Greece: As one of Europe’s largest holiday destinations, Greece is announcing new tax deadlines overseeing short-term lets.
Operators have until the end of the week to declare properties being used as short-term rentals, with penalties costing from 5,000 to 30,000 euros.
The government announced its intention to tighten measures against short-term rentals in Autumn, primarily with regards to taxes. Greece had initially set a deadline of November 2019 for tax declaration, with potential fines of €100,000 for non-compliance.
However, though tax body AADE estimates that there are over 80,000 properties in operation, many have not been declared. They are specifically concerned that full regions may have fallen under the radar and remain exempt from taxation.
These stricter measures are coming into place in order to combat the threat of tax evasion. The initial fine of €100,000 is still in place for platforms that do not provide information, with the up to €30,000 fine falling on operators.
Greece has also mandated visitor insurance and additional security requirements for short-term rentals going forward. It rejected potential limitations on owned properties, as well as a cap on rentals over the year.
The majority of targeted rentals are on the island of Crete and in Athens. Many properties in these regions have been reported not fully registered by the government, primarily in Athens.
This news comes amidst concerns that the Greek short-term rental industry is on the way to saturation. Listings on Airbnb and HomeAway rose by 30 per cent over the past year, according to AirDNA, most of which are on the road to professionalisation.