Greece Capital Gains Tax Guide 2026 — 15% on Real Estate, Shares Exempt

Overview of Capital Gains Taxation in Greece

Greece taxes capital gains (υπεραξία) differently depending on the underlying asset type and the taxpayer's status. The Greek system distinguishes between real estate capital gains, financial asset gains (shares, bonds, derivatives), and business asset gains (sale of business goodwill, clientele, and going-concern value). For individuals, most financial asset gains are exempt from tax, while real estate gains are taxed at a flat 15% rate under certain conditions. For legal entities, all capital gains are included in taxable profits subject to the standard 22% corporate tax rate.

Greece does not have a general capital gains tax on portfolio investments for individuals — this is a key feature of the Greek tax system that makes it attractive for investors. However, specific rules apply to real estate, business transfers, and certain structured transactions.

Real Estate Capital Gains — 15%

Capital gains from the sale of real estate by individuals are subject to a 15% tax on the net gain (υπεραξία). The gain is calculated as the difference between the sale price and the purchase price (or, if higher, the cadastral value on the date of acquisition), minus certain allowable expenses. The tax applies to sales of properties acquired after 1 January 2006 (properties acquired before this date are exempt from capital gains tax on sale).

Allowable Deductions: When calculating the taxable gain, the following may be deducted: the original purchase price (as per the notarial contract), documented improvement and renovation costs (with proper invoices), notarial and legal fees for the purchase, transfer taxes paid at acquisition (ΦΜΑ, ΕΤΑΚ, ENFIA on acquisition), and the taxpayer's proportional share of inheritance or gift tax if the property was inherited.

Inflation Adjustment: The purchase price is adjusted for inflation using the consumer price index (CPI) for the period between acquisition and sale. This reduces the real taxable gain in periods of high inflation. For example, a property purchased for €100,000 in 2010 and sold for €150,000 in 2026 would have the purchase price indexed to approximately €116,000 (depending on actual CPI), resulting in a taxable gain of €34,000 rather than €50,000.

Primary Residence Exemption: Gains from the sale of the primary residence are exempt from capital gains tax if the property has been owned for at least 5 years and was used as the taxpayer's main residence. If owned for less than 5 years, the gain is taxable at 15% but with a proportional exemption based on the years of use as the primary residence.

Payment: The 15% tax is paid at the time of the property transfer through the notary, who is responsible for withholding the tax and remitting it to AADE. The notary must obtain a Βεβαίωση Αποδοχής Δήλωσης Φόρου Υπεραξίας (Certificate of Acceptance of Capital Gains Tax Declaration) from AADE before the transfer can be finalised.

Shares and Securities — Exempt for Individuals

Greece provides a full exemption from capital gains tax for individuals on the sale of shares, bonds, ETFs, mutual funds, and other transferable securities listed on a recognised stock exchange (including the Athens Stock Exchange ATHEX, EU regulated markets, and major non-EU exchanges). This exemption applies to both Greek and foreign securities.

Unlisted Shares: Gains from the sale of unlisted shares (shares in private companies) are also exempt from capital gains tax for individuals, provided the shares have been held for more than 12 months. For holding periods under 12 months, the gain is treated as ordinary income and subject to progressive income tax rates (9-44%). This exemption applies to shares in Greek and foreign private companies.

Derivatives and Structured Products: Gains from options, futures, swaps, and other derivative instruments are generally exempt from capital gains tax for individuals. However, if the individual is deemed to be trading these instruments as a business (professional trader), the income may be reclassified as business income and subject to progressive rates (plus social contributions). The distinction between investing and trading is based on frequency, volume, and intent.

Corporate Tax Treatment: For legal entities, capital gains on securities are included in taxable profits and taxed at the standard 22% corporate rate. The sale of shares by a company is treated as ordinary income. Gains on Greek government bonds and certain eligible corporate bonds may benefit from a reduced effective rate (interest on Greek government bonds is taxed at 15% for individuals and is exempt for companies).

Business Asset Gains

Gains from the sale of business goodwill (υπεραξία επιχείρησης), clientele (πελατεία), and going-concern value are treated differently depending on the seller's status:

Individual Business Owners (Ατομική Επιχείρηση): Gains from the transfer of a business (sale of the entire business as a going concern) are subject to 15% capital gains tax on the net gain. The basis of the assets is deducted from the sale price. Goodwill (the excess of the sale price over the net asset value) is also taxed at 15%. If the business has been held for more than 3 years, a 50% exemption applies to the gain.

Self-Employed Professionals (Ελεύθεροι Επαγγελματίες): The transfer of clientele (πελατεία) is subject to 15% tax on the net gain. The first €30,000 of gain from clientele transfer is exempt. Gains above €30,000 are taxed at 15% on the excess.

Companies: Gains from the sale of business assets by companies are included in taxable profits and taxed at the standard 22% corporate rate. There is no separate capital gains regime for legal entities — all gains are ordinary business income. However, gains from the sale of shares in subsidiaries may qualify for the EU participation exemption if the holding exceeds 10% and has been held for at least 24 months.

FAQs

Are cryptocurrency gains taxable in Greece?

Greece does not have specific legislation on cryptocurrency taxation. In practice, AADE treats crypto gains as capital gains from securities, which are exempt for individuals (following the same logic as shares). However, if crypto trading constitutes a systematic business activity (high frequency, large volumes, professional setup), AADE may reclassify the income as business income subject to progressive rates (9-44%) plus social contributions. AADE has signalled that clearer crypto tax rules are expected in 2026-2027. For now, most individual investors do not report crypto gains, but this position carries compliance risk.

Do non-residents pay Greek capital gains tax?

Real Estate: Non-residents selling Greek property are subject to the same 15% capital gains tax as residents. The tax is collected at the time of transfer through the notary. Shares: Non-residents selling shares in Greek companies are generally exempt from Greek capital gains tax (following the same rules as residents). However, if the shares derive more than 50% of their value from Greek real estate, the gain may be taxable in Greece under domestic law (subject to any applicable double taxation treaty).

Can capital losses be offset against gains?

For real estate: capital losses can be carried forward and offset against future real estate capital gains for 5 years. Losses cannot be offset against other income (employment, business, rental). For financial assets: since gains are exempt for individuals, losses also have no tax relevance. For legal entities: all capital gains and losses are included in ordinary taxable profits, so losses are offset within the same tax year and any remaining tax loss can be carried forward for 5 years.