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Special topics

Iason Skouzos & Partners > Special topics

New tax regime for the establishment and operation of family offices in Greece

Among the latest structural reforms that have been implemented with the aim to attract foreign investments and relocate skillful human resources in Greece, the Greek Government has recently introduced a “Family Office” regime for serving the management of the family wealth and assets of high-net-worth individuals who are tax residents in Greece. In this respect, new Law 4778/2021 sets a transparent and straightforward legal framework that provides incentives for the establishment and operation of family offices in Greece, as follows: ...

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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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Practical guide on minority rights of shareholders in S.A. companies

Practical guide on minority rights of shareholders in S.A. companies (Articles are to Law 4548/2018) (i) What rights does ownership of a 1 share give the holder under Greek laws 1) The right to vote in the General Assembly (art. 36). 2) The right to participate to the General Assembly by proxy (art. 128 par. 1). 3) In case of share capital raise, the pre-emptive right to subscribe for the new shares pro rata to his/her shareholding (art. 26). 4) The right to receive information from BoD for the company affairs in case this information is useful for the real assessment of the GA agenda...

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Secondment of employees to Greece

1) Labor law procedures to be followed by the Employer Declaration to the competent office of the Labor Inspectorate (Ministry of Labor) for the secondment of the employees. Please note that: - the competent office is the office which serves the working area - the declaration must be submitted before the employees start work Αll required documents can be forwarded via e-mail to the competent office and a protocol number will be received for the submission. Νο appointment or visit in person is required. The documents required are the following a) A solemn declaration with the following information: - Name of the employer, registered seat, legal form - Personal...

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Gross negligence under Greek law

Gross negligence in Greek law is not explicitly defined in the Civil Code. It is derived from the combined application of articles 330, 332 and 334 of the Civil code. In the lack of an express definition and specific criteria for it, gross negligence is deemed to exist when the deviation from the behavior of an ordinary person is important, unusual and especially great, indicating a total disregard of the acting person for the illegal consequences incurred by his act to a third party by. Gross negligence is an abstract legal notion, and hence a court’s ruling as to whether...

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Negligence under Greek Civil law

Simple negligence, in contract or tort, defines the liability of a person whose actions or omissions gave rise to damage, when he did not show the necessary degree of care required in transactions, as a reasonable man would show in the course of his professional activity. Gross negligence is when the deviation from the expected behavior of the average reasonable man is important, unusual and especially grave, and indicates a complete lack of interest of the person at fault for the unlawful consequences that his actions or omissions will incur to third parties. The definition of gross negligence is legally vague, it...

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Granting and renewal of residence permits for investment activity (Article 16 of Law 4251/2014)

C.1.        Third country nationals who have made an investment in one of the following categories are permitted to enter and reside in Greece. A capital contribution amounting to a minimum of four hundred thousand euros (400,000) to a company with registered office or an establishment in Greece, with the exception of portfolio investment companies and – without prejudice to subparagraph b – real estate investment companies, for the acquisition of shares in a share capital increase or bonds that are, at the time of issue, admitted for trading on regulated markets or multilateral trading mechanisms that operate in Greece. The...

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

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 conditions...

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Calculation of the dismissal compensation

According to the explicit provision of the Law (article 5 L.3198 / 1955), the calculation of the dismissal compensation is done based on the regular salary of the employee during the last month with full-time status. “Regular salary” is defined as remuneration (legal or contractual) paid regularly and uninterruptedly to employees in exchange for the work they provide. Thus, regular salary includes not only the main salary, but also any other benefit, either in cash or in kind, which is given in addition to the salary during the employment contract, such as e.g. overtime, family allowances, food, housing, etc. However, in...

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Issues related to annual regular leave to employees

The time for granting the leave Under the current provisions, the employer is obliged to grant the leave to the employee, even if he/she does not accept it, by the 31st of December of each year. The document number 50239/77 issued by the Ministry of Labor, had accepted that the leave could be extended for a few days in the next year, in case the days are not sufficient until the 31st of December for the exhaustion of the leave, if the employee who will receive the leave has either returned from illness or from maternity leave in the last month (and...

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