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Potential Trend in Home Taxes for Cash Strapped Countries

Blog by | April 11th, 2013

It will be interesting to see if this becomes the trend for cash strapped countries:

The Greek government - which has had historic trouble collecting tax from its own citizens - now plans to slap a tax on any Greek living in another country that still owns real estate in Greece.

Greece's deputy foreign minister, Konstantinos Tsiaras, says Greeks living abroad would pay a higher rate of tax on property owned in Greece and on any rental income or potential income as part of Greece's tough austerity measures. The new tax law required that anyone who owns property in Greece be forced to pay an annual tax levy of EUR 1,000 to EUR 1,500 a year. (This is about $1,300 to $2,000 Canadian.)