16 Jan 2013

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Procedure for the renunciation of inheritance

According to the provisions of art.1847 of the Greek Civil Code, the successor has the right to renounce the inheritance within four months, starting: in the lack of a will, from the time for devolution to inheritance and the relationship. If there is a will, the deadline starts from the time the will was insinuated. Based on art.1848 Greek Civil Code, the renunciation of inheritance requires a declaration submitted to the Court of Inheritance. Furthermore, according to the provisions of art.30 of Code of Civil Procedure, the authorized court is the court of the district in which the diseased had, at...

20 Dec 2012

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List of non co-operative countries according to article 51A of the Greek income tax code (updated on 20.1.2012)

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

1 Andorra 2 Anguilla 3 Antigua & Barbuda 4 Aruba 5 the Bahamas 6 Bahrain 7 Barbados 8 Bermuda 9 Belize 10 British Virgin Islands 11 Brunei 12 Cayman Islands 13 the Cook Islands 14 Costa Rica 15 Dominica 16 Gibraltar 17 Grenada 18 Guatemala 19 Guernsey 20 Isle of Man 21 Jersey 22 Lebanon 23 Liberia 24 Liechtenstein 25 Malaysia 26 Marshall Islands 27 Montserrat 28 Mauritius 29 Monaco 30 Nauru 31 Netherland Antilles 32 FYROM 33 Niue 34 Panama 35 Philippines 36 St. Lucia 37 St. Kitts and Nevis 38 St. Vincent and the Grenadines 39 Samoa 40 Seychelles 41 Singapore 42 Turks and Caicos 43 US Virgin Islands 44 Vanuatu 45 Uruguay 46 Hong-Kong ...

12 Dec 2012

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Basic Differences between Greek Limited Liability and S.A. companies (Société Anonyme)

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Company Law, Special topics

Apart from the minimum share capital and procedural issues upon their formation, there are significant differences between these two types of companies that entrepreneurs should take into account, before deciding which of the two is more suitable for their business. The limited liability company is a category of company that lies between an SA company and a partnership. The advantages of a limited liability company as against the S.A. company is that it requires only a capital of €4.500 as opposed to €60.000 that is required for forming an S.A.. Another advantage is for small shareholders, who enjoy more powers as...

12 Dec 2012

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Thin capitalization rules in Greek tax law

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

10 Dec 2012

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Obligation of shareholders of listed companies to report significant changes in their shareholdings

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Company Law, Special topics

Under the provisions of L.3556/2007, each shareholder, who acquires or disposes shares of companies admitted to the Athens Exchange Market with voting rights and as a result of this acquisition or disposal the percentage of the voting rights reaches, exceeds or falls below the thresholds of 5%, 10%, 15%, 20%, 25%, 1/3, 50% and 2/3 is obliged to inform the issuer of shares and the Exchange Commission of the proportion of voting rights held as a result of the acquisition or disposal (article 9 par.1 L.3556/2007). This obligation also burdens every person who becomes a shareholder for the first time,...

13 Nov 2012

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Liability of Members of the Board of Directors of a Greek S.A. towards the company

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Company Law, Special topics

Article 22a of Law 2190/1920 defines the duty of trust of the Members of the Board of Directors of a Greek S.A. company towards it. This duty of trust consists of a) the general promotion of the company’s interest (“positive obligation”) and b) the omission on the part of the Board Members of any act that could be prejudicial to the interests of the company (“negative obligation”). The liability of the members of the Board of Directors against the company for poor performance of their managerial duties is provided in article 22a par. 1a, according to which every member of...

10 Nov 2012

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Τhe real estate agency contract, according to recent Law 4072/2012

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Real Estate, Special topics

In Greece, the real estate agency contract is governed by the combined provisions of Articles 703-707 of the Civil Code, and the provisions of recent Law 4072/2012, which came into as of its publication in the Government Gazette, on 11.04.2012 (Volume A '86/2012). A real estate agent is defined by article 197 of Law 4072/2012 as the person or the legal entity who provides real estate agency services. Real estate agency service is the suggestion of an opportunity or the mediation for contracts relating to property and especially for contracts of sale, exchange, lease, leasing, establishment of easements etc. The conditions for...

30 Aug 2012

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Changes introduced by law 3978/2011 in Defense procurements

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Public Procurement, Special topics

Chapter Γ’ (C) of recent law 3978/2011 (16.6.2011) on Public Procurement in the field of Defense and Security, harmonization with EU directive 2009/81 and other matters relating to the Ministry of Defense brought significant changes in the legal framework of defense procurement. The changes affect to a very large extent companies who act as intermediaries between bidders and the Ministry of Defense, in an effort to enhance transparency and combat corruption. The law may be seen as a reflex of the legislator to recent scandals that were publicized, related to bribes channeled through offshore entities that were appearing as consultants of...

30 Aug 2012

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Taxation in the transfer of shares listed in the Athens Stock Exchange

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Tax Law, Special topics

According to Law No. 2579/1998, article 9, paragraph 2, as amended by Law No. 3296/2004, article 12 and Law 3943/2011, article 16, transfers of shares that are listed in the Athens Stock Exchange are taxed at 0.2 per cent. This tax is calculated on the value of the shares transferred as it appears on the tag issued by the intermediating brokerage firm. The tax burdens the buyer of the shares, individual or corporate entity, unions or trusts, regardless of their residence, origin or place of residence or domicile and even if they are exempt from the payment of other taxes...

27 Jul 2012

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Bloomberg – Greek Banks Follow Euripides to Help Borrowers: Mortgages

Posted by ΧΡΙΣΤΙΝΑ ΣΑΚΕΛΛΙΑ

in Publications, Special topics

Bloomberg - Greek Banks Follow Euripides to Help Borrowers: Mortgages...

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