10 Greek Tax and Accounting Acronyms Explained: EFKA, IKA and more

Navigating Greek bureaucracy, especially in tax and accounting, can be challenging due to some unfamiliar terms. With our aim of helping expats relocate to Greece seamlessly, we have drafted our own glossary of essential Greek tax and accounting terms to help you understand the system better.

Whether you are a business owner, employee, retiree or investor, knowing these terms is important not only for adapting to a new system, but also for effective financial management. From basic concepts like "Φορολογική Δήλωση" (Tax Declaration) to more complex ones like "Ενιαίος Φόρος Ιδιοκτησίας Ακινήτων" (Real Estate Property Tax), this glossary offers clear and simple definitions to Greek acronyms that are most common in the bureaucratic system of Greece.

By familiarizing yourself with these terms, you can navigate the Greek tax system more confidently.

1. AFM

The first term in this glossary of acronyms is the AFM. Pronounced as 'afimi', this nine-digit number is a Greek Tax Identification Number, used for opening bank accounts, securing property contracts, filing an annual tax declaration, and getting a driving license. Read more on how you can obtain an AFM within 2-3 business days.

2. AMA 

There are two types of AMA numbers.

• The first type is the "Arithmos Mitrou Asfalismenon" (“Αριθμός Μητρώο Ασφαλισμένων”). This number is a national insurance number that grants foreign residents the right work in Greece. The AMA is usually provided by a Greek employer after granting you a formal work contract.
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• The second AMA is the "Αριθμός Μητρώου Ακινήτου" in Greek, also known as a property registry number. This is usually required when owning an appartment and leasing it into an Airbnb or for short-term rental purposes.

3. AMKA 

Unlike the AMA, the AMKA number is a health insurance identification number, mainly used for medical purposes and for doctors to check your health history on their database. The AMKA contains eleven digits, and the numbers correspond to your date of birth. This insurance ID is required when you receive a job offer, book your medical appointment at a hospital or private clinic, or when you pay your social security contributions to EFKA (the national Greek insurance fund) as a business owner.

4. EFKA

As mentioned in the previous paragraph about AMKA, EFKA is the government-based insurance fund in Greece. It is also known as the National Social Security Fund. EFKA provides coverage to both Greek nationals and foreign residents, offering a wide range of benefits such as pensions, healthcare, and unemployment support.

5. ENFIA

The ENFIA, or "Eniaïos Foros Idioktisias Akiniton", is a uniform real estate property tax levied on real estate properties in Greece belonging to individual or any kind of legal entities from the 1st of January each year. This tax applies to real estate rights including full ownership, partial ownership, usage rights, occupancy, and surface rights.

After buying a property, the owner is required to submit a declaration of real estate information (E9 form), so that the issuance of the ENFIA assessment can take place. The ENFIA is calculated based on the location, area, use, age, floor and number of sides of the building.

The supplementary tax for legal entities and individuals is 5.5‰ of the value of their real estate rights. However, if the property is used by the owner for any business activity, the tax rate is reduced to 1‰.

6. Eforia

The Eforia is the local tax office or Internal Revenue Services in Greece. Any individual who is looking to become a resident of Greece or who rents or buys property must apply for an AFM number at the Greek Tax Office there.

7. E.E

An E.E., which stands for "eterorithmi etaireia", or Ετερορρυθμη Εταιρεια in Greek, means limited partnership company (LP). At least two people are needed to establish an LP: one general partner and one limited partner. No initial capital is required, but partners must contribute labor, goods, money, etc. To learn more about how to open an E.E. in Greece, see here.

8. IKE

The IKE, or Idiotiki Kefalaiouxiki Etaireia in Greek, is a type of private limited liability company. First introduced in 2012, it is the most common form of company in Greece, and requires a minimum of one euro of capital. IKE companies can be created by one or more people using a private document through the General Electronic Commercial Registry's (GEMI) "One-Stop Shop". See here.

9. "Forologiki Dilosi"

The "forologiki dilosi" or Φορολογική Δήλωση refers to an annual tax declaration filed at the end of each fiscal year. This is for Greek residents

10. Taxisnet

TaxisNet is a government portal accessed through myaade.gr, which isneeded for performing transactions such as signing leases, contracts and submitting your annual tax declaration. For anyone wishing to become a resident of Greece, they must open an account on TaxisNet. Read here for more details.

Understanding Greek tax and accounting terms is essential for anyone dealing with the Greek bureaucracy, whether for personal or business purposes. This glossary provides clear definitions and explanations of key terms, helping you navigate the complexities of the system with ease and confidence. By familiarizing yourself with these terms, you can ensure compliance, make informed financial decisions, and effectively manage your obligations within the Greek regulatory framework.

For more information about filing your taxes or for a general overview of taxation in Greece, book your complimentary 30-minute consultation call here.

FAQs

What is an AFM number in Greece?

The AFM (pronounced "afimi") is a nine-digit Greek Tax Identification Number used for opening bank accounts, securing property contracts, filing an annual tax declaration, and obtaining a driving license. It is one of the first and most essential numbers any expat or foreign resident needs when relocating to Greece.

What is the difference between AMA and AMKA in Greece?

The AMA is a national insurance number that grants foreign residents the right to work in Greece and is usually provided by a Greek employer after issuing a formal work contract. The AMKA, on the other hand, is a health insurance identification number used for medical purposes, booking hospital appointments, and paying social security contributions to EFKA. It contains eleven digits that correspond to your date of birth.

What is ENFIA and who has to pay it in Greece?

ENFIA (Eniaïos Foros Idioktisias Akiniton) is a uniform real estate property tax levied on properties in Greece belonging to individuals or legal entities from the 1st of January each year. It applies to full ownership, partial ownership, usage rights, occupancy, and surface rights. The tax is calculated based on the location, area, use, age, floor, and number of sides of the building. After purchasing a property, the owner must submit an E9 form so the ENFIA assessment can be issued.

What is the difference between an IKE and an E.E. in Greece?

An IKE (Idiotiki Kefalaiouxiki Etaireia) is a private limited liability company, first introduced in 2012, and is the most common form of company in Greece, requiring a minimum capital of just one euro. An E.E. (Eterorithmi Etaireia) is a limited partnership company that requires at least two people — one general partner and one limited partner — with no minimum capital requirement, though partners must contribute labor, goods, or money.

What is Taxisnet and why do expats in Greece need it?

Taxisnet is a Greek government portal accessed through myaade.gr, used for performing important transactions such as signing leases and contracts, and submitting an annual tax declaration. Anyone wishing to become a resident of Greece must open an account on Taxisnet, as it serves as the central digital platform for all official tax-related activity in the country.