Greek Tax administration will cross-check real estate transactionsthat were conducted in cash

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It is important to declare your transactions.

What has happened

The Independent Authority for Public Revenue (AADE) is tracing the money trail for thousands of properties that were either bought in full with cash or part of the price was paid in cash.


The sharp increase in real estate transfer volumes has prompted the tax administration to create two new directorates of capital (KEFOK) which will operate in Athens and Thessaloniki. The first one, in the capital, will begin operating on April 22, and in Thessaloniki - in May 2024.

Tax administration efforts are aimed at automating processes so that transfers are completed faster, cases of suspected tax evasion are thoroughly investigated, and taxpayers and businesses are better served.

In the first place are real estate transactions, mainly concluded in cash, parental concessions, donations, persons exempt from ENFIA and special real estate tax, as well as notaries, who will be checked for the correct application of the legislation on real estate transfers.


Since the launch of the myPROPERTY platform in March 2021, almost one in four transfers has been made in cash, according to AADE. In particular, 42,613 declarations of transfer of property have been registered, the value of which was paid exclusively in cash and amounted to €462.5 million.

In addition, 41,741 property transfer declarations have been identified, the price of which was partially paid in cash and totaled €2.98 billion (the amount is the total for these declarations, because the amount paid in cash is not separately recorded (the amount is the total for these declarations, since the amount paid in cash is not separately counted).

How will they check

With the help of special cross-checks that the tax authorities will begin, the two special departments will find out whether the money used to buy houses and land for cash is declared in the tax returns of buyers, or whether it is associated with money laundering or tax evasion.

Tax officials will begin examining bank accounts while examining income received from wages, business activities, rent, sales of real estate and other assets, parental assignments and cash donations.

Source: Ekathimerini

Photo by Victor He on Unsplash

Quoting conditions of Prian.info materials

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