23 Feb 2023

Sticky

Exemption from tax on donations of movable assets located abroad for Greek nationals who reside abroad

Already as of 31/7/2020, a provision had been added by article 6 of Law 4714/2020 to Section C of article 43 of the Code of Inheritance, Donations and Parental Gifts Tax (Law 2961 /2001, hereinafter referred to as the "Code"), as case g', which provided for the exemption from tax "for gifts of movable assets located abroad and not acquired in Greece during the last twelve (12) years by a Greek citizen who has been resident abroad for at least ten (10) consecutive years and, in the case of relocation to Greece, no more than five (5) years have elapsed." Article...

10 Feb 2023

0 Comments

Sticky

Real estate company ownership in Greece : individual ownership VS company – a comparative table

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Real Estate, Special topics

Legal entity Advantages Disadvantages 1. Income from property is taxed as profit from business activity at the flat tax rate of 22%. Apart from the flat tax rate for the income from property, the further distribution of dividends by the company to the shareholders is taxed as well at the tax rate of 5%. However, in case there are also other sources of income except from the property income, there may be a flexibility in arranging when to receive the dividends and pay the dividend tax. 2. Α legal entity which acquires real estate income in Greece has the right to deduct the total of its business...

07 Feb 2023

0 Comments

Sticky

Online Inheritance Tax Return – Procedure Supporting Documents

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

Procedure The deadline for the submission of the inheritance tax return by the heirs before the Tax Authority in the absence of a will is nine (9) months from the date of death of the deceased, while in the case of a will, it is nine (9) months from the publication of the will. It is noted that an extension of the above 9-month deadline is no longer granted by the Tax Authority. The competent tax office for the acceptance of the declaration and the imposition of tax is the competent tax office of the deceased's residence. If the death occurred from 01/01/2022...

03 Feb 2023

0 Comments

Sticky

Commencement of business activity as a sole-trader in Greece: procedure and required documentation

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

Registration with the competent Tax Office In order to obtain a Tax Identification Number (TIN), an application shall be submitted at the competent Tax office. The supporting documents are the following: Passport/ Greek Identity Card Form D210 Certified copy of the lease of the main residence Solemn Declaration by the lessor or the lessee regarding the validity of the lease contract of the main residence. After the submission of the application, the tax office issues a TIN certificate and keycodes for the creation of a TAXISNET account. TAXISNET is an online platform, from where the taxpayer can generally manage most of his...

16 Jan 2023

0 Comments

Sticky

Changes to the Greek golden visa scheme

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Immigration Law, Special topics

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...

12 Jan 2023

0 Comments

Sticky

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

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Real Estate, Special topics

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...

23 Dec 2022

0 Comments

Sticky

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

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Labor & Employment, Special topics

(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...

01 Dec 2022

0 Comments

Sticky

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

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

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...

01 Dec 2022

0 Comments

Sticky

Provisions regarding personnel of security service providers

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Company Law, Special topics

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'...

01 Dec 2022

0 Comments

Sticky

Legal framework for the licensing and operation of security service providers

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Company Law, Special topics

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...

Practice Areas

Contact details