Special topics

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Residence permit (Golden Visa) for third country nationals who invest in Greek State Bonds or other financial instruments (summary of options)

in Immigration Law, Special topics

According to the provisions of Law 5038/2023, article 99 et seq (as amended by Law 5130/2024), by decision of the Minister of Immigration and Asylum, upon the proposal of the Foreign Direct Investment Directorate of the Ministry of Development and Investment, a residence permit may be granted to third country nationals who have made an investment in Greece in one of the following categories: (a) contribution of capital, in the amount of at least €500,000, to a company having its registered office or establishment in Greece, with the exception of Portfolio Investment Companies and, subject to sub-paragraph b, Real Estate Investment...

07 Oct 2024

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Non-dom regime under article 5A of the Greek Income Tax Code: eligible investments and retention period according to the applicable Ministerial Decision No 46834/2023.

Introduction The Joint Ministerial Decision No. 46834/2023 (Government Gazette B' 3393/19.05.2023) of the Minister of Finance and the Minister of Development (hereinafter MD), as amended by the Joint Decision No. 30257 EΞ 23.02.2024 of the Deputy Minister of Finance and the Minister of Development, stipulates the eligible categories of investments for the non-dom regime of Article 5A of the Greek Income Tax Code (hereinafter ITC), the period of their retention in Greece, the procedure for the completion of the investment, the monitoring of the retention of the investment, the termination and the change of the investment after its completion. The MD...

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

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

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...

21 Jun 2024

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Comparative overview of S.A. and I.K.E.

in Company Law, Special topics

Corporate Press S.A. I.K.E. Type of company Capital Capital Incorporation One-stop service of the Commercial Registry or notary One-stop service of the Commercial Registry or notary Commercial activity by law Yes Yes Participation in the company By shares By company parts Possibility to pledge the shares/company parts Yes Yes Minimum capital upon incorporation €25.000 €1 Ability to form the capital by contributions in kind Yes Yes Ability to participate in the capital by contribution of guarantee in favor of the company No Yes Ability to acquire own shares/shares Yes (under the conditions of articles 49 et seq. of Law 4548/2018) No Duration Definite / Indefinite Definite / Indefinite Supreme Body of the Company General Meeting of shareholders Assembly of Partners Management/Representation Board of Directors / sole director Director (one or more) Possibility to appoint a third party - non-shareholder/partner as...

17 Jun 2024

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Personal liability of managers and directors of limited liability companies

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”]

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