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📚 Blog
✨ Updated with 2026 Tax Reform (Law 5246/2025) — New brackets, youth discounts & family benefits

📋 Employee Details

€
14 = 12 monthly + Christmas + Easter/Vacation bonus
Affects tax credit (€777 base, increases with children)
Youth discounts: Under 25 pays 0% on first €20K, Ages 26-30 pay 9% on €10K-20K
From 2022
Check if you started working on/after 01.01.2022 or opted into TEKA
📊 2026 Income Tax Brackets
€0 - €10,000 → 9%
€10,001 - €20,000 → 20%
€20,001 - €30,000 → 26%
€30,001 - €40,000 → 34%
€40,001 - €60,000 → 39%
>€60,000 → 44%
💰 Your Take-Home Pay
€1,152
Net Monthly Salary
€16,128
Annual Net
€1,500
Gross Monthly
€21,000
Gross Annual
📊 Summary
Employer Total Cost
€1,827
monthly
Your EFKA
€201
monthly
Your Tax
€148
monthly
Net / Gross Ratio
76.8%
take-home
👤 Employee Deductions (Monthly)
IKA ΜΙΚΤΑ (10.37%) €197
ETEAEP (3%) €57
Total EFKA (13.37%) €254
Pension 6.67% + Health 2.55% + Unemp 1.15%
🏛️ Income Tax (Monthly avg)
Gross Taxable Income €18,207
Tax Before Credit €2,306
Tax Credit -€777
Withholding Tax (monthly) €148
🏢 Employer Contributions (Monthly)
Main Pension (13.33%) €200
Supplementary Pension (3%) €45
Healthcare (4.55%) €68
Unemployment (0.91%) €14
Total Employer (21.79%) €327

Frequently Asked Questions - Tax Calculator

What is the difference between gross and net salary in Greece?
Gross salary is your total earnings before any deductions. Net salary is what you actually receive after EFKA social security contributions (13.37%) and income tax are deducted. In Greece, a €1,500 gross salary typically results in about €1,150 net, depending on your tax bracket and family situation.
What is TEKA and should I opt in?
TEKA (Ταμείο Επικουρικής Κεφαλαιοποιητικής Ασφάλισης) is a new supplementary pension fund that started in 2022. If you began working on or after January 1, 2022, you're automatically enrolled. Existing employees can voluntarily opt in. The 3% contribution goes to a personal investment account rather than the traditional pay-as-you-go system, potentially offering better returns for younger workers.
Why do Greek employees receive 14 salaries per year?
Greek labor law mandates two additional salary payments: the Christmas bonus (paid in December) and the Easter/vacation bonus (split between Easter and summer). Each bonus equals half a month's salary, totaling one extra month. So 12 regular salaries + 2 half-salaries = 14 payments. Some companies opt for 12 or 13 payments by distributing bonuses differently.
How does the tax credit work for families with children?
Greece offers tax credits based on the number of dependent children (2026 reform): €777 for no children (base), €900 for 1 child, €1,120 for 2, €1,340 for 3, €1,580 for 4, €1,780 for 5, and €1,780 + €220 per additional child above 5. However, this credit phases out by €20 for every €1,000 of income above €12,000. High earners may receive little to no credit.
What are the 2026 income tax brackets in Greece?
Greece uses progressive tax brackets for 2026: 9% on income €0-€10,000, 20% on €10,001-€20,000, 26% on €20,001-€30,000, 34% on €30,001-€40,000, 39% on €40,001-€60,000, and 44% on income above €60,000. Youth get special discounts: Under 25 pay 0% on first €20,000, ages 26-30 pay 9% on €10,000-€20,000. Families with 4+ children also get significant rate reductions.

🚗 Car & Loan Details

Lower Rate
€
€
%
Standard personal loan: 10.95% - 14.50%
Max 60 months for loans ≤€6,000 | Max 84 months for €6,001-€40,000

📋 Fees & Registration

Bank Loan Fee €150
Law 128/75 Levy (0.6%/yr) €72
Total Upfront Fees €222
⏱ Estimated Annual Running Costs
Road Tax (Τέλη Κυκλοφορίας) €240
Insurance (estimate) €400
KTEO (every 2 yrs, amortized) €40
Total Annual Costs €680

📊 Your Loan Summary

Loan Amount
€20,000
Monthly Payment
€390
Total Interest
€8,080
Total Repayment
€28,080
Monthly + Running
€447
True Cost vs Price
+€8,302
📋 Piraeus Bank Requirements
  • Max loan: €40,000 | Terms: 6-84 months
  • Age limit: Borrower max 70 years at loan end
  • Documents: ID, tax returns, pay slips, car invoice/offer
  • EV-Loan: Special rates for electric/hybrid (~9.76% APR)

Frequently Asked Questions - Car Loans

What is the Law 128/75 levy on Greek car loans?
The Law 128/75 levy is a mandatory 0.6% annual charge on loans in Greece. This fee goes to the Hellenic Deposit and Investment Guarantee Fund. For a €20,000 loan over 6 years, this adds approximately €720 to your total loan cost. It's calculated on the outstanding principal throughout the loan period.
Are there special rates for electric or hybrid vehicles in Greece?
Yes! Greek banks offer preferential rates for electric and hybrid vehicles. Piraeus Bank's EV-Loan offers around 9.76% APR compared to 10.95%-14.50% for standard car loans. Additionally, electric vehicles are exempt from road tax (Τέλη Κυκλοφορίας), saving €120-€780 annually depending on what conventional car you'd otherwise buy.
What additional costs apply when buying a used car in Greece?
When buying a used car in Greece, expect additional costs: Transfer fee (around €75), new license plates (around €50), and mandatory KTEO inspection (around €80). Used cars also require more frequent KTEO inspections and may have higher insurance premiums. Total extra costs typically range from €125-€300 upfront.
How is road tax (Τέλη Κυκλοφορίας) calculated in Greece?
Greek road tax is based on engine size and CO2 emissions. For cars registered after 2021: Small engines (≤1400cc) pay around €120/year, medium (1400-1800cc) around €240, large (1800-2500cc) around €450, and XL (>2500cc) can pay €780 or more. Electric vehicles are completely exempt. The tax is paid annually through the TaxisNet system.
What documents do I need for a car loan in Greece?
For a car loan in Greece, you typically need: Valid ID/passport, proof of income (last 3 pay slips for employees, or tax returns for self-employed), recent bank statements, AFM (tax number), car invoice or dealer offer, and proof of address. Some banks may require additional documentation based on your employment type and loan amount.

🏠 Property Details

€
m²
€
%
yrs

📋 Fees & Taxes

Transfer Tax (3.09%) €4,913
Notary (~1% + 24% VAT) €1,970
Lawyer (~€1,500) €1,500
Land Registry (0.5%) €795
Total Fees €8,578
📊 Price per m² Comparison
Your Price
€1,988
Market Avg
€2,308
13.9% below market — Good deal!

📊 Your Mortgage Summary

Down Payment
€36,422
Down Payment %
22.9%
Mortgage Amount
€122,578
Monthly Payment
€517
Total Interest
€63,294
Total Paid
€185,872

Frequently Asked Questions - Mortgages

What is the transfer tax (ΦΜΑ) when buying property in Greece?
The transfer tax in Greece is 3.09% of the property value. This is paid to the tax office before the notarial deed is signed. For a €159,000 property, that's approximately €4,913. This tax applies to resale properties; new builds may have different VAT treatment depending on when the building permit was issued.
How much down payment is required for a Greek mortgage?
Greek banks typically require a minimum 20-25% down payment. Some banks may finance up to 80% of the property value for primary residences. The down payment comes from your cash on hand minus all closing costs (transfer tax, notary, lawyer, registry fees). Higher down payments often result in better interest rates.
What fees should I expect when buying property in Greece?
When buying property in Greece, expect these fees: Transfer tax (3.09%), Notary fees (~1% + 24% VAT), Lawyer fees (negotiable, often €900-1,500 flat), Land Registry fees (0.5%), and optionally Broker fees (2% + 24% VAT). Total fees typically add 5-7% to the property price. These must be paid from your cash before calculating your mortgage amount.
What are current mortgage interest rates in Greece (2025-2026)?
As of late 2024, Greek mortgage rates typically range from 3% to 5% for fixed-rate mortgages, and 2.5% to 4% for variable rates (usually Euribor + spread). Rates depend on the loan-to-value ratio, your credit profile, and whether you receive salary through the lending bank. Fixed rates provide payment stability while variable rates start lower but carry interest rate risk.
How does price per square meter vary across Athens neighborhoods?
Athens property prices vary significantly by area (2025-2026 data): South Athens (Glyfada, Voula) is most expensive at €3,800-4,100/m², North Athens (Kifisia, Marousi) at €3,100-3,300/m², Center Athens at €2,200-2,400/m², East Athens at €2,200-2,300/m², West Athens at €1,900-2,200/m², and Piraeus at €2,500-2,600/m². Prices have been rising 10-15% annually in recent years.

📋 Eligibility Criteria - Spiti Mou II

👤 Age
25-50 years old
💰 Income Limits
Single: €25k | Married: €35k
🏠 Property
Max €250k, 150m², pre-2007
⏰ Deadline
Applications close May 2026

🏡 Property Details

€
Max €250,000 for this program
€
Minimum 10% of property value
Effective rate = (Bank rate ÷ 2) since 50% is at 0%
yrs
3 to 30 years

📋 Loan Structure (50/50 Split)

✨ 50% Interest-Free from Recovery Fund (ΤΑΑ)
Interest-Free
€81,000
50% @ 0%
Bank Portion
€81,000
50% @ 4.5%
Total Loan Amount €162,000
Down Payment % 10%
LTV Ratio 90%
Total Interest Paid €41,400
💰 Your Savings vs Regular Mortgage
€92,300

📋 Fees & Taxes

Transfer Tax (3.09%) €5,562
Notary (~1% + 24% VAT) €2,232
Lawyer (~€1,500) €1,500
Land Registry (0.5%) €900
Technical/Legal Checks Bank-set
Total Fees (excl. checks) €10,194
✨ Spiti Mou II Benefits
  • Bank levy waived (εισφορά ν. 128/1975)
  • No early repayment penalties

📊 Your Spiti Mou II Summary

Property Price
€180,000
Down Payment
€18,000
Loan Amount
€162,000
Monthly Payment
€565
Total Interest
€41,400
Total Repayment
€203,400
📈 Comparison: Spiti Mou II vs Regular Mortgage
Regular Monthly
€821
Regular Total
€295,700
Monthly Savings
€256

Frequently Asked Questions - Spiti Mou II

What is Spiti Mou II (Σπίτι μου ΙΙ)?
Spiti Mou II is a Greek government subsidized housing loan where 50% of your loan is interest-free (from the EU Recovery Fund) and 50% is at bank rates. Maximum loan: €190,000. Maximum property value: €250,000.
Which banks participate?
Piraeus Bank (~4.45%), Alpha Bank (~4.21%), Eurobank (~4.31%), and National Bank of Greece (~4.30%). Rates may vary.
Extra benefits for large families?
Yes! Families with 3+ children or 2 children buying in Evros receive an additional 50% interest subsidy on the bank portion.

🧾 Income Details (2026)

€
Total invoiced revenue excluding VAT
€
Rent, utilities, supplies, depreciation etc. (excluding EFKA)
Affects prepayment rate and presumed income

🏦 EFKA Insurance Category 2026

+€45/mo
+€30/mo
€10/mo
💡 Special Category: Only for first 5 years of insurance. Lower contributions but also lower future pension.
💰 Net Annual Income
€18,500
What stays in your pocket
€1,542
Monthly Net
38.3%
Total Deductions
🏥 EFKA Contributions (Annual)
Main Pension €2,167
Healthcare €769
Unemployment (OAED) €120
Total EFKA €3,056
Monthly contribution €255
🏛️ Income Tax
Gross Revenue €30,000
Minus Expenses -€5,000
Minus EFKA -€3,056
Taxable Income €21,944
Tax Amount €3,524
⚠️ No tax-free threshold for freelancers
⏳ Tax Prepayment
Rate 55%
Prepayment Amount €1,938
€5,462
1st Year (Tax + Prep.)
€3,524
Steady State
📊 Tax Brackets 2026
€0 - €10,000 9%
€10,001 - €20,000 20%
€20,001 - €30,000 26%
€30,001 - €40,000 34%
€40,001 - €60,000 39%
>€60,000 44%
⚠️ Warning: Freelancers have NO tax-free threshold. Taxed from the 1st euro. The €777 tax credit only applies to employees.

Frequently Asked Questions - Freelancer Tax

Why don't freelancers get the €777 tax credit that employees receive?
Greek tax law treats freelancers (ελεύθεροι επαγγελματίες) differently from employees. The tax-free threshold and tax credit (€777 base) are designed for salaried workers only. Freelancers are taxed from the first euro of income. This is why freelancers often have a higher effective tax rate despite potentially similar incomes to employees.
What is presumed income (τεκμαρτό εισόδημα) and when does it apply?
Presumed income is a minimum taxable amount the government assigns regardless of your actual profit. After 3 years of activity: €10,920 (years 4-6), €12,012 (years 7-9), €13,213 (10+ years). If your actual taxable income is lower, you're taxed on the presumed amount instead. New freelancers (first 3 years) are exempt from this rule.
How does the 55% tax prepayment work for freelancers?
The tax prepayment (προκαταβολή φόρου) is 55% of your calculated tax, paid in advance for the next year. First-year freelancers pay only 27.5%. This means in your first profitable year, you pay 100% tax plus 27.5% prepayment. In subsequent years, if your income stays stable, the prepayment from last year offsets this year's prepayment, so you effectively pay just your normal tax.
What is the Special EFKA category and who qualifies?
The Special category (Ειδική κατηγορία) offers reduced EFKA contributions (€188/month vs €255+ for regular categories) for freelancers in their first 5 years of insurance. While it saves money short-term, it results in lower future pension benefits. After 5 years, you must move to a regular category (1st-6th). New freelancers should weigh immediate savings against long-term retirement income.
What business expenses can freelancers deduct in Greece?
Deductible expenses include: office rent, utilities (electricity, internet, phone), professional supplies and equipment, vehicle expenses (if business-related), software subscriptions, professional memberships, accounting fees, bank charges, and depreciation on assets. EFKA contributions are also deducted before calculating taxable income. Keep all invoices and receipts—expenses without proper documentation cannot be deducted.

📈 S&P 500 vs Gold Calculator

Your Investment Plan
years
€
€
Progressive contributions (increase over time)
📊 Projection Results
📈 S&P 500 ETF 9.93% net
€0
Kickstart Growth —
Total Contributed €0
Investment Gains €0
Return on Investment 0%
TER Cost (0.07%) -€0
🥇 Gold ETC 7.88% net
€0
Kickstart Growth —
Total Contributed €0
Investment Gains €0
Return on Investment 0%
TER Cost (0.12%) -€0
S&P 500
Gold
S&P 500: €0
Gold: €0
S&P 500 advantage over Gold
+€0

📌 Assumptions: S&P 500 gross return 10%/yr, net 9.93% after 0.07% TER (iShares/Vanguard UCITS). Gold gross return 8%/yr, net 7.88% after 0.12% TER (Physical Gold ETC). Returns are nominal, not inflation-adjusted. Does not include broker fees or taxes. Past performance does not guarantee future results.

⚠️ Disclaimer: This calculator is for informational purposes only and does not constitute financial, tax, or legal advice. Calculations are estimates based on publicly available information and may not reflect your specific situation. Always consult with qualified professionals (accountants, tax advisors, lawyers, bank representatives) before making financial decisions. Rates and regulations may change; verify current information with official sources (AADE, e-EFKA, banks).

Rates last updated: 31 January 2026