City-planning & environmental limitations

The Constitution of Greece in Article 24 provides for special preventive or repressive measures, in order to preserve the natural and cultural environment. In particular, special reference is made to the protection of forests, the master planning of the country, the arrangement, the development, the urbanization and the expansion of towns and residential areas, as well as at the protection of traditional sites and monuments. Within the above mentioned protection, transfer of ownership and granting of limited real rights in real estate property may be prohibited, limited or subject to a special permit of the Authorities, under special laws. Such restrictions and prohibitions...

01 Feb 2012

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Ways of acquiring ownership of property in Greece

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Real Estate, Special topics

The following ways of acquiring property are the most common under Greek Law: 1) acquisition by contract, i.e. a written agreement between the owner and the buyer on the transfer of ownership from a legitimate source, that must be made before a notary and be recorded (or registered). 2) acquisition by virtue of succession, whether testate or intestate, 3)acquisition by gift or by parental grant, 4) acquisition of property by auction, i.e. by act of compulsory enforcement, brought against the debtor's property, where the ownership of property is finally acquired by the highest-bidder. 5) acquisition by the person who, in good faith, is in possession...

18 Jan 2012

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Company limited by shares (S.A. or “A.E.”) – formation procedure

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Company Law, Special topics

Basic characteristics A company limited by shares (SA or A.E.) is a company with share capital and legal personality, liable for its debts only with the company assets. According to article 1 of Greek Law 2190/1920, a company limited by shares (SA) is a trade company, even if it is not a commercial enterprise i.e. its business scope is not related to trade. S.A. designates a particular type of corporation in various countries, mostly those employing the civil law. The concept is roughly equivalent to that of the public limited company in the UK. It can be differentiated from partnerships and...

09 Jan 2012

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Special tax on real estate property (15%)

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

In order to combat tax evasion through the use of offshore entities the Greek legislator, by virtue of law 3091/2002 introduced an annual tax on the value of real estate, initially @3% and recently, by virtue of law 3943/2011 @15%. The tax is imposed on the value of real estate situated in Greece and which are held by the taxpayer on the 1st of January of each year. The law provides for such a wide range of exceptions, that the payment of tax may be seen as the exception rather than the rule. The exceptions may be classified as i) “objective” exemptions...

05 Dec 2011

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Tax on inheritance-gifts inter vivos

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

According to article 1 of Law 2961/2001 (The Code on taxation of inheritance, gifts inter vivos and lottery gains), tax is imposed to any asset acquired by inheritance, gift inter vivos and winnings in lotteries, whether acquired by an individual or a corporate entity. 1) Inheritance tax In article 3 of the Code, the legislator provides for a list of assets that are subject to inheritance tax. These are: 1) property of any kind situated in Greece which belongs to Greek citizens or foreigners. 2) moveable property situated abroad which belongs to a Greek resident or (under conditions) to a foreigner residing in Greece. Liable...

Practice Areas

City-planning & environmental limitations

Ways of acquiring ownership of property in Greece

Company limited by shares (S.A. or “A.E.”) – formation procedure

Special tax on real estate property (15%)

Tax on inheritance-gifts inter vivos

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