Acceptance of inheritance in Greece: Legislation and procedures, considerations

The process of accepting an inheritance in Greece requires the completion of necessary legal and administrative steps before you can obtain ownership of the inheritance you are entitled to. The right to inherit may be based on the will of the deceased or on inheritance law if no will exists. Greek legislation applies to all assets located in Greece, as well as to movable assets located outside of Greece, so several legal procedures must be considered before accepting an inheritance.

First of all, it is necessary to ensure that you want to accept the inheritance. The inheritance may include debts, or you may wish to transfer your share to another family member. If you want, you can refuse the inheritance. This all must be done within certain deadlines. If the deceased passed away in Greece and the heir also resides in Greece, the deadline for confirming the will is four months from the date of death. On the other hand, if the deceased died abroad or the heir also lives abroad, the confirmation period extends to twelve months. During this time, certain actions must be taken, and if the will is not rejected, it is considered that the heir has accepted the inheritance. If the heir accepts the inheritance, they will need a death certificate. In cases where the deceased did not reside in Greece or was not a Greek citizen, the law requires determining whether the deceased was a Greek citizen. If the deceased was a citizen living outside of Greece, their death must be registered at the Greek Consulate closest to the place of death. Greek law will accept the original foreign death certificate, certified with an apostille and confirmed by a notary at the Greek consulate. Another important document is the certificate of close kinship. It is issued in Greece if the deceased was a Greek citizen. Otherwise, two certified statements are usually required, indicating the full names of the closest relatives of the deceased - children, spouses, siblings, and children of deceased siblings. Then it is necessary to find out whether a will exists or not. If a will is found and it is confirmed in another country, or if Greek law knows who the notary in Greece is or where it is located, it must be confirmed in Greece, and in the case of a written will, the law will follow its terms.

Greek lawyers must read the will before submitting it for probate in Greece to assess its applicability and potential legal consequences. The assets of the estate in Greece are a significant issue to consider. They need to be located, identified, counted, described, and registered with tax authorities, notaries, and cadastres if they are real estate assets. A copy of the title deed will be required for a house, apartment, or plot of land. In the absence of such a copy, the lawyer will obtain and verify a certified copy of the document under which the deceased owned the asset in the local cadastre, where a search will be conducted under the name of the deceased.

Finally, if the heir resides outside of Greece, they will not be able to complete the inheritance process within a few days or weeks in Greece. The process takes several months, and the heir needs to accompany their lawyer to courts, notary offices, tax authorities, and other institutions. If they cannot do this, they must provide a power of attorney to allow their lawyer to act on their behalf. This way, they will be free to return to their country, leaving the lawyer to work in Greece. The heir is not even required to come to Greece. They can sign a power of attorney at the Greek Consulate or with a local notary with an apostille and send it to their lawyer in Greece.

Tax implications and inheritance legislation in Greece. All inheritances related to deceased individuals who passed away before the end of 2008 do not require heirs to pay any inheritance taxes to the Greek state. However, even if the deceased died in 2009 or later, the inheritance tax in Greece is either non-existent or very low. Children and the spouse/partner of the deceased do not pay inheritance tax if their share is worth up to 150,000 euros. This means that if two children inherit an estate worth 290,000 euros, they inherit equal shares and do not pay inheritance tax, provided they declare the inheritance to the tax office within four to twelve months after the death or the will's certification. Even for shares worth more than 150,000 euros, each heir will only have to pay an inheritance tax of one percent (1 percent) for shares worth up to 300,000 euros (that is, 1 percent or a maximum of 1,500 euros for the portion from 150,000 to 300,000 euros). Siblings or children of deceased siblings have lower tax exemption thresholds. However, they also will not pay tax or will pay a relatively low inheritance tax. In most cases, it is worth claiming the inheritance, as the tax liabilities on real estate and other obligations usually amount to a small percentage of the actual market value of the inherited assets. The above is a general introduction to accepting inheritance in Greece. Each specific case has its own nuances. The heir should first consult with a lawyer in Greece to explore the law and process in each particular situation, and then make an informed decision about further actions. Christos Iliopoulos is a lawyer at the Supreme Court of Greece, Master of Laws. Contact: [email protected]