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Greece is a parliamentary republic along the Mediterranean Sea in Southeastern Europe. It is bordered by Bulgaria, the Republic of North Macedonia, and Albania to the north; the Ionian Sea to the west; the Mediterranean Sea to the south; and the Aegean Sea and Turkey to the east. The capital of Greece is Athens, the official language is Greek, and the currency is the euro (EUR).
Greece achieved independence from the Ottoman Empire in 1829. During the second half of the 19th century and the first half of the 20th century, it gradually added neighboring islands and territories, most with Greek-speaking populations. Since the 'Kallikratis' programmed reform entered into effect on 1 January 2011, Greece consists of 13 peripheries subdivided into a total of 332 municipalities. The implementation of the programmed realized the administrative restructuring of the country. Moreover, the systems of controlling the legality of the actions of the local government authorities, as well as the public financial control of local governments, were further enhanced.
Greece joined the North Atlantic Treaty Organization (NATO) in 1952. In 1981, Greece joined the European Community (EC) (now the European Union or EU). It became the 12th member of the European Economic and Monetary Union in 2001.
With the outbreak of the global economic crisis and the European debt crisis in 2008, the EU was in a continuing economic recession, with a number of EU countries, with an emphasis on Cyprus, Greece, Italy, Spain, Portugal and Ireland, needing economic assistance. In 2010 an economic crisis hit Greece. The unemployment rate peaked at more than 25% of the workforce, banks stopped giving mortgages to buyers, and the Greek housing market reached a stalemate. One of the effects of the economic crisis in Greece was on the real estate market. Real estate prices in Greece plummeted and in some places were cut by more than half of their value. Following the crisis, Greece was forced to seek assistance from EU countries and the International Monetary Fund and agree to the terms of a number of bailouts.
As part of the bailout plans, the most recent of which ended in the summer of 2018, Greece received close to € 300 billion in aid and was forced to introduce reforms and austerity plans, which included sharp cuts in welfare budgets, pension conditions and public sector employment. Thanks to the government's rehabilitation program and the billions of dollars Germany has given it, Greece is slowly emerging from the crisis.
In the post-crisis years and after three EU bailouts, Greece's economy has begun to stabilize and is showing positive growth rates. As of 2019 there is a mixed trend of rising prices in the real estate market. The possibility of yielding real estate returns is always limited in time so investors who have recognized the strength of the economy and the rapid recovery of the country could take advantage of the window of real estate investment opportunities in Greece. The Greek government's tax reforms and tax cuts in real estate in order to attract foreign investors, the amount of equity needed to purchase real estate and geographical proximity, have led Israeli investors to be interested in real estate investments in Greece due to the fact that under capital tax Rental income is taxed only in Greece without supplementing the tax balance in Israel. accountant international taxaion