Greece is preparing to tax cryptocurrency profits. According to CoinDesk, citing Reuters, the country’s Ministry of National Economy and Finance is set to publish a draft on Oct. 8 and open it for public consultation. The proposal would impose a 10% capital gains tax on individuals transferring cryptocurrency, while annual net gains of up to €500 would be exempt. The bill is expected to be submitted to parliament in November.
Greek financial media outlet TaxRevenue reported that the consultation period will run until Oct. 22, and the government is aiming to complete a vote in the first week of November.
Gains would be calculated in euros, while crypto-to-crypto swaps stay outside taxation
According to a summary of the draft compiled by Greek tax website Taxheaven, capital gains would be calculated using the euro price at the time of the transaction. In practice, that means the sale price minus the acquisition cost, with expenses directly tied to the trade also included.
If net gains in the same tax year do not exceed €500, no tax would be due. The draft also states that exchanging one cryptocurrency for another would not create taxable income.
Losses could be carried forward for five years, but only to offset future cryptocurrency gains. Income from staking, lending crypto, and providing liquidity would be classified as interest income.
Previously realized gains could be declared within 12 months
The draft gives taxpayers a 12-month window to declare cryptocurrency gains realized in prior years. If the tax is paid on time, no fines or interest would apply.
According to Athens Voice, amounts that are declared would receive tax recognition and could later be used to explain the source of funds when buying assets such as real estate.
Separate rules on inheritance tax and gift tax for cryptocurrency are expected to take effect on Jan. 1, 2027.
Rate would be lower than in Germany, France, and Italy
CoinDesk said the proposed 10% rate would be relatively low among European Union countries. Germany, France, and Italy already have, or are planning, crypto capital gains tax rates of more than 25%.
In Germany’s case, Handelsblatt obtained a Finance Ministry draft in September showing that the country is considering a 25% tax on gains from crypto assets starting in 2027, while also removing the current exemption for holdings kept longer than 12 months.
Reuters also noted that the size of Greece’s local crypto market is difficult to estimate because many Greek investors trade on offshore platforms. Greek officials have not yet provided a revenue estimate for the proposed tax.