Greece’s Short-term Rental Owners Must Update Tax Data by End of February

Photo source: AirDNA

Owners and managers of short-term rental properties in Greece must update their financial data for 2024 on the Short-Term Rentals Registry of the Independent Authority for Public Revenue (AADE) by the end of February 2025.

The reported financial data will serve as the basis for tax calculations for the year, and the Greek tax authorities will use this information to determine tax obligations.

Key requirements for short-term rental operators

Individuals involved in short-term rentals must:

– Review and verify their 2024 revenue data, ensuring all figures are accurate.
– Correct any discrepancies, such as previously declared income that was not actually received.

According to AADE, failure to finalize and correct the submitted data by the deadline may result in property owners being taxed on the full amount of reported income, even if they never received it.

Until the end of February, property owners can make specific modifications — such as updating revenue recipients or adjusting income-sharing percentages — without incurring fines, provided that the Property Registration Number (AMA) remains unchanged.

Once finalized, tax authorities will use the submitted data to calculate income tax obligations and conduct further audits to identify potential tax evasion within the short-term rental sector.

Tax inspections to begin in March

Photo source: Airbnb

Starting in March 2025, the Greek tax authorities will launch inspections and cross-checking procedures to identify undeclared revenues. Authorities will receive direct revenue data from platforms such as Airbnb, Booking.com, and VRBO, ensuring compliance with tax regulations.

In addition to detecting tax evasion, inspectors will verify:

– Proper registration of properties in the Short-Term Rentals Registry.
– Correct use of mandatory identification numbers, including the Property Registration Number (AMA), the Special Operation Signage (ESL), and the Unique Recognition Number (MAG).

Property owners who fail to provide sufficient explanations for missing or inaccurate data will face additional taxes and fines. Authorities will also cross-check declared revenues against credit card transactions and bank deposits to detect discrepancies.

Fines for non-compliance

Tax violations in the short-term rental market will result in significant penalties:

– Failure to register a property in the Short-Term Rentals Registry will result in a fine equal to 50 percent of the property’s gross annual revenue for the year of the violation, with a minimum penalty of 5,000 euros.
If the violation is repeated within 12 months, the fine will double while continued violations will result in the fine quadrupling each time.
– Failure to report or inaccurate reporting of rental income will result in a fine equal to twice the declared rental amount on the platform.
– Late reporting of accommodation periods will incur a 100-euro fine.

According to AADE, Greek tax authorities received 2.2 million initial revenue declarations for short-term rentals in 2024, with taxpayers reporting 870 million euros in revenues — a 16 percent increase from 750 million euros in 2023.