24 Jun 2021

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Greek tax residence for individuals and legal entities

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According to the provisions of article 4 par. 3 of the Greek Income Tax Code-L. 4172/2103 (hereinafter referred to as “ITC”), “a legal person or a legal entity is a tax resident of Greece for any tax year, provided that: a) it was established or founded in accordance with Greek law, b) has its registered seat in Greece, or c) the place of exercise of the effective management is in Greece at any time during the tax year.”....

27 Apr 2021

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Tax incentives for “angel investors”

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in Tax Law, Special topics

In the context of recent initiatives to render Greece a more investment-friendly jurisdiction for businesses, and particularly for the startup and high-tech digital economy ecosystem, new article 70A of the Greek Income Tax Code (L. 4172/2013), which was enacted by virtue of article 49 of L. 4712/2020 (GG A’ 146), introduces the concept of “angel investors” in Greece and grants them with tax incentives in the form of an income tax deduction equal to an amount of 50% of the capital contributed to startups that are registered with the “Elevate Greece” Startup Platform of the General Secretariat for Research and...

23 Mar 2021

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Tax residence in Greece and special conditions due to COVID-19 pandemic

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

According to Greek tax law, an individual is considered as a Greek tax resident, as long as he/she has their permanent or main residence or usual residence or the center of their vital interests, namely their personal and financial ties, in Greece. Also considered as a tax resident of Greece is an individual who resides in Greece for a period exceeding 183 days, in total, during a tax year. However, the aforementioned presumption does not apply in case of an individual who stays in Greece exclusively for touristic, medical, therapeutic or similar purposes and their stay does not exceed a 365-day...

08 Mar 2021

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Practical guide on minority rights of shareholders in S.A. companies

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Company Law, Special topics

Practical guide on minority rights of shareholders in S.A. companies (Articles are to Law 4548/2018) (i) What rights does ownership of a 1 share give the holder under Greek laws 1) The right to vote in the General Assembly (art. 36). 2) The right to participate to the General Assembly by proxy (art. 128 par. 1). 3) In case of share capital raise, the pre-emptive right to subscribe for the new shares pro rata to his/her shareholding (art. 26). 4) The right to receive information from BoD for the company affairs in case this information is useful for the real assessment of the GA agenda...

17 Feb 2021

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Secondment of employees to Greece

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Labor & Employment, Special topics

1) Labor law procedures to be followed by the Employer Declaration to the competent office of the Labor Inspectorate (Ministry of Labor) for the secondment of the employees. Please note that: - the competent office is the office which serves the working area - the declaration must be submitted before the employees start work Αll required documents can be forwarded via e-mail to the competent office and a protocol number will be received for the submission. Νο appointment or visit in person is required. The documents required are the following a) A solemn declaration with the following information: - Name of the employer, registered seat, legal form - Personal...

11 Feb 2021

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Gross negligence under Greek law

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Civil Law, Special topics

Gross negligence in Greek law is not explicitly defined in the Civil Code. It is derived from the combined application of articles 330, 332 and 334 of the Civil code. In the lack of an express definition and specific criteria for it, gross negligence is deemed to exist when the deviation from the behavior of an ordinary person is important, unusual and especially great, indicating a total disregard of the acting person for the illegal consequences incurred by his act to a third party by. Gross negligence is an abstract legal notion, and hence a court’s ruling as to whether...

18 Jan 2021

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Negligence under Greek Civil law

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Civil Law, Special topics

Simple negligence, in contract or tort, defines the liability of a person whose actions or omissions gave rise to damage, when he did not show the necessary degree of care required in transactions, as a reasonable man would show in the course of his professional activity. Gross negligence is when the deviation from the expected behavior of the average reasonable man is important, unusual and especially grave, and indicates a complete lack of interest of the person at fault for the unlawful consequences that his actions or omissions will incur to third parties. The definition of gross negligence is legally vague, it...

14 Jan 2021

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

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Immigration Law, Special topics

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...

11 Jan 2021

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Sports Law & Taxation – New tax schemes to attract high net worth individuals and pensioners – 03.12.2020

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Publications

Sports Law & Taxation - New tax schemes to attract high net worth individuals and pensioners - 03.12.2020...

21 Dec 2020

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

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

[vc_row triangle_shape="no"][vc_column][vc_column_text]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...

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