Greece Clarifies Tax Treatment of Immovable Property Owned by Non-Residents

Greece has recently issued POL 1138/2015, which clarifies the tax treatment of immovable property situated in Greece that is owned by non-resident legal persons or entities. Some of the key areas clarified by the Circular include:

• Non-residents deriving income from immovable property situated in Greece are allowed deductions for related expenses under Greek tax law whether they have a permanent establishment in Greece or not;
• From 1 January 2014, the acquisition or construction cost of the i…