Practice Areas

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Joint bank accounts – Inheritance and gift tax issues

Based on the recent law 4916/2022, article 25 par. 2 case (c) of the Greek Inheritance, Gifts and Parental Gifts Taxation Code – L. 2961/2001 (hereinafter referred to as “the Code”) was amended and extends the exemption from Greek inheritance taxation for deposits maintained in joint bank accounts including cash deposits and all kinds of securities that are held not only in bank accounts held in Greece but also abroad, with the exclusion of non-cooperative jurisdictions. It is noted that, in order for the exemption to apply, the contract with the foreign bank should include a clause providing that after the...

21 Jun 2022

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Extension of short-term legal stay of non-EU citizen

in Immigration Law, Special topics

A non-EU citizen, who entries Greece from any third country outside EU, for touristic reasons, can stay legally until at the most 90 days during a period of time of 180 days. This rule applies either a visa (type C) must be issued or not (cases of permitted stay without the obligation to issue a visa). However, there are cases when an extension of the above time limit is permitted. These are cases of force majeure or of serious humanitarian reasons, which prevented the non-EU citizen from leaving the territory of Greece (or any other Member State, as the EU Code...

14 Jun 2022

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Greek tax issues related to the granting of a loan by a foreign company to its Greek tax-resident (individual) shareholder

Stamp duty issues On the basis of the territoriality principle, a loan concluded and executed abroad is exempt from Greek stamp duty, provided the following conditions are met: a) the loan agreement is concluded and signed by both parties abroad (not before a Greek Consulate Authority) e.g. before a notary public or attorney at law; b) the loan agreement must not create any executable obligations in Greece e.g. it should not be secured through mortgage or property located in Greece; c) any obligation to grant the loan and repay capital and interest must be executed abroad; this practically means that...

31 May 2022

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Legal provisions related to sick leave

in Labor & Employment, Special topics

Regarding an employee's absence due to illness and the reimbursement of such absence please note the following: An employee, in order to be eligible to reimbursement for sick leave must be employed for at least 10 days by the same employer. Employees must notify their employers about their absence due to illness by any means and verify their condition by providing a letter by the doctor who will also indicate the number of days that the employee will apply for sickness leave. Employees can claim half a salary in case they are employed for a period greater than 10 days...

19 May 2022

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Criminal sanctions against employers for violations of labor law

in Labor & Employment, Special topics

An employment contract is a bilateral contract, under which the parties undertake obligations on both sides. The employee assumes as his main obligation the provision of work, and the employer has as his main obligation to pay to the employee its compensation (salary). It is easy to understand that the non-payment of the employee's salary is the biggest violation to his legal rights and was the springboard for criminalization not only of this act of the employer but also of the general will for a more effective protection of the employee as the weakest part of employment relationship. Therefore, criminalizing non-fulfillment...

19 May 2022

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The principle of retroactive application of the lighter administrative sanction for breach of tax legislation under Greek law

(Legal Council of the state 2319/2021) The principle of retroactive application of the lighter administrative sanction (and more generally, the most favorable legal provision imposing administrative-sanctions) for violation of the tax legislation, constitutes a general principle of Greek tax law founded in the constitutional provisions of equality (art.4 par.1) and -in terms of pecuniary sanction- of the principle of proportionality in the restrictions of the right to property (art.25 par.1 q. d’). These constitutional principles bind the legislator when it comes to the regulation, by means of provisions of transitional law, of cases pending before the Administration or before administrative courts...

21 Apr 2022

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Tax treatment of benefits in kind

Granting of free shares (“Shares award plans”) [article 42A par. 3 of L.4172/2013, hereinafter as “ITC”] First, it should be noted that, according to article 14 par.1 of ITC, the benefit in kind in the form of granting of free shares that is obtained by an individual from a legal person/entity in the context of plans in which the achievement of specific objectives or the occurrence of a specific event is set as a condition for this granting, is exempted from the calculation of income from employment. Therefore, at the time of granting, the individual does not obtain income...

01 Apr 2022

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Joint venture (“koinopraxia”) according to Greek law

in Commercial Law, Special topics

According to Greek law, a joint venture is a joint partnership of several natural or legal persons who aim to achieve a certain common purpose (usually of a profitable nature). The persons participating in the joint venture (whether natural or legal) each retain their autonomy and legal personality. Furthermore, in the pursuit of the common purpose, the members of the joint venture, through the coordination of their actions, aim at achieving a better economic result. In many cases, the creation of a joint venture is dictated by the size of the project, particularly when it is too large and too...

15 Mar 2022

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Tax treatment of dividend in kind