Introduction
As cryptocurrency adoption grows worldwide, Greece has seen an increasing number of investors and businesses engaging with digital assets. However, understanding the tax implications of crypto transactions remains a challenge due to the lack of a dedicated regulatory framework. While Greece has not yet introduced specific tax laws for cryptocurrencies, existing tax provisions and EU regulations may apply. This guide provides an overview of crypto taxation in Greece, relevant tax rates, and potential tax incentives that could impact crypto traders and businesses.
Current Regulatory Landscape
Greece does not have a dedicated tax framework for cryptocurrencies, meaning that investors and businesses must rely on existing tax laws to determine their obligations. Despite the lack of direct regulations, Greece aligns itself with several EU initiatives, including the Directive on Administrative Cooperation (DAC8), which mandates crypto-asset service providers to report transactions involving EU residents. Additionally, the OECD’s Crypto-Asset Reporting Framework (CARF) aims to streamline crypto-tax reporting and facilitate the exchange of financial data among tax authorities. Furthermore, the Markets in Crypto-Assets (MiCA) Regulation provides legal clarity for crypto-related businesses operating in the EU, potentially shaping future taxation policies in Greece.
Tax Authorities and Responsibilities
In Greece, the Independent Public Revenues Authority (IPRA) oversees tax enforcement, ensuring compliance with national and EU tax regulations. The IPRA is responsible for applying national, EU, and international tax laws, as well as collecting and administering taxes within Greece. Greek residents and businesses engaged in crypto transactions must maintain accurate records and fulfill their tax obligations.
Additionally, the financial year in Greece is tied to the calendar year and cannot exceed 12 months. This means that businesses must align their tax reporting with the standard taxation period.
Taxation of Cryptocurrency Transactions
Currently, Greece has not issued explicit tax guidance on cryptocurrency transactions. However, the classification of crypto-related income depends on the nature of the transaction. Cryptocurrency earnings may be taxed under capital gains tax if classified as an investment, under personal income tax if considered regular income, or under corporate income tax if earned through a registered business.
Capital Gains Tax
Individuals: Crypto transactions that result in capital gains are taxed at a flat rate of 15%.
Businesses: Crypto-related capital gains are taxed at the corporate income tax rate of 22%.
The sale of listed and unlisted shares is subject to a 15% capital gains tax. However, gains from selling shares in an EU subsidiary are tax-exempt if ownership exceeds 10% and the shares are held for at least two years.
A 2% transfer duty is also applied to gross gains from the sale of listed shares.
Due to uncertainty in classification, crypto investors and businesses are advised to maintain detailed records of their transactions, including purchase and sale dates, transaction values, and any associated costs.
Personal Income Tax Rates in Greece
Personal income tax in Greece follows a progressive system, meaning that crypto-related earnings (if classified as income) would be subject to the following tax brackets:
€0 – €10,000: 9%
€10,001 – €20,000: 22%
€20,001 – €30,000: 28%
€30,001 – €40,000: 36%
Above €40,001: 44%
Corporate Income Tax for Crypto Businesses
Crypto businesses registered in Greece are subject to a 22% corporate income tax if classified as tax-resident entities. Tax residency is determined based on factors such as the company’s establishment under Greek law, the presence of a statutory seat in Greece, and effective management taking place within the country. Non-resident companies, however, are only taxed on Greek-sourced income, impacting international crypto firms operating in Greece.
Corporate Tax Filing and Revisions
Most Greek companies must file their tax returns electronically by the last day of the 6th month following the end of the tax year. Businesses can revise tax returns by either paying the difference in tax or requesting a refund if an excess amount was paid. Corrective tax assessment acts are also allowed in specific circumstances.
Value-Added Tax (VAT) on Crypto Transactions
In Greece, the standard VAT rate of 24% applies to most goods and services, including those related to crypto. Crypto entities must register for VAT before commencing any taxable activities. Additionally, non-EU businesses operating in Greece must appoint a local tax representative to manage their VAT obligations. However, certain crypto activities, such as mining and crypto-to-fiat exchanges, are exempt from VAT based on rulings by the Court of Justice of the European Union (CJEU).
Tax Incentives and Benefits
The Greek government has introduced various tax incentives that could impact businesses operating in the cryptocurrency sector. Recent reforms outlined in the Greek Ministry of Finance tax bill include:
Corporate Income Tax Reductions: Lower tax rates benefiting crypto-related businesses and blockchain startups.
Research & Development (R&D) Tax Deductions: Companies investing in innovative technologies, including blockchain and crypto applications, may qualify for a 130% super deduction on R&D expenses.
Tax-Free Patent Income: Any income generated from a patent acknowledged worldwide is tax-free for the first three years after utilization.
Fast Track Law for High-Tech Businesses: Special accelerated licensing and permitting procedures, access to special spatial provisions, and a 10-year EU residence permit for high-tech and innovative businesses.
Employment Incentives: Crypto companies employing unmarried individuals over 25 years old may be eligible for a 50% increase in tax deductibility, up to 14 times the minimum wage per employee.
Withholding Tax and Payroll Taxes
In Greece, the withholding tax rates are as follows: interest paid to both residents and non-residents is taxed at 15%, dividends paid to non-residents are taxed at 5%, and royalties paid to individual residents and non-residents are taxed at 20%. Fees for consultancy, management, and technical services provided to non-EU businesses are also subject to a 20% tax. Additionally, payroll taxes require employers to deduct personal income tax and pay Social Security contributions, which are 22.29% for employers and 13.87% for employees.
Digital Transformation and Crypto Adoption
The Greek government has emphasized digital transformation, encouraging businesses to adopt digital transactions. This push aligns with the growing presence of cryptocurrencies in financial markets and could pave the way for a more structured approach to crypto taxation in the future.
International Considerations
Greece has signed nearly 60 double taxation agreements (DTAs) with other countries, preventing individuals and businesses from being taxed twice on the same income. These agreements may be beneficial for international crypto investors and companies operating across multiple jurisdictions.
Conclusion
Although Greece lacks a clear regulatory framework for cryptocurrency taxation, existing tax laws and EU directives suggest that crypto-related earnings should be declared appropriately. As the legal landscape evolves, new regulations may emerge to address the taxation of digital assets in 2025 and beyond. Investors and businesses should stay informed about potential changes and seek professional advice for compliance. With tax incentives and digital transformation initiatives in place, Greece may see further developments in its approach to cryptocurrency taxation in the near future.
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Georg Brameshuber is an Austrian tax expert, legal scholar, and entrepreneur specializing in crypto taxation, regulation, and wealth management. As the co-founder of Validvent, he leads the Validvent team, delivering crypto tax accounting, strategic advisory services, and crypto wealth management.
Previously, Georg worked in audit and financial compliance at KPMG Austria and ERBER Group, specializing in risk management, regulatory compliance, and corporate governance for multinational firms.
Beyond his corporate roles, Georg has significantly contributed to blockchain policy and regulation, holding Board positions at Blockchain for Europe (BC4EU), the Digital Asset Association Austria (DAAA) and the European Crypto Initiative (EUCI).
Georg is also active in academia and is a thought leader in the blockchain space. He is regularly speaking at conferences and has taught at institutions. Previously held a teaching and research position in law at the University of Vienna (equivalent to Assistant Professor in the U.S.).