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Tax free parental benefit or donation
Date: 06/10/2021 11:03

The amendment entered into force from 01.10.2021 for Tax-Free Parental Allowances or
GiftsNow, the parental provision or donation of any asset or sum of money, which is carried out by bank transfer to Class A beneficiaries, are NOT subject to taxation up to the amount of €800,000.

The tax is calculated over the one-off amount of €800,000 at a rate of ten percent (10%).
We point out that with the previous provisions NO tax-free allowance was provided for monetary donations, while the tax-free amount for assets amounted to €150,000.

Class A Beneficiaries:

a) The spouse
b) The descendants of the first degree (children from a legal marriage, children out of wedlock against the mother, recognized voluntarily or judicially against the father, legitimized by subsequent marriage or judicially against both parents)
c) the descendants by blood of the second degree (grandchildren)
d) first degree blood ascendants (parents)

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