Greek Parliament Passes 10% Tax on Crypto Gains, Below Initial Proposal

On Thursday, Greece's parliament approved legislation establishing a 10% capital gains tax on digital currencies, marking the nation's first comprehensive regulatory framework for crypto taxation.

Under the bill, annual cryptocurrency capital gains up to €500 ($563) are tax-exempt. For Greek bitcoin investors, this exemption provides a modest relief but does not shield larger holdings.

"Further implementation directives will be published in the coming weeks, which will also define transparency and audit rules," a senior finance ministry official stated to Reuters.

A preliminary draft released in October had proposed a 15% rate. The final version approved by lawmakers is five percentage points lower, while maintaining the €500 annual exemption included in the earlier proposal.

What the levy covers for bitcoin holders

According to Greek media reports on the finance ministry bill, the tax takes effect on Jan. 1, 2027. It applies to net gains—the difference between purchase price and sale price—rather than total proceeds. Transaction fees and related expenses may be deducted in the calculation.

Taxable events are not confined to selling crypto for euros. Using digital currency to purchase goods or services, or contributing it to corporate capital, also triggers a taxable gain under the new law. This is relevant for Greek users who pay merchants directly in bitcoin instead of converting to fiat first.

Mere appreciation in euro value of held bitcoin does not constitute a taxable event. According to explanatory notes with the bill, crypto-to-crypto swaps (e.g., exchanging bitcoin for another token) are non-taxable, similar to France's policy of not taxing each coin-to-coin transaction.

Net annual gains up to €500 are exempt. Greek analyses indicate that when net gains exceed that threshold, the 10% rate applies to the entire net gain for the year, not just the amount above €500. Losses above €500 in a given year can be carried forward for up to five years and offset solely against future crypto capital gains.

From 2027, crypto purchases will fall under Greece's existing "source of funds" checks, requiring buyers to demonstrate that the euros used to buy bitcoin or other tokens originate from declared income or lawful capital. This does not impose an additional purchase tax but expands the audit trail for funding sources.

An EU patchwork, not a single rate

EU member states lack a harmonized tax regime for cryptocurrencies. According to the finance ministry official, rates on digital asset gains across the bloc generally range from around 8% to 30%, applied as capital gains taxes. Greece's 10% rate is on the lower end, below France's frequently referenced 30% and above Cyprus's 8%.

Elsewhere in the EU, the landscape is evolving. The Netherlands is transitioning to a realized capital gains tax starting in 2028, while Germany and Portugal continue to exempt crypto held for more than one year. Since January, the EU's DAC8 reporting rules mandate that crypto platforms submit user and transaction data to national tax authorities—a mechanism Greece has already incorporated into domestic legislation.

The official said it is not possible to estimate state revenue from the new tax, as most investors operate on foreign platforms, making the size of Greece's crypto market difficult to gauge.

For bitcoin investors who trade on overseas exchanges, this gap poses the real challenge. With the rate now enshrined in law, the key issue is whether Greek authorities can enforce the 10% tax by obtaining reliable cost-basis data from foreign platforms—a question the forthcoming directives will need to address.