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Annual property tax in Greece: ENFIA

Author: MigrateProperty
Categories: Uncategorized
ENFIA – a single tax on real estate levied on natural and legal persons, owners of Real Estate from January 1st of each year. This tax is complex, it consists of the main and the supplementary tax: a direct rate calculated from the cost per square meter, and a surcharge – dynamic for natural persons, but fixed – for legal entities. By law, immediately after the acquisition of real estate in Greece, the new owner is required to submit a declaration in the E9 * form, the data of which is used by the tax authority to calculate ENFIA, taking into account existing benefits and concessions.
Rules for calculating and paying the main part of the property tax in Greece
The amount of the main part of ENFIA determines the quality of real estate, namely: the cadastral value of the property, year of construction, footage, floor, location. Since 2014, when the ENFIA calculation rules were first introduced, the procedure of calculating the payment of the main part of the tax has changed several times. The Greek authorities are constantly working to ensure that the owners of inexpensive housing pay less taxes and do not risk being left without a roof over their heads due to unbearable burden.
For 2022, the following main property tax rates apply in Greece:
  • €2.80/sq.m – for properties located in areas with an average cost of a square meter from 751 to 1500 euros
  • €3.70/sq.m. – for zones with a price of 1501-2500 euros per square meter
  • €4.50/sq.m – housing tax in areas where a square meter costs from 2501 to 3000 euros.
You can pay the tax as a single payment, or in installments – in 10 installments. If the market value of the property is less than 150 thousand euros, then its owner has the right to receive up to 30% tax discount.
 
Since spring 2022, the following benefits have been introduced in Greece for single property tax payers:
  • 30% discount on the annual payment, if the apartment or apartment costs less than 100 thousand euros
  • 25% discount – if the apartment or apartments cost between 100-150 thousand euros.
 
Supplementary part of ENFIA
Individuals pay the additional part of ENFIA only if the owned property is valued at a cadastral value more than 250 thousand euros. The additional rate is up to 1.5% of the cadastral value.
The additional part of ENFIA for legal entities owners of real estate, not used in trading activities, is calculated at a fixed rate: 5.5% of every thousand euros of the cadastral valuation. Square meters involved in trade are subject to an additional tax at a rate of 1%.
* The financial department of Grekodom Development provides services for its clients in filing declarations, as well as in paying the annual ENFIA tax. For more information, please contact the department at accounting@grekodom.gr
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Europeans began to invest more in Greek Real Estate

Author: MigrateProperty
Categories: Uncategorized
Almost six billion euros were invested by foreigners in Greek Real Estate between 2017 and 2022. In the first half of this year alone, the country received 788 million euros of investments from foreign buyers of residential and commercial properties. Among those who are interested in buying properties in Greece for profit, citizens of European countries prevail. They are attracted by the opportunity to turn their money into a rental income asset. For citizens of countries outside the European Union, in turn, the motivation to invest in Greece is the opportunity, through investment, to obtain the residence permit under the Golden Visa program. We remind you that the program is temporarily suspended for citizens of the Russian Federation and citizens of Belarus.
The Golden Visa is a real magnet for foreign investors. At least, largely due to its existence during the pandemic and in the current global political situation, the demand for housing in Greece from residents of individual countries has exceeded the most optimistic forecasts of past years. In the period 2017-2021, citizens of non-EU countries spent €3.27 billion on investments for the Golden Visa. Europeans, who are not motivated by the prospects of obtaining a residence permit in Hellas, invested only €1.85 billion during the same period.
Over the past five years, the opportunity to buy a property in Greece has more often interested residents of countries outside the European Union, but in 2021 the trend has changed. More than forty percent of those investing in Greek Real Estate in 2021 are Europeans (€473 million out of a total of €1.17 billion).
According to the statistics of the Bank of Greece for the period 2017-2021, more often than other Europeans, housing in Greece was bought by neighbors from Cyprus (€466 million of the total), citizens of Germany (€312 million of the total), Switzerland (€391 ml), France (€ 80 million) and the UK (€176 million euros), 161 million euros – were invested by Israelis in apartments and houses in Greece.
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10 promising large-scale construction projects approved in 2022

Author: MigrateProperty
Categories: Uncategorized

The Department of Environmental Protection of Cyprus in 2022 signed documents for the launch of a number of amazing scale and originality of projects. In the top ten most interesting: the port, parks, residential complexes, hotels and office buildings. The implementation of the projects will make a significant contribution to the development of the tourism, migration, and investment potential of the island state.

New facilities and renovation in the port of Larnaca. The renovated port, known domestically as Larnaca Marina, cost the country 1.2 billion euros. A large-scale renovation took place on the site between the oil terminals and the Finikoudes pier: a restaurant and a cafe with a children’s play area were opened, a large parking lot appeared, pavements on the paths were updated and the quality of street lighting was significantly improved. There are also plans to build a number of hotels, apartments, residential complexes, as well as work on expanding the port basin, build storage docks and administrative buildings.

Mandarin Park: a sixteen-story center with 36 apartments, office and commercial premises in Limassol. The tower, about 72 meters high, will replace Mairoza – at the intersection of Ambelakion and Georgiou A’.

The Gallery in Limassol: another breakthrough project of the year. The “Gallery” is being built literally 90 meters from the sea – on the coast. Moreover, the skyscraper with a height of 76 meters, will house only 14 apartments, the rest of the area will be given over to offices with panoramic windows, restaurants and a gym with a swimming pool.

Renaissance in Limassol is planned to be completed by 2024. The five-story building, located on Panou Solomonidi, will be able to accommodate about 400 residents in apartments, as well as about a hundred more – employees of offices and service establishments that will open in Renaissance.

Walton Tower: office tower in Limassol in the Zakaki area. The seven-meter building will accommodate more than a dozen offices and several shops, which, according to the strategy of developers and investors, will help attract more business to the area and thereby influence its economic development.

In Platres, in 2022, the Guru health and residential complex project was launched. The construction budget is 30 million. Structurally, the complex will consist of 7 buildings of different heights, among which, in addition to houses, chalets and villas there will also be spas, canteens, office buildings, and a gym.

In Geroskipou, the construction of a new top-class hotel is in full swing. The five-star hotel, dubbed the “archbishop’s” by the press for its location on a piece of land owned by the Cypriot Orthodox Church, will have 8 floors and a garden on the roof for a comfortable and safe stay for guests. Of course, the forty-meter building will have everything necessary for the comfort of guests: spas, restaurants, cafes, gyms, laundries, a massage room, a sauna, a swimming pool, etc.

In the residential complex planned for construction in the village of Mazotos, the project provides for 100 residential units and its own treatment facilities. The developer promises to take care of all the aspects of a comfortable living in the new complex, including that it was convenient to come there, that inside there were enough places for rest and parking spaces.

In Pyla, they started building a whole resort, which is striking in scale. There are 14 buildings in the project, the tallest are 18.7 meters high. The total area will be enough to open a spa center with several pools, saunas, gyms, service establishments, as well as offices – for those who want to work in such a picturesque place.

Mackenzie Tower: another tower in Larnaca that will accommodate 57 families. The total area of the new building is more than 2500 sq. m: enough for a pool and for an excellent internal infrastructure for both residents and their guests.

Photo: philenews.com

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