Starting from April 1, 2026, Greece will switch to cashless rental of real estate

From April 1, 2026 in Greece has new rules for paying for real estate rentals: all payments must be made only by bank transfer to the owners' accounts, which will have a positive impact on market transparency and tax revenue control.

Why Greece introduces cashless payment

Previously, many tenants and homeowners preferred cash payments. This often led to the fact that the actual rental prices were twice as high as the officially stated ones. The new rules are aimed at eliminating "gray" schemes and increasing the transparency of the rental market.

Basic rent payment requirements

1. Transfers only to the owner's IBAN – the account must be registered in the tax service system AADE.
2. Third–party accounts are prohibited - relatives, lawyers, trustees, or management companies can no longer receive payments to be recognized as tax expenses.
3. Co–owners of real estate - each owner is required to register their own separate IBAN for correct accounting of income.

Consequences of non-compliance

• Landlords – loss of the standard tax deduction of 5% of rental income.
• Tenants – inability to receive housing subsidies, including annual compensation of up to €800.
• Business – when renting commercial premises outside the banking system, the company will not be able to account for payments as expenses. For example, rent €700/month. leaving the cashless scheme will result in a loss of up to €8,400 deductible expenses per year.

Advantages of the new system

The government believes that mandatory bank transfers will help:

• automatically compare declared income with actual banking transactions;
• reduce the "gray" practice of cash payments;
• improve market transparency rental of housing and commercial premises.