Greece Bans Cash Purchases of Real Estate

The new bill that became effective on January 1, 2024 provides for the invalidation of real estate sale and purchase agreements involving unverifiable cash payments.

The new regulation is aimed at combating tax evasion and money laundering where cash generated through criminal activities is used to buy assets, the Finance Ministry said. Real estate buyers using cash will be penalized with a fine ranging from €10,000 to €500,000 and the deals will be annulled. 

Source: thenationalherald.com.