Two months extension for property transfers

The opportunity to draw up final contracts at their leisure transfer of immovable property to children and other heirs with the old objective values which are also lower, will have the owners who applied but did not have time to submit them by today.

This is because the Minister of Finance decided to grant a further two-month extension to the deadline, which would normally expire on 31 January, i.e. a few days from now.

The Minister of Finance

In particular, in his statements yesterday, the Christos Staikouras, commenting on the issue with the chaos in tax offices and notaries for pending transfer applications, said that «we have fast reflexes» and added that «it has created an issue, and that is why for those who applied until the end of the year we give a two-month extension.» At the same time, he noted that the new framework for property values must also be implemented, as the new framework is expected to generate significant and necessary revenue for the state. So, as soon as the process with the pending issues regarding the applications of the previous year is completed, the market should enter this new phase.

Adjustment of 36-72 instalments

The Minister of Finance had good news regarding the regulation of 36 - 72 installments for debts to the tax authorities. As he said, «we will give a one-month extension for debts incurred from March 2020 to July 2021». It is noted that the deadline for submitting applications for membership of the scheme is January 26. About 820,000 tax debtors, who have been classified as affected (based on the CDOs) by the pandemic, will have to settle debts amounting to 2.26 billion euros. However, according to available information, so far less than 50,000 debtors have applied.

The submission of the application must be accompanied by payment of the first instalment within three days of the application for adjustment. Subsequent instalments of the arrangement shall be paid by the last working day of the following months. Debtors can choose to repay in up to 36 monthly instalments without interest, or in 72 instalments at an interest rate of 2.5%. The minimum monthly instalment cannot be less than €30 for debt arrangements with a total amount - including interest and surcharges - of up to €1,000, or less than €50 for debt arrangements with a total amount - including interest and surcharges - of more than €1,000.