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Professional leisure yachts – VAT exemption for purchase/import

The Greek VAT legislation provides for a VAT exemption for the purchase/import of professional leisure yachts in Greece, provided of course that the specific conditions set out by the relevant VAT legislation (as well as by the applicable regulatory framework) are met. VAT legislation In specific, according to article 27 par. 1 case (a) subcase (aa) of the Greek VAT Code (L. 2859/2000), a VAT exemption is provided for the supply (purchase) and import of vessels that are intended to be used for navigation on the high seas and which carry passengers for reward or which are used for the purpose of...

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Private use (self-use) of a professional leisure yacht by the UBO

-  The professional leisure yacht needs to be registered with the Registry of yachts of L. 4256/2014. -  The professional leisure yacht is used for commercial charters and may also be used privately by the UBO for his private needs. -  This private use is allowed by the regulatory framework of L. 4256/2014 and does not change the character of the yacht as a professional leisure yacht. -   For the time that the yacht is used privately by the UBO, the VAT and any excise duties on the costs of the yacht are not deductible (e.g. on fuels, repairs, other provisioning etc.) -   The...

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Procedure and supporting documentation for application to the Greek Non-Dom taxation regime (Article 5A of the Greek Income Tax Code)

Article 5A of Law 4172/2013, which applies from the 2020 tax year onwards, states that an individual who transfers their tax residence to Greece using this procedure can be subject to an alternative method of taxation for income generated abroad. An individual may join this scheme under the following conditions: if they were not tax resident in Greece in 7 of the 8 years prior to the transfer of their tax residence to Greece and they prove that they invest personally or a relative does so (meaning their spouse and relatives in the ascending or descending line) or they do so...

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Alternative taxation method for recipients of pension income who transfer their tax residency in Greece – procedure and documentation

Article 5B of Law 4172/2013 states that a natural person - retiree who transfers their tax residence to Greece is subject to an alternative taxation method for income generated abroad. More specifically, they pay a flat rate tax for each tax year at a rate of 7% for all income generated abroad, and no special solidarity levy is imposed under Article 43A of Law 4172/2013. In order to join this scheme, all the following conditions must be met: a) the applicant must not have been tax resident in Greece in 5 of the 6 years prior to the transfer of their...

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Greek tax residence for individuals and legal entities

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.”....

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Procedure, requirements and supporting documents for inclusion in the favourable tax scheme for digital nomads

Competent body : 1. The tax office responsible for taking receipt of, examining, approving and rejecting applications for inclusion within the provisions of Article 5C of the Income Tax Code, for taking receipt of and examining the relevant supporting documents accompanying the applications and supporting documents to prove that the requirements in this Article are met, and for entering the data in the relevant electronic application is the Tax Office for Residents Abroad and Alternative Taxation for Greek Tax Residents, of the Independent Authority for Public Revenue (IAPR). ...

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Tax incentives for “angel investors”

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...

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

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...

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

[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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