Crypto and ETF taxation in Greece: a guide for investors
Cryptocurrencies and ETFs often end up in the same portfolio, but in Greece they are taxed under completely different rules. For crypto, Greece has finally got a dedicated law, passed on November 5, 2026. For ETFs, the provisions for securities and mutual funds apply. In this guide we put the two side by side, so you know what you pay in each case.
Crypto: the new law
From January 1, 2027, crypto gains are taxed at 10%, with a tax-free allowance of up to €500 in net gains a year. Until now, without a specific provision, the prevailing view was that the 15% capital gains tax of Article 42 of the Income Tax Code (KFE) applied. The key rules:
- Taxable: selling for euros, paying for goods or services with crypto, and contributing crypto to a company.
- Not taxable: holding crypto, or swapping one crypto for another or for a stablecoin.
- The cost basis is the average acquisition price of each coin, including fees. If it can’t be proven, it is treated as zero.
- The tax-free amount is a threshold, not a deduction: with a €501 gain, the whole amount is taxed.
- Staking and lending are taxed like interest, at 15%.
- A net loss above €500 can be carried forward for the next 5 years, only against crypto gains.
- For sales before 2027 there is a voluntary declaration at 10%, with no penalties, within 12 months of the law taking effect.
All the details, with examples, are in our guide to crypto taxation.
Example
| Bitcoin purchase (2025) | €10,000 |
| Bitcoin sale (2027) | €15,000 |
| Gain | €5,000 |
| Tax under the new law (10%) | €500 |
| Under the old 15% approach | €750 |
The same €5,000 gain from a sale in 2026 is not taxed under the new rules. It can, however, be declared voluntarily at 10%, so that it can be used to justify your deemed-income presumptions (“tekmiria”).
With crypto, the tax comes when you cash out to euros. Until then, whatever you swap between coins, you owe nothing.
Bitcoin ETFs and ETNs
Products that track the price of bitcoin and trade on stock exchanges (ETFs in the US, ETNs and ETPs in Europe) are not crypto-assets. They are financial instruments, so their gains don’t follow the new crypto law but the securities rules described below. The treatment depends on the product’s structure and its country, so it’s a good idea to check with an accountant before you buy.
ETFs: the rules
ETFs are funds that trade on the stock exchange like shares. They offer cheap diversification across entire markets, such as the 500 largest US companies. But diversification depends on what the ETFs hold, not on their names: in a comparison of 35 popular ETF pairs, SPY, VOO and IVV share more than 99.6% of their holdings.
Gains from selling
Most ETFs bought by European investors are UCITS, i.e. European mutual funds. Capital gains from selling mutual fund units are exempt from tax under Article 103 of Law 4099/2012, and the prevailing view is that this also covers UCITS ETFs. That doesn’t mean they go undeclared: the sale proceeds are entered on your tax return and help justify purchases and deemed-income presumptions.
For non-EU ETFs, such as US ones, the picture is less clear. Their treatment depends on each product’s legal form, so an accountant needs to check it. Besides, most European brokers don’t sell them to retail investors, because of the investor disclosure rules (PRIIPs).
Dividends
ETFs that pay out dividends (distributing) are taxed in Greece at 5%, like dividends from shares. If tax has already been withheld abroad, it is credited up to the amount of the Greek tax, under the double taxation treaties. ETFs that reinvest dividends (accumulating) don’t pay you a dividend, so there is no tax until you sell.
Crypto and ETFs side by side
| Crypto | UCITS ETFs | |
|---|---|---|
| Gains from selling | 10% from 2027, tax-free up to €500 | Exempt, according to the prevailing view |
| Income | Staking, lending: 15% | Dividends: 5% |
| Losses | Above €500, for 5 years, only against crypto | Irrelevant, since gains are exempt |
| Reporting to the tax authority | DAC8, from 2026 transactions | CRS, already in force |
The tax return
The Greek tax authority receives data on both. Foreign banks and brokers have been reporting accounts and income through the CRS for years. EU crypto exchanges report transactions from 2026, under the DAC8 directive. The first submission is due by September 30, 2027.
For crypto, the new codes on Form E1 haven’t been released yet. They will be set by a decision of AADE (Greece’s Independent Authority for Public Revenue), and we’ll update this guide as soon as they are published. Until then:
- Keep the statements from every exchange and every broker, for all years.
- Calculate the average acquisition price for each cryptocurrency.
- Note the dividends from your ETFs and the tax withheld abroad.
- Ask an accountant about anything that isn’t UCITS or about crypto sales before 2027.
For crypto, the free crypto tax calculator works out the average acquisition price, the gain and the tax for each year from your transactions.
This guide was updated on November 7, 2026, after the crypto law was passed, and is not tax advice. For your tax return, consult an accountant.