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New tax exemption for donations of foreign movable assets by Greek citizens resident abroad

Already as of 31/7/2020, by virtue of article 6 of Law 4714/2020, a new provision had been added to Section C of article 43 of the Code of Inheritance, Donations and Parental Benefits Tax (Law 2961 /2001, hereinafter referred to as the "Code"), as case g', which provided for a tax exemption "for gifts of movable assets located abroad and not acquired during the last twelve (12) years in Greece, by a Greek citizen who has been resident abroad for at least ten (10) consecutive years and, in the case of relocation to Greece, no more than five (5) years...

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Real estate company ownership in Greece : individual ownership VS company – a comparative table

  Legal entity Advantages Disadvantages 1. Income from property is taxed as profit from business activity at the flat tax rate of 22%. Apart from the flat tax rate for the income from property, the further distribution of dividends by the company to the shareholders is taxed as well at the tax rate of 5%. However, in case there are also other sources of income except from the property income, there may be a flexibility in arranging when to receive the dividends and pay the dividend tax. 2. Α legal entity which acquires real estate income in Greece has the right to deduct the total of its business...

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Online Inheritance Tax Return – Procedure Supporting Documents

Procedure The deadline for the submission of the inheritance tax return by the heirs before the Tax Authority in the absence of a will is nine (9) months from the date of death of the deceased, while in the case of a will, it is nine (9) months from the publication of the will. It is noted that an extension of the above 9-month deadline is no longer granted by the Tax Authority. The competent tax office for the acceptance of the declaration and the imposition of tax is the competent tax office of the deceased's residence. If the death occurred from 01/01/2022...

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Commencement of business activity as a sole-trader in Greece: procedure and required documentation

Registration with the competent Tax Office In order to obtain a Tax Identification Number (TIN), an application shall be submitted at the competent Tax office. The supporting documents are the following: Passport/ Greek Identity Card Form D210 Certified copy of the lease of the main residence Solemn Declaration by the lessor or the lessee regarding the validity of the lease contract of the main residence. After the submission of the application, the tax office issues a TIN certificate and keycodes for the creation of a TAXISNET account. TAXISNET is an online platform, from where the taxpayer can generally manage most of his...

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Changes to the Greek golden visa scheme

Significant changes in the status of the investor residence permit for third country citizens, also known as the "Golden Visa", as regulated in Article 20 of the Code of Immigration and Social Integration (Law 4251/2014) and concerns the granting of residence permits to third country citizens who themselves as natural persons or through a legal entity based in Greece or another EU member state, either they own real estate in Greece in full ownership and possession, or they have concluded a long-term contract of complex tourist accommodation or a contract of timeshare rental of tourist accommodation, or they are adults...

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Special tax on real estate the treatment of the existence of a trust in the structure

Greek Special Real Estate Tax (SRET):  the implications of a trust in the structure Conceptual elements of the institution of foreign trust - Imposition of Special Real Estate Tax A trust - an institution originating in Anglo-Saxon law - is a special regime for the administration and liquidation of property, which lacks legal personality and is created either by declaration of the owner of the property or by transfer of the property, either during life or by will. The settlor (settlor or trustor) enters into a settlement agreement with the trustee and transfers assets to the trustee, which the trustee manages for...

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Directors and other employees of special responsibility and trust who are exempt from working time rules

(Interpretative circular No of 3202/14.01.2022 Ministry of Labour and Social Affairs ) 1) Within the meaning of Article 2(a) of the Washington International Convention on the limitation of working hours in industrial enterprises, ratified by Law No. 2269/1920, the provisions of the Convention shall not apply to persons holding positions of supervision, management, or trust. These persons, although they do not stop to be employees in a dependent employment relationship, are exempted from the application of the provisions of the labour legislation concerning working time limits, the 8-hour provisions, weekly rest and compensation or a bonus for overtime and surplus work or...

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Tax evasion and its treatment under the new Code of Tax Procedure (Law 4987/2022)

Tax evasion crimes are considered as offences of particular risk as they affect the legal property of the Greek State and therefore anyone who intentionally commits a tax offence classified as a "tax evasion crime" is punished under the provisions of the Criminal Code. Ι. Applicable provisions Pursuant to Law 4987/2022, which ratified the Code of Tax Procedure (KFD) in replacement of Law 4987/2022. 4174/2013 and in No. 66 thereof, tax offences are standardized as tax evasion crimes, tax offences which can be categorized for better understanding into three groups of criminal conduct. Specifically, Article 66 of the Code of Tax Procedure...

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Shipping taxation: Extension of article 25 of L. 27/1975 and the tonnage tax regime also to bareboat charterers and ship lessees

Under the shipping tax provisions that were introduced by virtue of L. 4646/2019 (articles 59-61 thereof) and apply as of 1/1/2020, article 25 of L. 27/1975 was amended in order to include in its scope not only ship-owning companies but also bareboat charterers and ship lessees, on the rationale that they have essentially the same rights with the ship-owning companies in relation to the exploitation/management of the ship (apart from the right to dispose of the ship) and have been long considered as customary ways of ship exploitation. Therefore, as of 1/1/2020, offices or branches of foreign companies dealing with the...

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Provisions regarding personnel of security service providers

Law provisions, regarding the personnel engaged in legal entities providing security services, based on L. 2518/1997, as this law has been amended and is currently in force, provide the below: Article 3 of Greek Law 2518/1997, as amended and completed by Greek Law 3707/2008, provides a clear guide of the conditions to be met, and more specifically: 1. Security personnel shall be required to hold a category A or category B work permit depending on the activities they are to perform. 2. The personnel of private security service providers for the activities referred to in cases a', b', c', d', e', f', g'...

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