Taxation of inheritance and gifts
Inheritance and gifts are subject to tax collected by the state.
Shares of inheritance worth €20,000 or more are subject to inheritance tax. Estate value and family relationships determine the level of the inheritance tax in accordance with tax brackets and the inheritance tax schedule. The current value of the estate's assets is determined at the date of death. Reasonable funeral expenses, estate inventory costs and debts incurred by the estate can be deducted from the total value of the estate.
Inheritance tax is collected based on the estate inventory or a separate tax return. In addition to the state, municipalities and joint municipal authorities, parishes, educational institutions and non-profit associations are amongst the institutions that are exempt from inheritance tax.
Gifts worth €5,000 or more are subject to gift tax. This also applies to gifts with a total worth of €5,000 or more, received from the same donor within a period of three years.
The recipient of a gift or advancement must file a tax return within three months of receiving the gift.
The value of the gift is determined by its current value at the date of donation. The value of the gift and family relationships determine the level of gift tax in accordance with tax brackets and the gift tax schedule.