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Granting and renewal of residence permits for investment activity (Article 16 of Law 4251/2014)

C.1.        Third country nationals who have made an investment in one of the following categories are permitted to enter and reside in Greece. A capital contribution amounting to a minimum of four hundred thousand euros (400,000) to a company with registered office or an establishment in Greece, with the exception of portfolio investment companies and – without prejudice to subparagraph b – real estate investment companies, for the acquisition of shares in a share capital increase or bonds that are, at the time of issue, admitted for trading on regulated markets or multilateral trading mechanisms that operate in Greece. The...

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Incentive for individuals (employees & sole traders) to transfer their tax residence to Greece

New article 5C of the Income Tax Code By virtue of Article 40(1) of Law 4758/2020, a new article 5C is added to the Income Tax Code, which provides a special method for taxing income from salaried work and business activity, acquired in Greece by natural persons who transfer their tax residence to Greece. The new provision provides for the following: 1. Any taxpayer, being a natural person, who transfers his/her tax residence to Greece shall be subject to taxation, as specified in paragraph 2 regarding income from salaried work acquired in Greece within the meaning of Article 5(1)(a), where all the conditions...

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Calculation of the dismissal compensation

According to the explicit provision of the Law (article 5 L.3198 / 1955), the calculation of the dismissal compensation is done based on the regular salary of the employee during the last month with full-time status. “Regular salary” is defined as remuneration (legal or contractual) paid regularly and uninterruptedly to employees in exchange for the work they provide. Thus, regular salary includes not only the main salary, but also any other benefit, either in cash or in kind, which is given in addition to the salary during the employment contract, such as e.g. overtime, family allowances, food, housing, etc. However, in...

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Issues related to annual regular leave to employees

The time for granting the leave Under the current provisions, the employer is obliged to grant the leave to the employee, even if he/she does not accept it, by the 31st of December of each year. The document number 50239/77 issued by the Ministry of Labor, had accepted that the leave could be extended for a few days in the next year, in case the days are not sufficient until the 31st of December for the exhaustion of the leave, if the employee who will receive the leave has either returned from illness or from maternity leave in the last month (and...

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Part-time work (legislative framework – provisions analysis)

Part-time work is a form of flexible work, which was introduced for the first time by Greek Law 1892/1990 as a means of combating unemployment. It is based on the standard “dependent work” model but with a derogation from one parameter (working time). Since then, this specific form of work has been retained in effect and regulated by various legislative provisions (Law 2639/1998, Law 2847/2000, Law 2956/2001, Law 3174/2003, Law 3250/2004). The last amendment (effected by Article 59 of Law 4635/2019) regulated the concept of part-time work on a new basis, codified existing provisions and introduced new measures to protect employees. I. Definitions “Part-time...

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Required documents for the Greek tax registration number (A.F.M.) issuance

The required documents to apply an individual for a Greek tax registration number (A.F.M.) in Greece are the following: 1. Form M1 "Application for tax number/ Change of Personal Data", including the following information: • personal information, ie surname, father name, date of birth, place of birth; • identity information, ie number of passport, date and authority of issuance; • nationality, profession and marital status; 2. Current residence address in Greece; it is not required any document proving your address in Greece (ie lease contract etc). The residence determines the local competence of tax office. 3. A transcript of your passport or your identity card. The above...

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Alternative taxation of income generated abroad for individuals who transfer their tax residence to Greece [Article 5A of Law 4172/2013]

A taxpayer (who is a natural person) who transfers his or her tax residence to Greece can be taxed in an alternative manner for income generated abroad, in other words all income not generated in Greece, provided all the following conditions are met: a) he or she was not tax resident in Greece during 7 of the previous 8 years prior to transfer of his or her tax residency to Greece, which is examined based on the records held by the tax administration and b) he or she proves that he/she or his/her relative (spouse and persons in the ascending or descending...

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Alternative taxation of income of natural persons who are beneficiaries of pension income from abroad

Alternative taxation of income of individuals who are beneficiaries of pension income from abroad and who transfer their tax residence to Greece - Procedure and conditions for inclusion [Article 5B of Law 4172/2013]. An individual recipient of pension income who transfers his or her tax residence to Greece can be taxed in an alternative manner for income that is generated abroad. Under the alternative method of taxation, each tax year the individual pays a tax at a rate of 7% for all income acquired abroad, unless that income is exempt from tax in the country of residence under the provisions of...

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