Zero tax rate for 3 years for those switching from short-term to long-term rental properties

The Minister of National Economy and Finance, Kostis Hatzidakis, announced the draft new regulation during a television interview on Thursday morning (14/11), providing a three-year rental tax exemption for short-term rental properties that will be converted to long-term rental.

The original provision, which is currently under public consultation, would provide for a tax exemption for properties that are let for long-term leases for three consecutive years, although it is expected that the required period will be shortened.

It is more likely that it will take two years to obtain the tax exemption, but it is possible that the required period can be reduced to one year. This will be seen in the final bill that comes to parliament.

However, the minister ruled out the possibility of a similar adjustment of the period for closed apartments that will be rented out for long-term rent.

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