Tax credit for building renovation in Greece
According to the relevant Common Ministerial Decision, those who performed renovation works on buildings are entitled to a tax credit.
Spending on a range of home or business renovations can lead to significant tax deduction for thousands of property owners. According to the relevant Common Ministerial Decision of the Greek Ministry of Finance, 40% of the expenses paid by taxpayers in each year of the period 2020 – 2022 for the operational upgrade of their real estate will be deducted from the income tax debts of the following 4 years after the year of payment of expenses under certain rules and conditions.
The following costs are eligible for tax relief:
- Energy efficiency costs
Installation of thermal insulation.
Replacement of window and door frames, glass and external protective foils.
Installation or upgrade of heating / cooling system as well as the necessary infrastructure and components to make it fully operational.
Installation of automatic control devices for the operation of the heating / cooling system.
Installation of electricity cogeneration system (with energy offset) as well as electrical accumulator systems (batteries) when combined with photovoltaic systems.
Installation of hot water production system using RES (Renewable Energy Sources).
Installation of mechanical ventilation system with heat recovery.
Upgrading the lighting of common areas of an apartment building.
- Functional aesthetic costs
Installation / replacement of plumbing.
Installation / replacement of electrical installation.
Roof maintenance / repair.
Masonry / painting repair inside and outside of the buildings
Installation of fixed or moving shading systems.
Upgrade or install of an elevator.
Installation of household recharging points for electric vehicles.
Replacement or repair of floors.