Selling property in Greece: capital gains under 2024

Under Article 13 of the new France-Greece tax convention 2022, capital gains from the sale of immovable property situated in Greece are taxable in Greece. France eliminates double taxation by tax credit under Article 21.

Practical points for a French tax resident selling a Greek property: (1) Greek capital gains tax regime has been suspended/modified several times since Law 4172/2013, check the regime in force at the time of sale with a Greek accountant, (2) French capital gain calculated normally with French rules including duration-of-holding allowances (full IR exemption after 22 years, full social tax exemption after 30 years), (3) French tax credit eliminates double taxation, (4) loss on sale of foreign property is not generally deductible against other French income.

Worked example: inherited property in eastern Crete

Mrs M. inherited a family house in 1990 (succession value €25,000), sells in 2025 for €75,000. Gross capital gain after acquisition adjustments: €38,125. Duration of holding: 35 years. Result: full French IR exemption (≥ 22 years), full French social tax exemption (≥ 30 years). Greek capital gains tax to be verified locally. Net economic effect: operation generally tax-neutral when long-held.

For shorter holding periods (less than 22 years) and significant gains, a detailed simulation is needed including the Greek regime applicable at the time of sale and the French tax credit calculation.