23 Sep 2024

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Tax incentives to attract private individuals to settle in Greece

In the context of tax competition to attract taxpayers, several countries have introduced incentives to attract individuals, as they do to attract businesses. The benefits for countries that attract individuals to settle in them are multiple, as in addition to collecting the tax "consideration", individuals spend and invest in the country of residence. Examples of countries that have introduced similar incentives are England, Portugal, Italy, Cyprus and others. Greece introduced the first incentive with Law 4646/2019. Brief description of the incentives The incentives that Greece has introduced are divided into 3 categories, known as 5A, 5B, and 5C of the Income...

23 Sep 2024

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Appeals procedure against acts of the tax authority

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

If the taxpayer disputes any act issued against him/her by the Tax Administration, he/she must submit an appeal requesting the review of the act within the framework of an administrative procedure by the Dispute Resolution Division (DED) of the Independent Public Revenue Authority (AADE), in accordance with the following procedure: The appeal must be submitted to the tax authority that issued the act within thirty (30) days from the date of notification of the act to the taxpayer and must state the reasons and the documents on which the taxpayer bases its request. The taxpayer submits the appeal electronically through his/her...

21 Jun 2024

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Types of shares that can be issued by an S.A. company

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Company Law, Special topics

A company limited by shares (S.A. company) may issue the following types of shares: Common shares : They offer rights to profits and voting rights and constitute the most common class of shares. Preferential shares : They may be issued without voting rights (article 38, paragraph 4 of Law 4548/2018) and constitute an exception to the principle of equality of article 36. Their issuance is more appropriate to facilitate the coverage of the share capital in the event of an increase of the share capital, rather than as a reward to existing shareholders. The most common advantages offered by preference shares are: a. the withdrawal of...

17 Jun 2024

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Personal liability of managers and directors of limited liability companies

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Company Law, Special topics

Liability of directors of commercial companies (E.P.E./I.K.E./S.A.) The management bodies of limited liability companies (limited liability companies, companies limited by shares, private limited companies) are responsible for the management of internal matters and the representation of the company vis-à-vis third parties, taking key decisions for the management of the company's assets and the achievement of the company's purpose. As representatives of the will of the legal entity, they take binding decisions on the company's course and, in this context, an attempt is made to approach the basic provisions of Greek legislation governing the issue of the liability of the directors of...

10 Jun 2024

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Residence permit in Greece for owners of real estate property [“golden visa”]

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Immigration Law, Special topics

Residence permit in Greece for owners of real estate property [“golden visa”] Non-EU citizens who own real estate property in Greece with a minimum value, as described below, can be granted a 5-year residence permit for themselves and their family members. This is a permanent residence permit which is renewed every 5 years, provided that ownership of the property is retained. The most recent threshold for the value of the property is set at the (higher) amount of €800.000 for the following extended (compared to the previous regime applicable until 05/04/2024) range of areas in Greece: o Region of Attica o Region of...

07 Jun 2024

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Tax treatment of Belgian income received by a tax resident of Greece

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

A tax resident in Greece receives from a Belgian company: a) dividend (as a shareholder) b) remuneration of a member of the Board of Directors Which is their tax treatment in Greece, taking into account the provisions of the relevant Treaties for the avoidance of double taxation (hereinafter “DTT”): a) With regard to the tax treatment of dividend income received by an individual, who is resident in Greece, from a legal entity established in Belgium, the following applies: According to article 10 (1) and (2) of the DTT between Greece and Belgium (Law 3407/2005), dividends paid by a Belgian company to a Greek...

02 May 2024

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Legal entities supervised by the Bank of Greece-definitions and basic legal requirements

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Commercial Law, Special topics

The institutions, which are licensed and supervised by the Bank of Greece are both credit/financial institutions and insurance companies:...

29 Apr 2024

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Tax treatment of dividend distributed by a foreign company to a Greek tax resident

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

(Independent Authority for Public Revenue (IARP) circular No 2018 of 28.1.2019) It follows from the combination of the provisions of the DTTs regarding the tax treatment of dividends, that the State of tax residency of the shareholder may tax the dividends arising in the other State, but must credit its own tax on such dividends, to the tax paid in the State in which the dividends arise, at the rate specified in the relevant provisions of the relevant DTT. However, some Double Tax Treaties include the article on elimination of double taxation provisions on the credit and on the corporate tax attributable...

15 Apr 2024

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Civil marriage procedure for foreign nationals and residence permit for a foreign spouse of a greek citizen

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Immigration Law, Special topics

Greece has recently become a popular destination for third country citizens who wish to have their civil marriage in Greece. The procedure to be followed and the documents to be collected are the following : I) Civil marriage license The procedure for a civil marriage must be completed in accordance with the following requirements. The competent authority for the issuance of a civil marriage license is the Municipality of the area where the marriage is to be performed. The following supporting documents are required for the issuance of the license: An application of the parties involved A copy of valid passport or birth...

05 Mar 2024

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The main rights of the shareholder of a Greek S.A. company

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Commercial Law, Special topics

Many of the shareholders' rights are usually mentioned in the articles of association of an S.A., provided of course that these are not the standard articles of association, which only contain the minimum content required by law. The articles of association, which is an agreement between shareholders, often also serves as a user manual for the meetings and decisions of the general meeting and the board of directors of an SA. After the repeal of Law 2190/1920 and the entry into force from 01.01.2029 of the most recent law on S.A., Law 4548/2018, many S.A. have not yet harmonized their statutes...

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