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Liability for transfer of a Group of assets (Article 479 CC)

According to Article 479 of the Civil Code, “Where assets or an undertaking have been transferred by contract, the transferee shall be liable to the creditor up to the value of the elements transferred for the debts of the assets or the undertaking. The transferor’s liability is not extinguished. Any agreement between the parties which damages the lenders is void against them”. It may be deduced from applying mutatis mutandis Article 25, second sub-paragraph, of the Civil Code and Article 4(4) of Regulation (EC) No 593/2008 of the European Parliament and the Council, of 17 June2008, on the law applicable to...

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Abuse of the corporate form – Piercing/lifting of the corporate veil

According to established case-law, piercing / lifting of the corporate veil is justified where: i. the legal person is used as an interposed person, ii. there exists a dominant shareholder who prevails in a manner such as that the company does not operate as a legal person, and iii. the institution is being abused, i.e. insisting on the principle of separation would lead to results unacceptable by the law, and the dominant shareholder uses the legal person either to circumvent the law or to intentionally cause damage to third parties or to avoid complying with its obligations towards third parties. Under Greek law, the...

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Alternative taxation method pursuant to Article 5A of Law 4172/2013, as added by Law No 4646/2019 (Greek Government Gazette No A’ 201/12.12.2019)

Pursuant to the recent legal framework [Article 5A of Law 4172/2013], an individual who transfers his/her tax residence in Greece may be subject to an alternative income tax regime. The requirements which must be met are the following: a) The individual concerned has not been a tax resident in Greece for the previous seven (7) of the last eight (8) years; Cases:  Whether the individual appears in the records of the Tax Administration as a foreign tax resident for the previous seven (7) of the last eight (8) years, no supporting documentation is required.  Whether information proving the individual's tax residence during the...

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Establishment of a branch of a foreign ΝGO in Greece

A. A foreign Non-governmental organization (hereinafter “NGO”) can establish a branch in Greece, even if its legal form is not applicable in Greece. The supporting documentation required for the approval of the establishment in Greece of a branch of a foreign company by the competent General Commercial Register is the following: 1. Application signed before the Department of the General Commercial Register upon submission of the supporting documents. 2. Company decision related to the establishment of a branch in Greece, specifying the purpose, the location, the name and the legal representative of the branch; 3. Copy of the Articles of Association of the foreign...

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Establishment of a branch of a foreign company in Greece – Supporting documentation before the Commercial Registry

The supporting documentation required for the approval of the establishment in Greece of a branch of a foreign company by the competent General Commercial Register is the following: 1. Company decision related to the establishment of a branch in Greece, specifying the purpose, the location, the name and the legal representative of the branch. 2. Copy of the Articles of Association of the foreign company, as in force at the time of the application (certified by the competent foreign Authority). 3. Certificate issued by the competent foreign authority confirming that the company has not been dissolved nor its establishment has been revoked. 4. Certificate...

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Upcoming tax developments in Greece

VAT Suspension of the imposition of VAT on construction activity for the following three (3) years. Reduction of VAT rates from 13% to 11% and from 24% to 22% within the following four (4) years, especially for baby essentials. Gradual imposing of e-business invoicing (B2B) and e- accounting books.   Real estate tax Reduction of the Unified Real Estate Property Tax (hereafter EN.F.I.A.) rates within the next two (2) years. Suspension of the imposition of goodwill tax on the transfer of property for the next three (3) years. Tax deductions for the expenses related to energy functional and upgrading of...

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Recent developments in Greek taxation and corporate compliance issues

1. Greece has adopted the EU anti- tax avoidance Directive (ATAD) through a new law, which is in force from 1.1.2019 onwards. The rules transposed in domestic law amended the following provisions: 1.a. The Greek thin capitalization rules (article 49 Greek Income tax code) were reformulated in order to fully comply with the Directive. However, no significant changes were made in relation to the previous provisions system, which complied with the Directive to a great extent. Specifically, excess borrowing costs are deducted in the tax year in which they are occurred only up to 30% of the company’s earnings before taxes,...

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Acquisition & Revocation of Greek citizenship – Q&As

- Is it enough for someone to prove 24,000 euros per year alone? Or should have a formal job? Someone must prove at least 24,000 income for one person per year (e.g. bank accounts, etc). This income should not come from a job (this type of residence permit is for people who are financially independent persons = they have income without working).   - Is it possible for someone to study in the EU with this residency? It is possible to study in Greece? If the sponsor (the person who has the income and gets the FIP residence permit), also has a child less...

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New Greek Law on the protection of natural persons with regard to the processing of personal data and on the free movement of such data and transposition into Greek legislation of Directive (EU) 2016/680

Under a fast track procedure, the Law on the protection of personal data was adopted as it was finally drafted after the public consultation. The new Greek law on the protection of personal data, which came into force on 29.08.2019, i.e. Law 4624/2019, is based on the provisions of Regulation (EU) 2016/679 (“GDPR”) and incorporates the provisions of Directive (EU) 2016/680 into the Greek legislation. GDPR allows Member States to derogate from its provisions and to adopt restrictions on the processing of personal data and the exercise of the rights of the data subjects. Significant derogations from the provisions of the GDPR are...

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