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How the Greek tax office will seize your home if you have debts

Are you one of the residents of this debt-ridden country who cannot pay his debts to the state? Greek Finance Ministry got an idea how to make it possible that you will pay your debts to the tax office and/or social insurance funds and avoid prosecution and imprisonment. The new Greek innovative scheme “Get rid of your debt without money” has a devil’s detail though:  the broke taxpayer will have to transfer to the state the properties they own.

“No problem and it seems fair,” one will comment.

But the tricky Greek devil is always hidden in detail.

According to the legislation expected to come to Parliament for vote in the very near future, those who are unable to pay their debts with cash will have the following options :

1. To transfer the full ownership of the property to a third party with simultaneous assignment of the payment (debt) claim or part of it to the Greek state.  In this way the debt will passed to the new owner who will be the solely responsible for the repayment of debts the previous owner owed to the State.

2. To transfer the full ownership of the property -of at least value equal to the debt amount -directly to the Greek state.

But what will happen if the debt is lower than the property value? The Greek State will ‘cash’ the debt and keep the rest.

BTW: I can reckon that Samaras’ threat to voters before May & June 2012 elections was “If the communists [SYRIZA] will come to power they will seize your homes”….

PS and here comes the Greek state demanding the “emergency property taxes” and the income taxes based on ‘deemed’ – i.e. fictuous income – and wants to seize your overtaxed property. At the same time those who brought the country and its citizens to this bankruptcy level are still walking free among us. HA!

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