentially governs the laws of decedent nationality on foreigners' inheritance, including property located in Greece.

The GCC (arts 14-15) stipulates that the spouses' rights are, as a priority, subject to (a) their last common nationality or (b) their last common usual residence country or (c) their country of nearest contact.

There are no special rules for members of different religions, nationalities or foreigners that are not resident in Greece and no restrictions on foreigners inheriting property in Greece are generally imposed. In the case of properties situated in some regions close to the Greek border, prior authorisation may be required (because of national security), but it is very unlikely that such permission would ultimately be denied.

The Monomeles Protodikeio Single-Member Court is competent for the majority of heritage matters, particularly as regards probate proceedings. This Court is also competent to declare in Greece enforceable foreign evidence and heritage judgments. Whether a claimant is an alien does not differ from the Court's competence; however, geographical jurisdiction for a non-resident alien falls to the Single Member Court of First Instance in Athens.