Electronic property transfers in 24 hours

Real estate transfer process in electronic form.

All buying and selling with a purely electronic process, through the Independent Public Revenue Authority (AADE), which, following the publication of the ministerial decision, has introduced the electronic submission of property transfer tax returns to the corresponding digital platform.

The electronic submission completely replaces the physical presence of the parties or their lawyers at the respective D.O.Y. The payment of the transfer tax can now be made, while for those cases, which concern the purchase of a first home and the buyer meets the conditions of the corresponding exemption, this condition is declared electronically with the corresponding declaration and is followed by the audit of the tax office.

Electronic property transfers (e-transfers) in 24 hours

The processing time has now been significantly reduced, making buying and selling possible even within 24 hours. The principle of electronic transfers concerns real estate transferred for consideration and, by extension, parental benefits, donations and inheritances. The common place continues to be the notary public, who initiates all procedures through the platform and with their respective codes. The contracting parties (buyer and seller) are thus able to “sign” using their taxis codes, eliminating the current time-consuming process.

The achievement of the overall electronic collection of the necessary documents and certificates regarding the purchase and sale of a property, their immediate electronic payment and the completion of the process even within the day, inevitably means changes in the circles of realtors. The Phenomenon of cancellation of the transaction due to waiting will disappear, the facilitated and immediate process will be an investment incentive attracting more interested parties and the financial incentives of the brokers will be immediate.

Buying and selling a property is completed in 9 digital steps:

1. The notary prepares the declaration on behalf of the buyer and seller.
2. The statement is sent to the buyer and seller inbox on myTaxisnet.
3. The buyer and seller accept the statement.
4. The declaration is submitted automatically and the tax is confirmed.
5. The notary is automatically informed of the submission of the statement.
6. The buyer pays the tax digitally (by card or web banking).
7. Taxis is informed of the payment of the tax.
8. The proof of payment is posted on myProperty for notary and buyer.
9. The notary posts the contract on myProperty.

Digitisation of transfers

In particular and according to the plan of the government and the AADE:

Electronic submission of declarations of inheritance and informal donations. No more visits to the tax office to submit the inheritance tax return for both immovable and movable assets.

According to the design electronically will be submitted:
• Declarations concerning any case of imposition of gift tax or parental benefit for the acquisition of real estate or movable property, valuables, sums of money, etc., for which a notarial document is drawn up.
• Late or amending statements.
• Declarations with a request for deferment of taxation.
• Declarations submitted for the drawing up of a donation contract due to death as well as for the correction or renewal of the contract.
• Declarations concerning properties outside the objective system.
• Declarations with movables of any kind or cash, for which the taxpayer provides security or a bank letter of guarantee, in order to confirm the tax in installments.
• Statements regarding amounts of money to the beneficiaries of the B’ and C’ categories.
• Declarations of donation of usufruct, which goes to the petty owner who is already subject to tax for the petty ownership and also acquires the usufruct, for which he is subject to tax for the remaining tithes of the value of the full ownership.

Electronic transfers of real estate facilitates audits and cross-checks of tax authorities to identify cases of taxpayers who:
• They have not declared real estate or have inaccurately declared the data for determining the taxable value of their real estate
• They have avoided showing in their income tax returns the purchase of real estate in order to avoid determining their taxable income based on the presumptions of acquisition of assets and ultimately to conceal income or illegally acquired sums of money, through exemption from the obligation to justify the presumptions, but also avoid having to pay a significant amount of income taxes due to presumptive taxation.
• They have misrepresented the details of the houses they bought in their income tax returns to reduce the amounts of presumptive assets and presumptive living and to avoid paying large amounts of presumptive tax.

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