Greece Wealth Tax Guide 2026 — No Wealth Tax (ENFIA as Property Tax)

No General Wealth Tax in Greece

Greece does not impose a general net wealth tax. Unlike some European countries (e.g., Spain, Norway, Switzerland, France with its IFI on real estate), Greece does not tax an individual's total net worth (assets minus liabilities) on an annual basis. There is no tax on financial assets (stocks, bonds, bank deposits, mutual funds), business assets, valuable personal property (art, jewellery, yachts), or other intangible wealth.

This makes Greece an attractive jurisdiction for high-net-worth individuals considering relocation, particularly those with substantial financial portfolios. Combined with the non-dom regime (€100,000 annual flat tax on worldwide income for new residents) and the favourable treatment of dividends (5% final tax), Greece offers a competitive wealth management environment compared to other European countries that levy annual wealth taxes.

ENFIA — The Property-Based Wealth Levy

While Greece has no general wealth tax, it does impose ENFIA (Ενιαίος Φόρος Ιδιοκτησίας Ακινήτων) — the Unified Property Ownership Tax — which functions as a de facto wealth tax on real estate. ENFIA is an annual tax levied on the ownership of real estate based on its cadastral value (αντικειμενική αξία). It applies to all property owners, whether resident or non-resident.

Main ENFIA Tax: Progressive rates from 0.1% (on properties up to €60,000) to 1.2% (on properties over €800,000). The rate applies per individual property.

Supplementary ENFIA Tax: An additional progressive tax on total property value exceeding €250,000 (for individuals), at rates from 0.15% to 1.05%.

For a full breakdown of ENFIA rates, calculations, exemptions, and payment rules, see the Greece Property Tax Guide.

Comparison with Other Countries

Greece's approach to wealth taxation is notably light compared to several European peers:

Spain: Imposes a net wealth tax (Impuesto sobre el Patrimonio) at progressive rates of 0.2-3.5% on net assets exceeding €700,000 (€300,000 for some regions). Financial assets, real estate, business assets, and luxury goods are all included. Tax returns are required quarterly for non-residents with assets over €2M.

Norway: Levies a net wealth tax of 1.1% (combined national and municipal) on net assets exceeding approximately NOK 1.7M (~€150,000). All assets — financial, real estate (at 25% of market value), business assets, and personal property — are included. This is one of the highest wealth taxes in Europe.

Switzerland: Cantonal net wealth taxes range from approximately 0.2% to 1.0% depending on the canton, with thresholds varying. All assets including bank deposits, securities, real estate, and business assets are subject to tax. Some cantons offer significant reductions for new residents (forfait fiscal).

France: Abolished the general wealth tax (ISF) in 2018 but retained the IFI (Impôt sur la Fortune Immobilière) — a 0.5-1.5% tax on real estate assets exceeding €1.3M. Financial assets and business assets are excluded. The IFI is closer to Greece's ENFIA system than a general wealth tax.

Portugal: No general wealth tax. However, an AIMI (Adicional ao Imposto Municipal sobre Imóveis) of 0.4-1.5% applies to real estate exceeding €600,000 (similar to ENFIA in concept). Portugal also has a 28% flat tax on most investment income (higher than Greece's 5-15%).

Asset Classes Not Subject to Wealth Tax

The following asset classes held by Greek residents are not subject to any annual wealth tax:

Bank Deposits: No tax on the balance of Greek or foreign bank accounts. Interest is taxed at 15% (final withholding), but the principal amount is not subject to any annual wealth levy. This includes savings accounts, time deposits, and current accounts in all currencies.

Stocks and Shares: No annual tax on the value of listed or unlisted shares, regardless of the amount held. Capital gains on shares are exempt for individuals. Dividends are taxed at 5% final withholding, but the underlying value is not subject to any annual tax.

Bonds and Fixed Income: No annual tax on bond holdings (government or corporate). Interest is taxed at 15% final withholding, but the capital value is free from annual wealth charges.

Mutual Funds and ETFs: No annual tax on fund holdings. Accumulating funds defer all tax until sale. Distributing funds tax dividends/interest at 5-15% at source, but again, the capital value is not taxed annually.

Business Assets: No annual wealth tax on business interests, partnerships, or sole proprietorship assets. Only the income from these activities is taxed under the progressive income tax scales.

Personal Property: Art, jewellery, vehicles, yachts, and other personal property are not subject to any annual wealth tax. However, luxury vehicle and yacht annual registration fees (τέλη κυκλοφορίας) apply, and luxury property (swimming pools, high-value homes) may attract higher ENFIA rates through coefficient adjustments.

FAQs

Is there a wealth tax on foreign assets for Greek residents?

No. Greek residents holding foreign financial assets (shares, bonds, bank accounts, mutual funds) are not subject to any Greek wealth tax on those assets. However, they must report foreign accounts and assets on their annual tax return (Πίνακας 5 of the E1 form) if the total value exceeds €10,000. The reporting requirement is for tax compliance and CRS purposes, not for wealth taxation. Only the income (interest, dividends) from these assets is subject to Greek withholding taxes. There is no IVAFE-style wealth tax on foreign financial assets as exists in Italy (0.2%) or Spain (0.2-3.5%).

Does the non-dom regime affect wealth tax?

The Greek non-dom regime (Law 4646/2019) allows new residents to opt for a flat annual tax of €100,000 on their worldwide income. This does not replace or affect wealth taxation — it simply substitutes for income tax on foreign-source income. Since Greece has no wealth tax, there is no wealth tax liability to substitute. The non-dom regime effectively ensures that foreign investment income, capital gains, and pensions are all covered by the €100,000 flat payment, with no additional reporting or taxation of the underlying asset base. This is particularly attractive compared to countries like Spain or Norway where both income and wealth taxes apply.

Are there any other annual taxes on wealth?

Beyond ENFIA, the only other annual holding costs in Greece are: road tax (τέλη κυκλοφορίας) on vehicles — based on engine displacement and pollution; yacht annual fees (τέλη σκαφών) based on vessel length; inheritance tax applies only at the time of transfer (not annually); stamp duty (χαρτόσημο) on certain transactions (insurance premiums, rent) but this is not a wealth tax. Greece considered introducing a net wealth tax during the debt crisis (2010-2018) but ultimately decided against it, reaffirming this position in post-crisis tax reforms. No wealth tax proposal is currently under active consideration.