Greece Increases Gift Tax-exempt Bracket From October 1, 2021

New rules apply as from 1.10.2021 increasing the tax-exempt bracket for parental gifts, as well as gifts between close relatives (spouses, parents, children and grandchildren) to Euro 800,000, instead of the previously applicable threshold of Euro 150,000 for assets excluding cash. The same exemption applies for gifts in cash, which until now have been subject to a 10% tax, without any tax-exempt bracket.

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To be noted that, until today, inheritance and gift taxation have both been assessed on the basis of uniform tax brackets. Following introduction of the new rules, gifts become subject to lighter taxation, compared to inheritance, given that the inheritance tax exempt bracket of Euro 150,000 remains unchanged.