In Greece, the Real Estate Transfer Tax (RETT) is a mandatory payment for property buyers and must be settled within three working days from the issuance of the Tax Assessment Act and the Payment Identification Code.
Buyers can make the payment through banks, online banking (web banking), or the myAADE platform, the Greek tax authority’s digital portal. If the tax is not paid within the deadline, penalties will be applied, increasing the total amount owed.
For example, if a buyer purchases an apartment and the Tax Assessment Act is issued on a Monday, they must pay by Thursday. Failing to do so will result in additional charges.
In Greece, notaries play a key role in real estate transactions. They are responsible for electronically submitting the RETT declaration via the myPROPERTY platform, a government-run system for property transactions.
Once the sales contract is signed, the notary has fifteen working days to register the contract details and upload the necessary documents. If a transaction does not proceed, the tax declaration can be canceled.
Notaries can cancel a declaration through myPROPERTY. The cancellation deadline depends on when the declaration was originally submitted. For declarations submitted after December 11, 2023, cancellation is allowed within five years. For declarations submitted before that date, the deadline is one year. For instance, if a buyer initiates a land purchase and the RETT declaration was submitted on December 15, 2023, the notary can cancel it until 2028. However, if the declaration was submitted in November 2023, the cancellation deadline is November 2024.
If a buyer has already paid the tax but the declaration is later canceled, the Greek government must refund the amount. This process begins with the issuance of a special document called AFEC, which initiates the refund procedure.
Both buyers and sellers can review the RETT declaration via the myAADE platform. If they agree with the details, they accept the declaration. If they find errors, they can reject it and request modifications. Corrections depend on the type of transaction. Some errors can be corrected electronically via myAADE, while others require a visit to the local tax office (DOY) for manual submission.
For example, if a mistake occurs—such as an incorrect property valuation—the buyer can request a correction. Whether it can be fixed online or must be handled in person depends on the nature of the error.
