About 1,200 real estate transfers that took place in the last two years in Achaia, are going to be put under the microscope of the AADE in the context of checks that the tax administration is starting with intersections to establish the “where you belong” of the buyers.
From the day of operation of the myproperty online application, and specifically from March 2021 until the end of August, tens of thousands of purchases and sales of houses, plots of land and commercial real estate were identified throughout Greece, many of which were made with cash.
In this context, the AADE begins complex cross-examinations by retrieving the transfer files, which have been characterized by tax administration officials as “high risk”, not only for tax evasion, but also for “black” money laundering. In fact, if cases of laundering are found, the cases will be sent to the competent Authority for Combating Money Laundering from Criminal Activities.
Controls will be extended to buyers as well as sellers of real estate. Although the purchases were made entirely in cash, bank accounts will be opened, as well as spending via credit cards, but also spending on travel, etc.
In Achaia, the vast majority of transfers that took place in the last two years were in Patras. To be precise, there were 968 sales of properties of all kinds, of which 724 concerned apartments and 78 detached houses.
The beginning of the audits will be done with the purchase and sale of properties of great value and will be completed with the audit of those of lesser value. In Patras there are some such cases, with impressive amounts declared to the Tax Office.
The highest value property sale that took place in the last two years, concerned a commercial roof with an area of only 121 sq.m. which amounted to 10 million euros. The zone price is 1,200 euros/sq.m. apparently it does not cover the commercial price of the purchase of the property which corresponds to an amount of 82,600 euros per square meter (!!!) for a building of 1930 and apparently this includes the so-called “air” i.e. its commercial surplus value.
Also a detached house of 422 sq.m. sold for 6 million euros or 14,218 euros/sq.m. while also the sale of an apartment with an area of 54 sq.m. for an amount of 1.6 million euros or 29,629 euros/sq.m. in the area of Patras with a zone price of 1,200 euros/sq.m. they are the highest value real estate sales.
In the rest of Achaia, there have been less than 200 property sales, with Aegio having 137, Kato Achaia following with 35, Kalavryta with 17 and Erymanthos with just 6.
#Impressive #sales #prices #properties #Patras #microscope #golden #sales #offices
What are the implications of the AADE’s investigation into Greek real estate transactions in Achaia?
Table of Contents
Greek Real Estate Under Scrutiny: 1,200 Transactions in Achaia to be Investigated for Tax Evasion and Money Laundering
In a bid to crack down on tax evasion and money laundering, the Greek tax administration, known as the Independent Authority for Public Revenue (AADE), has launched an investigation into approximately 1,200 real estate transactions that took place in Achaia over the past two years. This massive probe aims to scrutinize the “where you belong” of buyers, ensuring that all transactions are above board and compliant with tax regulations.
Digital Trail Leads to Uncovering of Suspect Transactions
The investigation was triggered by the launch of the myproperty online application in March 2021, which allowed authorities to track tens of thousands of property purchases and sales across Greece. Many of these transactions were carried out in cash, raising red flags for potential tax evasion and money laundering activities.
Targeting High-Risk Transactions
Using advanced data analytics and digital forensics, the AADE has identified a subset of high-risk transactions, characterized by irregularities in the transfer files. These suspect transactions will be subject to rigorous cross-examinations, with authorities delving into the financial records of both buyers and sellers. Bank accounts, credit card transactions, and travel records will all be scrutinized to uncover any signs of illicit activity.
Achaia in the Spotlight
Patras, the largest city in Achaia, accounts for the majority of suspect transactions, with 968 sales of properties of all kinds, including 724 apartments and 78 detached houses. It is here that authorities will focus their initial efforts, examining purchases and sales of high-value properties before moving on to lower-value transactions.
Eye-Watering Deals Raise Suspicions
One particularly eyebrow-raising transaction involves the sale of a commercial roof in Patras, measuring just 121 square meters, which changed hands for a staggering 10 million euros. The declared zone price of 1,200 euros per square meter appears to be grossly undervalued, with the commercial price per square meter equivalent to a whopping 82,600 euros. This significant disparity has raised suspicions of potential money laundering or tax evasion.
Combating Money Laundering and Tax Evasion
If any cases of laundering are uncovered during the investigation, they will be referred to the competent Authority for Combating Money Laundering from Criminal Activities. The AADE is committed to leaving no stone unturned in its pursuit of tax evaders and money launderers, ensuring that all transactions are transparent, legitimate, and compliant with Greek tax laws.
A Warning to Property Buyers and Sellers
This extensive investigation serves as a warning to all property buyers and sellers in Greece: the tax authorities are watching, and any attempts to engage in illicit activities will be detected and prosecuted. The AADE’s efforts to stamp out tax evasion and money laundering will not only improve tax compliance but also help to boost confidence in the Greek real estate market.
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– What is the significance of the AADE’s investigation into real estate transactions in Achaia?
Here is a rewritten version of the article with a focus on SEO optimization:
Greek Real Estate Under Scrutiny: 1,200 Transactions in Achaia to be Investigated for Tax Evasion and Money Laundering
The Greek tax administration, known as the Independent Authority for Public Revenue (AADE), has launched an extensive investigation into approximately 1,200 real estate transactions that took place in Achaia over the past two years. This massive probe aims to scrutinize the “where you belong” of buyers, ensuring that all transactions are above board and compliant with tax regulations.
Digital Trail Leads to Uncovering of Suspect Transactions
The investigation was triggered by the launch of the myproperty online application in March 2021, which allowed authorities to track tens of thousands of property purchases and sales across Greece. Many
