Inheritance tax exemption on joint accounts held abroad
The exemption from the inheritance tax of the joint accounts located abroad is provided by the provision of law L. 4916/2022 that was recently passed by the Parliament. The tax exemption includes all cash deposits and investment products held in them. Now, with the implementation of the relevant legislation, our country is harmonized with the European Community law on the freedom of movement of capital both between the E.U Member States and between the E.U Member States and third countries.
It should be reminded that according to the legislation in force until today, the exemption of joint accounts held in Greece from inheritance tax, concerned only the accounts kept in the country and not those abroad, which were taxed with rates from 1 to 10% for amounts over 150,000 euro.
It is important to note that the new provision will not apply to cash deposits and accounts held in non-taxable countries and in jurisdictions that have not concluded and are not implementing a tax agreement with Greece or have not signed and implemented the automatic exchange of information applicable under OECD.