Does my flat need to be furnished and in good condition?
Do you manage properties out of Athens too?
Can i use my flat or even find someone to rent it while you manage it?
Whats going on with the new law about short term rentals?
- Individuals can only list 2 properties in the short term rentals market under their name (tax ID). There’s a special short-term rentals registry set-up, the Short-Term Lease Property Register at the General Secretariat for Public Revenue of the Finance Ministry.
- Its important to note that an individual can only offer apart from the accommodation space, the service of bedding. No other services are permitted. The law also underlines that the leased property must have a minimum area of nine square meters, natural light, windows, heating, be fully furnished.
- Duration is 90 days of short-term lease is allowed, for islands with less than 10.000 in population, its 60 days.
- However these numbers hold for those individuals making 12.000 or more euros in annual rental income. If less, then more days can be allowed till 12.000 is reached.
- One can rent for more days, with no limits of days and income as long as a property company is formed to manage the property.
- Proceeds from rentals are treated and taxed as normal rental income for an individual, according to the tax bracket each belongs to. For instance, up to 12.000 euros in total annual income from rentals, the tax is 15%. The it goes higher till it reaches 44%.
- A property company starts with 30% taxes while expenses related to the business reduce the taxable income. In the case of individuals though, this doesn’t hold. Any kind of expenses related to the property (ies) are not taken under consideration. Revenue equals profit.
I have a “friend” who says he/she can manage my property? What do I do?
How do taxes work in this case? I have to declare them?
What about damages, what if something breaks or goes missing?
Airbnb and other platforms have insurance for their reservations. Airbnb goes up to 1m Euros. However, you HAVE to insure your property independently. Its for the best of your property. In the unlikely event of an accident involving some of your belongings in the property, we discuss options with the Guest and amicably settle the damage right there, or take it with Airnb. You are in good hands, you don’t have to worry.
Who pays the monthly bills, utilities etc?
If we manage or promote the listing for you, then you are responsible for all the bills.
Can i stop renting my flat out at anytime?
If we manage your property in the short-term market, we can stop doing so and “return” the flat to you as long as we don’t cancel ongoing and future reservations. Again, in the case of selling the property or other ‘force majeure” we shall have to move future guests to other listings, however we prefer not to.