The recent Greek law 4839/2021 (Official Gazette issue A΄181/02-10-2021) includes generous tax reductions and exemptions, including regarding the taxation of gifts and parent-to-child donations, in the context of taking urgent measures to support the Greek economy during the pandemic.

In particular, Article 44 of Law 2961/2001, which provided for a maximum tax-free limit of EUR 150,000 for gifts and parent-to-child donations, was amended and a new limit of EUR 800,000 was set. Therefore, gifts inter vivos and parent-to-child donations of any assets from 01.10.2021 onwards are exempted up to this amount.

The persons exempted up to the amount of EUR 800,000 are the following: a) the spouse of the deceased, b) the person who had entered into a cohabitation agreement with the deceased and which was dissolved upon the death of the deceased, provided that the cohabitation agreement lasted at least two years, c) first-degree descendants, i.e. children, d) second-degree blood relatives, i.e. grandchildren and e) first-degree blood ascendants, i.e. parents.

The acquisition of amounts from parent-to-child donations or gifts from the above persons, when the amount exceeds the limit of 800,000 euros, is subject to tax, which is calculated independently at a rate of ten per cent (10%).