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Changes to the Greek golden visa scheme

Significant changes in the status of the investor residence permit for third country citizens, also known as the "Golden Visa", as regulated in Article 20 of the Code of Immigration and Social Integration (Law 4251/2014) and concerns the granting of residence permits to third country citizens who themselves as natural persons or through a legal entity based in Greece or another EU member state, either they own real estate in Greece in full ownership and possession, or they have concluded a long-term contract of complex tourist accommodation or a contract of timeshare rental of tourist accommodation, or they are adults...

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Special tax on real estate the treatment of the existence of a trust in the structure

Greek Special Real Estate Tax (SRET):  the implications of a trust in the structure Conceptual elements of the institution of foreign trust - Imposition of Special Real Estate Tax A trust - an institution originating in Anglo-Saxon law - is a special regime for the administration and liquidation of property, which lacks legal personality and is created either by declaration of the owner of the property or by transfer of the property, either during life or by will. The settlor (settlor or trustor) enters into a settlement agreement with the trustee and transfers assets to the trustee, which the trustee manages for...

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Directors and other employees of special responsibility and trust who are exempt from working time rules

(Interpretative circular No of 3202/14.01.2022 Ministry of Labour and Social Affairs ) 1) Within the meaning of Article 2(a) of the Washington International Convention on the limitation of working hours in industrial enterprises, ratified by Law No. 2269/1920, the provisions of the Convention shall not apply to persons holding positions of supervision, management, or trust. These persons, although they do not stop to be employees in a dependent employment relationship, are exempted from the application of the provisions of the labour legislation concerning working time limits, the 8-hour provisions, weekly rest and compensation or a bonus for overtime and surplus work or...

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Shipping taxation: Extension of article 25 of L. 27/1975 and the tonnage tax regime also to bareboat charterers and ship lessees

Under the shipping tax provisions that were introduced by virtue of L. 4646/2019 (articles 59-61 thereof) and apply as of 1/1/2020, article 25 of L. 27/1975 was amended in order to include in its scope not only ship-owning companies but also bareboat charterers and ship lessees, on the rationale that they have essentially the same rights with the ship-owning companies in relation to the exploitation/management of the ship (apart from the right to dispose of the ship) and have been long considered as customary ways of ship exploitation. Therefore, as of 1/1/2020, offices or branches of foreign companies dealing with the...

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Provisions regarding personnel of security service providers

Law provisions, regarding the personnel engaged in legal entities providing security services, based on L. 2518/1997, as this law has been amended and is currently in force, provide the below: Article 3 of Greek Law 2518/1997, as amended and completed by Greek Law 3707/2008, provides a clear guide of the conditions to be met, and more specifically: 1. Security personnel shall be required to hold a category A or category B work permit depending on the activities they are to perform. 2. The personnel of private security service providers for the activities referred to in cases a', b', c', d', e', f', g'...

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Legal framework for the licensing and operation of security service providers

The main legal framework regulating the terms and conditions for the operation of private security service provision businesses in Greece is Law 2518/1997, as amended and completed by L. 3707/2008. More specifically, according to article 1 of the law, a private business for the provision of security services is the private business, either run by an individual or by a company, that provide to third parties one or more of the following services: a) surveillance or guard of mobile or immobile assets and facilities, b) protection of individuals, c) secure transfer by special configured armored vehicles of money, antiquities, works of art and valuable...

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Requirements for the exercise of the profession of Real Estate Agent (Greek Law 4072/2012 – Article 198)

In order to exercise the profession of real estate agent, the following conditions must be met by the person concerned or, in the case of a legal entity, by at least one of the persons representing it, and more specifically: a) He/She must be a Greek citizen or a citizen of a Member State of the European Union or a Member State of the European Economic Area (EEA). The citizen of a third country is required to have a residence and work permit in Greece, or a residence permit for independent economic activity. b) He/She must not have been convicted of a...

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Tax treatment and declaration of income from property located in the UK and received by individual tax resident in Greece

The income from property located either in Greece or abroad that is received by an individual who is tax resident in Greece, is considered as capital income and is taxed separately according to the following scale under article 40 par. 4 of the Income Tax Code (hereinafter referred as “I.T.C.”):   Income from real estate property (€) Tax rate (%) 0 - 12.000 15% 12.001 - 35.000 35% 35.001 -  …… 45%   It should be noted that 5% of the gross income of foreign origin is recognized as repair, maintenance, renovation or other fixed and operating costs of real estate that generates taxable income, regardless of its type and use,...

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Decision A.1043/2022 setting out the scope and services provided by “family offices” in Greece

Legal form Decision Α. 1043/2022 issued by the Secretary of Finance and the Director of Independent Authority of Public Revenue sets out the scope and the services provided by family offices which are established in Greece based on Article 71H of the Greek Income Tax Code for the management of the family wealth and assets of HNWI residing in Greece. Family offices can be established under any legal form, except that of a non-profit nature, either in Greece or abroad. The Family office which is established in Greece as a capital company or private company or branch of a foreign family office...

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New tax regime for the establishment and operation of family offices in Greece

Among the latest structural reforms that have been implemented with the aim to attract foreign investments and relocate skillful human resources in Greece, the Greek Government has recently introduced a “Family Office” regime for serving the management of the family wealth and assets of high-net-worth individuals who are tax residents in Greece. In this respect, new Law 4778/2021 sets a transparent and straightforward legal framework that provides incentives for the establishment and operation of family offices in Greece, as follows: ...

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