Over 10,000 homes could have been put up for sale at reasonable prices through the online auction system, helping to alleviate the country’s homelessness problem. However, they remain trapped in bureaucratic procedures and legal actions, such as dozens of objections filed even after a property has been granted to the interested party or virtual leases by debtors who lose their property. In addition to these, it may take four years to settle irregularities and other outstanding issues with the properties transferred to the funds, so that they can be made available for sale. In the auctions held in 2023 in Attica, the average price was 1,323 euros per square meter.
Authorities have intensified efforts to track down the foreign assets of high-profile tax evaders, targeting individuals living lavishly while owing millions in unpaid taxes.
The Independent Authority for Public Revenue (AADE) is spearheading the operation, with initial results expected later this year.
The plan was presented by AADE chief Giorgos Pitsilis to Economy and Finance Minister Kyriakos Pierrakakis, who underscored the government’s commitment to combating tax evasion through advanced technology and determined enforcement.
Authorities are focusing on uncovering overseas real estate and hidden bank accounts owned by individuals with significant tax debts.
While many of these individuals maintain opulent lifestyles, their declared financial assets in Greece remain minimal.
To facilitate the search, AADE is collaborating with specialized international firms that track concealed wealth. These firms, which have proven successful in similar cases abroad, function as financial investigators, identifying and exposing undeclared properties and assets.
According to sources, AADE has provided these firms with a list of tax debtors – names already publicly disclosed in Greece. Once identified, authorities will work with foreign tax agencies to initiate asset seizures.
Many countries, including Italy, have established agreements for cross-border cooperation, allowing for swift confiscation of Greek tax debtors’ properties found within their jurisdiction.
This crackdown is part of a broader effort to reduce Greece’s overdue tax liabilities, which currently exceed €108 billion. Official data indicate that 9,487 taxpayers owe an average of €8.7 million each, accounting for 77% of all overdue tax debt. While some of these individuals are deceased or bankrupt, authorities are focusing on those who remain active and continue to evade taxes.
During his meeting with Pitsilis, Minister Pierrakakis emphasized that combating tax evasion is a government priority. “The fight against tax evasion is won day by day through a combination of human will and new technology,” he said, highlighting the role of artificial intelligence and Greece’s state-of-the-art tax enforcement center.
The Greek government sees tax evasion not just as lost revenue but as a missed opportunity for national development. By leveraging new tools and international cooperation, authorities aim to close loopholes that have allowed wealthy individuals to shirk their tax responsibilities for years.