Calculate your net return from a Greek mutual fund (UCITS/AIFM) after annual fees and tax on redemption. Models lump-sum and regular investment over time.
Enter your investment amount, annual return, management fee, and horizon to see projected fund value and net return after fees and Greek tax.
Net value after tax at redemption
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Gross fund value before tax
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Capital gains tax (15%)
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Total invested
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Net gain after fees and tax
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Your breakdown
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How mutual fund taxation works in Greece
Greek UCITS funds are supervised by the Hellenic Capital Market Commission (HCMC) under Law 4099/2012. They are pass-through vehicles for investors: gains grow within the fund without annual tax. Upon redemption, investors owe 15% flat tax on the total gain (units sold times (redemption price minus acquisition price)).
Example calculation
An investor puts 10,000 EUR into a Greek equity fund and adds 200 EUR/month for 20 years. At a 7% gross return and 1.5% fee (net 5.5%), the fund grows to approximately 100,000 EUR. Total invested: 58,000 EUR. Gain: 42,000 EUR. Tax at 15%: 6,300 EUR. Net at redemption: 93,700 EUR.
Tips and considerations
Keep your cost basis records. The taxable gain is redemption proceeds minus original purchase cost. If you made multiple purchases at different prices, the average cost method or FIFO can affect your tax calculation. Consult your fund manager or tax advisor for the cost-basis method applicable to your specific fund.
Frequently asked questions
How are mutual fund gains taxed in Greece?
Greek resident investors who redeem units of a Greek or EU-domiciled UCITS fund are subject to a 15% flat capital gains tax on the gain (selling price minus cost basis) at the point of redemption, under Article 42 of Law 4172/2013. The fund itself does not pay tax on internal capital gains or dividends. Tax is due only when you redeem (sell) your units. If you reinvest into the same or another fund without cashing out, no tax event occurs. Losses from fund redemptions can offset gains from other capital assets in the same year.
What management fees do Greek mutual funds charge?
Greek UCITS funds (Amoivaia Kefalaia) regulated by the Hellenic Capital Market Commission (HCMC) typically charge annual management fees of 0.5% to 2.5% depending on asset class. Bond and money-market funds are at the lower end, while actively managed equity funds are at the higher end. In addition to the management fee, most funds charge a custodian fee of 0.1% to 0.3% and sometimes an entry or exit load. Index-tracking and ETF-like products generally have lower total costs. Always check the Key Investor Information Document (KIID) for the exact Ongoing Charges Figure (OCF).
Should I invest in a Greek fund or an EU-domiciled ETF?
Both Greek UCITS funds and EU-domiciled ETFs (e.g. Ireland or Luxembourg-domiciled) held through a Greek brokerage are accessible to Greek residents. EU ETFs are often lower cost (0.07% to 0.20% for broad index ETFs) compared to actively managed Greek funds. Both are subject to the same 15% Greek capital gains tax on redemption. For Greek residents, the choice comes down mainly to cost (favor ETFs), and whether you want active management for a premium. Greek funds are more familiar to local advisors and banks, but EU ETFs are often superior on a cost-adjusted basis.
How does the 15% mutual fund tax compare to other Greek investment taxes?
The 15% tax on mutual fund gains is higher than the 5% dividend withholding on Greek shares but consistent with the 15% interest withholding on deposits and bonds. It is also lower than the top income tax rate of 44%. For long-term investors, the fact that the 15% only applies at redemption (not annually) creates a tax-deferral advantage. A fund held for 20 years compounds on pre-tax gains until you sell, then owes 15% on the full gain. This makes buy-and-hold fund investing more tax-efficient than it might appear from the headline rate.