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Drafting a Greek Will: Why It Matters

If you are a non-Greek citizen and own property in Crete, having a Greek will is highly recommended. It ensures your property is passed on according to your wishes and helps your family avoid unnecessary delays or legal complications.

Why You Need a Greek Will:

  • Smoother Inheritance Process: A local will allows for faster and clearer handling of your estate under Greek law, avoiding international bureaucracy.
  • Your Wishes, Protected: You decide who inherits your property and how it is distributed, which is especially important if your personal situation differs from the standard inheritance rules.
  • Fewer Disputes, Less Stress: A Greek will helps prevent confusion or disagreements among heirs.
  • Simplifies Legal Steps for Your Family: It makes it easier for your heirs to register the property, pay inheritance tax, and complete all required formalities.
  • Works With Your Home Country’s Will: A Greek will only covers your assets in Greece and can exist alongside your main will from your home country.

How It Works:
Your lawyer will prepare the will in Greek and your native language, and it will be signed before a notary with witnesses. It is then officially registered in Greece. You can update or cancel it at any time.

Inheritance Tax

In Greece, heirs are divided into 3 categories; the main category includes the spouse, the children, the grandchildren and the parents.

Inheritance tax has 3 scales and is calculated on the basis of the property tax value (not its market value). Property with tax value under €150,000 is tax free. If it exceeds €150,000, it is taxed by 1%, and if it exceeds €300,000, by 5%. A tax of 10% applies if said value exceeds €600,000.

Example: Inherited property with a tax value of €800.000 is taxed as follows: 1,500 +15,000+ 20,000 = €36,500. Given example concerns the main category of heirs only.