Trying to clear the ‘heir’ in Greece

Today I sat down at my desk today wanting to write something about wills and inheritance tax in Greece – I know I have already chatted about this some while back but it really is important. But within a few short moments my head was reeling with all the various options, restrictions and regulations.

All this to say that if you have property in Greece I cannot stress two points strongly enough: firstly, if you are over 18 and of sound mind (!) you should draw up a Greek will that deals with your property in Greece. And secondly, you will need the assistance of a really good English speaking lawyer who knows and understands property inheritance law in Greece and who will advise you accordingly.

When I tell you that all property inheritance claims have to be made through the courts in Athens you will understand why I stress this. This includes cases where the person leaving the property in their will is neither Greek nor living in the country plus person inheriting the property lives out of the Greece, regardless of their nationality.

A while back, one of my readers approached me with a problem: her husband had died, leaving a property in Greece and no Greek will. She had pursued the matter FOR YEARS with no success…At the time I knew a really good lawyer and I put her in touch with him. She later told me that at last she had sorted the matter out but when I tell you that the matter took five long years you will understand why I am encouraging you to do this sooner rather than later.

Two points are of primary importance: firstly, how much inheritance tax you pay has nothing to do with whether or not you have Greek citizenship. For property located in Greece, the ownership and property rules apply the same to both Greeks and non-Greeks.

Secondly, who inherits what share is determined by the citizenship of the deceased. If the deceased had Greek citizenship (or dual citizenship – Greek and another), then there are certain laws which govern inheritance of property that have to be adhered to. If the deceased was not Greek, then it is the law of his/her citizenship that will determine who inherits what or how much.

If you own property in Greece you would be well advised to get a will drawn up in Greece that relates to your Greek property. You need to make sure that it does not render null and void anything that has been stated in your UK will – if you have one. Again, a really good lawyer would be the person to advise you here.

There are three choices you have in terms of drawing up a will in Greece. The first is the Holographic Will. This is the one that we all know, handwritten by you in your own language and signed. Bear in mind that any and all alterations should be signed – if they are not, they will be disregarded. Ideally it should entrusted to a notary public (simvoleografos) or a lawyer for safekeeping.

The second choice is the Public Will. This is written by a notary public according to your instructions and signed by you. It takes place before the notary public and three witnesses or two notaries and one witness. It will then be read out loud by the notary public, signed by you and then lodged by you or handed a notary public or a lawyer for safekeeping. If you do not speak Greek an interpreter must be present.

The third and final option is the Secret Will which you have written and signed before a notary public and three witnesses or two notaries and one witness. The secret will is not read out by the notary.

Wills may be cancelled or modified at any time and a new will automatically cancels a previous one.

Many Greek parents choose to transfer property rights to their children before their death in order to take advantage of tax-friendly legislation – this is yet another reason to get a lawyer involved and to see if this option would perhaps suit you. In Greece, the gifting of property to children (regardless of their age) by their parents renders it either tax-free or subject to reduced tax costs so this may be an option that is worth pursuing. I hasten to add that the parents retain the rights to the property until they die!

I saw a rather amusing heading to an article I read called ‘The EU is trying to clear the heir’ – so now you can see where I found my blog title this week!

What the European Commission is saying in its 11-page Green Paper that deals with the process regarding succession in cases where there is an international dimension is that the growing mobility of people in an area without internal frontiers (namely the EU) and the increasing frequency of unions between nationals of different member states are a major source of complication in succession to estates. The EU is proposing the creation of central EU-wide register of wills and they also seem to think it may be a good idea to allow the future deceased to choose the law applicable to their succession, with or without the agreement of their heirs – we shall wait and see on this one.

I’m sure your head is reeling with all this - I know mine was – but I think this highlights how very important it is to get a will drawn up in Greece if you own property there, and to have it all clearly explained and laid out from the beginning by an experienced lawyer.

This comes with best wishes and my hopes that all is going well for your property plans.

Carol.
The Overseas Guides Company
http://www.greecebuyingguide.com/