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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...

20 Jan 2020

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Establishment of a branch of a foreign ΝGO in Greece

in Commercial Law, Special topics

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...

21 Nov 2019

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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...

21 Nov 2019

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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,...

17 Oct 2019

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Acquisition & Revocation of Greek citizenship – Q&As

in Civil Law, Special topics

- 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...

04 Oct 2019

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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

in Personal Data Protection, Special topics

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...

05 Jul 2019

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Requirements – Procedure – Timeframe for the Acquisition of shares of a Greek Private Company by a non-Greek Company

Requirements – Procedure – Timeframe for the Acquisition of shares of a Greek Private Company by a non-Greek Company...

02 Jul 2019

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The applicable law to cross-border successions under Regulation (EU) 650/2012

in Civil Law, Special topics

Regulation (EU) 650/2012 of the European Parliament and of the Council of 4 July 2012 on jurisdiction, applicable law, recognition and enforcement of decisions and acceptance and enforcement of authentic instruments in matters of succession and on the creation of a European Certificate of Succession, was entered into force on the 17th of August 2015....

05 May 2019

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The procedure of correction of the Initial registrations before the Cadastre Office