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The work on Greek property law below was published in November 2018 by Ioannis Valmas, managing partner at Valmas Associates and is part of ICLG’s Guide to Real Estate 2019. Some information contained therein may be or may become out of date.

 
1 Real Estate Law

1.1 Please briefly describe the main laws that govern
real estate in your jurisdiction. Laws relating to leases of business premises should be listed in response to question 10.1. Those relating to zoning and environmental should be listed in response to question 12.1. Those relating to tax should be listed in response to questions in Section 9.
The principal law governing Real Estate matters in Greece is The Law of Rights in Rem (Law of Real Property – Εμπράγματο Δίκαιο) in Chapter 3 of the Hellenic Civil Code, under Articles 947–1345. Specific real estate matters are also dealt with in the Hellenic Code of Civil Procedure, other parts of the Hellenic Civil Code, the Hellenic Constitution and by statutory law.

1.2 What is the impact (if any) on real estate of local common law in your jurisdiction?
The Hellenic Republic, Greece is a civil law country thus, real estate matters are regulated largely by the Hellenic Civil Code, the Hellenic Code of Civil Procedure, the Constitution and statutory law. However, judicial precedent, jurisprudence (a common law legal system’s principal feature) is quintessential as laws – in many instances – leave a wide scope for interpretation; thus, judicial precedent, is frequently cited by lawyers and judges, and ultimately taken into consideration by courts of law in Greece, particularly the judicial precedent set by the Court of Cassation (Άρειος Πάγος) and Council of State (Συμβούλιο της Επικρατείας).

1.3 Are international laws relevant to real estate in your jurisdiction? Please ignore EU legislation enacted locally in EU countries.
By virtue of rules of Private International Law, incorporated in national legislation (Article 4 et seq. Hellenic Civil Code), the principle of lex rei sitae applies to real estate property in Greece (Article 27 of the Hellenic Civil Code). The domicile of a claimant or defendant is thus irrelevant. The courts of the vicinity where the property is located are thus the competent courts.

2 Ownership

2.1 Are there legal restrictions on ownership of real estate by particular classes of persons (e.g. non-resident persons)?
Below are several of the categories of limitations on the acquisition/ ownership of real estate in Greece by non-residents of third countries:
Articles 25 par. 1 and 26 par. 2 of Law 1892/1990, as amended by Article 114 Law 3978/2011, define that the acquisition of real estate in regions of Greek territory designated as border areas, is permitted to individuals and legal entities which are Greek or have their citizenship or place of business within a Member States of the European Union and the European Free Trade Association without any limitations. Third countries’ nationals may enjoy the same tight conditions upon prior authorisation by the Hellenic (Greek) State. These persons should apply to a special committee to obtain permission before acquiring or renting the real estate as well as before proceeding to any shareholders’ structure change. Accordingly, they shall have to submit an application to the regional Decentralised Administration Authority’s Committee of Article 26 Law 1892/1990 prior to acquisition of the property. These Committees are set up in regional border zone areas including Preveza, Thesprotia, Florina, Kastoria, Kilkis, Xanthi, Rodopi, Evros, Mytilene (Lesvos), islands of the Dodecanese, Thera (Santorini), Skyros, areas of Drama and Ioannina, Serres, etc.

3 Real Estate Rights

3.1 What are the types of rights over land recognised in your jurisdiction? Are any of them purely contractual between the parties?
Rights over Land/Rights in Rem:
(a)  ownership (full, bare & usufruct, Article 999 of the Hellenic
Civil Code);
(b)  easement rights (by virtue of Article 1118 of the Hellenic
Civil Code);
(c)  mortgage (burden, encumbrance, Article 1257 of the Hellenic Civil Code) over real estate as security in favour of creditors of the owner; and
(d) “surface right”, as defined by Article 18 et seq. Law 3986/2011, conferring a right to use real property owned by the Hellenic State, Public Law Entities and State Agencies, for a period of time ranging between five and 99 years.
Apart from the above, various purely contractual rights can be acquired over land (e.g. lease agreement, use free of charge agreement – “loan for use” (χρησιδάνειο) agreement, etc.).

3.2 Are there any scenarios where the right to land diverges from the right to a building constructed thereon?
One such example is the case of the surface right of Article 19 Law 3986/2011 where the right to building on State-owned properties is conferred to a third party.

3.3 Is there a split between legal title and beneficial title in your jurisdiction and what are the registration consequences of any split? Are there any proposals to change this?
There is no such split under the laws of the Hellenic Republic, Greece.

4 System of Registration

4.1 Is all land in your jurisdiction required to be registered? What land (or rights) are unregistered?
It is mandatory to register all rights in rem over real property in Greece to the operating competent Registrars: 1. Land Registry; and/or 2. Hellenic Cadastre. Registration with the one or the other depends on whether the latter has been implemented in the area a property is located.
Land Registry – System of Transcriptions and Mortgages Books: Currently applies to the majority of the territory of the Hellenic Republic, Greece. Rights in rem are subject to registration therein.
Hellenic Cadastre (formerly known as National Cadastre): Where the Cadastral System has been implemented, rights in rem are recorded in the competent local Cadastral office. Each plot is granted a registration number and individual/independent properties within the plot are assigned with a number under the plot’s registration number.
Contractual rights such as lease agreements are not registrable with the exception of long-term, non-commercial notarial lease agreements that exceed the length of nine years.
The only exception of unregistered right is the case of adverse possession where a party possesses over a specified period of time a property (10 or 20 years depending on whether the possession of the disseisor is in good or bad faith). Once this period lapses, formal recognition of such a property right may be obtained via a court decision and Registration of the title (court decision in this case) may subsequently commence.

4.2 Is there a state guarantee of title? What does it guarantee?
There is no State Guarantee of title under the laws of the Hellenic Republic, Greece.

4.3 What rights in land are compulsory registrable? What (if any) is the consequence of non-registration?
As indicated in question 4.1 above, it is mandatory to register all rights in rem over real property in Greece to the competent Land Registry and/or Cadastral Office; in essence these are the rights acquired/transferred through a formal procedure/notarial deed (for example, notarial purchase agreements, property donations such as parental donations, court decisions pronouncing ownership rights or other rights in rem over assets, partitioning agreements, acceptance of inheritance deeds, court decisions pronouncing the acquisition of ownership rights through extraordinary adverse possession, rural expropriation decisions, implementation acts of the town plan, etc.).
Registration with the competent Land Registry and/or Cadastral Office is a prerequisite for the completion of a real estate transaction (i.e., the transfer of ownership or other in rem rights). Consequently, lack of registration equals to non-transfer of ownership or to better say not creating a right in rem of e.g. the buyer or not terminating a right in rem of e.g. the seller over real estate.
A non-commercial lease over real estate for a duration exceeding nine (9) years is only valid to a subsequent new owner of such real estate if the lease has been drawn up in the form of a notarial deed and has been registered with the competent Land Registry and/or Cadastral Office. Such registration is not compulsory, but provides the tenant with the above protection against a subsequent owner.

4.4 What rights in land are not required to be registered?
As indicated in questions 4.1 and 4.3 above, contractual rights such as business or housing lease agreements are not registrable with the exception of long-term, non-commercial notarial lease agreements exceeding the length of nine years. Also, Expropriations declared for public interest do not have to be registered with either the Land Registry or the Hellenic Cadastre; accordingly, with effect from the date of payment of the compensation amount to the former owner of the expropriated property, ownership rights are transferred to the entity (public or private) that is the beneficiary of the expropriation. On the other hand, rural and zoning expropriations must be registered with the competent Registrar.

4.5 Where there are both unregistered and registered land or rights is there a probationary period following first registration or are there perhaps different classes
or qualities of title on first registration? Please give details. First registration means the occasion upon which unregistered land or rights are first registered in the registries.
According to the system pertaining to Land Registries there is no probationary period after the first registration for ownership rights; registration becomes effective when it occurs.
In regards to the Hellenic Cadastre corrections of initial registrations/ non-registrations of rights should be made within seven to 14 years (the latter only with regards to areas that the Cadastre was implemented before the coming into force of Law 3481/2006).

4.6 On a land sale, when is title (or ownership) transferred to the buyer?
Ownership is transferred to the buyer via the Notarial Deed/ Purchase Agreement and the subsequent registration of the title (Notarial Deed) to the competent Land Registry or Cadastral Office.

4.7 Please briefly describe how some rights obtain priority over other rights. Do earlier rights defeat later rights?
In respect to Mortgages, in the event where multiple mortgages are registered on the same property, the principle of priority awards preferential satisfaction to the rights of the creditor (mortgagee) whose right was registered. In the less common event mortgages had been registered on the same day, the creditors will be proportionally satisfied.

5 The Registry / Registries

5.1 How many land registries operate in your jurisdiction? If more than one please specify their differing rules and requirements.
As indicated in various sections above, there are two types of
authorities/registrars for real estate in Greece:
1.      the System of Transcriptions and Mortgages Books – Land Registry; and
2.      the Hellenic Cadastre (formerly known as the National Cadastre).
With the full deployment/implementation of the Hellenic Cadastre in the future, remaining Land Registries will no longer register property rights and will be replaced by the Hellenic Cadastre.

5.2 How do the owners of registered real estate prove their title?
An owner or a potential buyer can apply to the competent Registrar on the Land Registry for a Certificate of Ownership; a similar certificate may be acquired from the competent office of the Hellenic Cadastre. Lawyers’ due diligence may also reveal the ownership status of a property.

5.3 Can any transaction relating to registered real estate be completed electronically? What documents need to be provided to the land registry for the registration of ownership right? Can information on ownership of registered real estate be accessed electronically?
A registration cannot be completed electronically. Registering a transaction will have to be completed with submission to the Land Registry of the notarial deed, a summary of the deed, an application for registration, tax declaration and the payment of the registration fee. A similar process is required for registration with the Cadastral Office.
Information can be accessed through visits to the competent Land Registry Office or Cadastral Office and it is available electronically (on all Cadastral Offices) or through a manual search of hard copies of records (some Land Registries may not have info available electronically).

5.4 Can compensation be claimed from the registry/ registries if it/they make a mistake?
The law specifies that the Registrars of the Land Registries are liable for compensation exclusively for any acts or omissions related to the fulfilment their duties. The Cadastral Authority may be liable on any occasion that a party suffers damages as a result of the operation of the Hellenic Cadastre.

5.5 Are there restrictions on public access to the register? Can a buyer obtain all the information he might reasonably need regarding encumbrances and other rights affecting real estate and is this achieved by a search of the register? If not, what additional information/process is required?
Both the Land Registry and the Hellenic Cadastre are obliged by statute to make copies of the Transcription & Mortgages Books (Land Registry) or Cadastral Records (Hellenic Cadastre) available to the public. A manual search on the records and due diligence of the titles, however, may only commence via hiring a lawyer.

6 Real Estate Market

6.1 Which parties (in addition to the buyer and seller
and the buyer’s finance provider) would normally
be involved in a real estate transaction in your jurisdiction? Please briefly describe their roles and/or duties.
Parties with a vital role in a real estate transaction in Greece are as
follows:
1. Lawyers: The execution of the notarial deed, due diligence on titles, coordination of the sale process are some of the quintessential parts of the transaction that a lawyer may provide assistance with. Although not compulsory, representation by a lawyer is vital, especially for the buyer of real estate in Greece.
2. Notaries: The notary executes the notarial deed and checks – along with the lawyer – the validity of certificates provided by the seller as well as their conformity with the law.
3. Realtors/Agents: Although it is not compulsory to appoint one, a realtor is often utilised by buyers and sellers of real property.
4. Civil Engineers: Civil Engineers are usually appointed by sellers and provide topographic drawings, declarations of conformity of the property with the law, certificates on non-existence of illegal constructions/buildings, energy environmental certificates that are prerequisites for the completion of a transfer via a notarial deed.
5. Accountants: Accountants are vital for making annual tax statements (including statement for property ownership) and – if any – income from real estate property.
A distinct category of bodies involved in the process is the tax office where transfer tax is paid by the buyer (currently at 3.09 per cent of the value of the transaction (tax or actual, whichever is the highest), and Registrars (Land Registry or Hellenic Cadastre (fees at around 0.6–0.8 per cent of the value of the transaction) where the property is subsequently registered.

6.2 How and on what basis are these persons remunerated?
With the exception of notaries’ fees, fees of professionals are subject to an agreement between the parties.
Notarial fees are calculated as a percentage of the value of the transaction (actual or tax value (whichever is higher)) plus by the pages and copies of the deed.

6.3 Is there any change in the sources or the availability of capital to finance real estate transactions in
your jurisdiction, whether equity or debt? What are the main sources of capital you see active in your market?
There has been a considerable increase in the availability of capital in the past 2–3 years, largely in the form of foreign equity. In parallel, there is an increase in investment inflows due to the participation of foreign funds in the share capital of Real Estate Investment Companies and individual investors buying properties in rural centres and tourist areas.

6.4 What is the appetite for investors and/or developers to invest in your region compared to last year and what are the sectors/areas of most interest? Please give examples.
Greece’s real estate market has been demonstrating clear signs of recovery since 2017 and urban centres have been at the epicentre of real estate investments from investors from all over the world. Local prices are still well below pre-crisis levels making Greece an undisputed buyer’s market. According to the Bank of Greece, in Q1/2017, Athens property was 44 per cent cheaper than its 2008 peak. Sales of tourist residences, apartments in the urban centres and properties over the value of 250,000 EUR (the latter attracting Golden Visa applicants) seem to dominate real estate transactions. Properties on the Greek islands seem to do considerably well also. Finally, many private investors from countries such as Israel seem to prefer low value/older properties for investment, by subsequently renovating and leasing on short-term leases (e.g. AirBnB) or longer term leases (e.g. annual or two-year leases to students or permanent residents). Furthermore, following the implementation of the new legislation on Non-Performing Loans and the commencement of enforcement and auction proceedings from banks, there has been noted an interest in such properties also.

6.5 Have you observed any trends in particular market sub sectors slowing down in your jurisdiction in terms of their attractiveness to investors/developers? Please give examples.
House building has remained slow in Greece during the years of the financial crisis, but there are signs of recovery, and there has been forecasted an increase in new constructions within 2018.

7 Liabilities of Buyers and Sellers in Real Estate Transactions

7.1 What (if any) are the minimum formalities for the sale and purchase of real estate?
The minimum prerequisites for the transfer of ownership of real estate are: (a) signing the purchase agreement (notarial deed) by the contracting parties; (b) payment of the agreed price; (c) payment of the transfer tax; and (d) registration of such deed with the competent Land Registry/Cadastre.
Also, according to Law 4495/2017, all real estate property transaction deeds are mandatorily accompanied with a legally binding statement from the owner, and a certificate from the engineer declaring and certifying that no illegal structures or uses exist. Breach of any of these conditions results in invalidity of the notarial deed and entails severe sentences against all parties involved in the transactions.
After the entry into force of Laws 4174/2013 and 4223/2013, as in force, any in rem or contractual agreement, by virtue of which rights over real property are established, transferred, altered or a mortgage or pre-notation of mortgage right is granted thereon, is null and void, if no ENFIA (Uniform Tax on the Ownership of Immovable Property) certificate is attached to the notarial deed, verifying that the real property has been properly declared and the tax obligations for a period of five years prior to the transaction have been fulfilled.

7.2 Is the seller under a duty of disclosure? What matters must be disclosed?
Unlike with several common law jurisdictions, sale of real estate is not caveat emptor in Greece. The seller is under a duty of disclosure (please see question 7.5 below).

7.3 Can the seller be liable to the buyer for misrepresentation?
A seller can be liable on both civil and criminal grounds leading to a series of consequences for him/her such as: annulment of the contract; reduction of the sale price; compensation for the buyer; and criminal liability/imprisonment.

7.4 Do sellers usually give any form of title “guarantee” or contractual warranties to the buyer? What would be the scope of these? What is the function of any such guarantee or warranties (e.g. to apportion risk, to give information)? Would any such guarantee or warranties act as a substitute for the buyer carrying out his own diligence?
As part of the due diligence process, the buyer should require deeds evidencing ownership of the property from the seller, issued by the competent Land Registry and a full series of ownership titles of the seller’s predecessors covering at least a 20-year period prior to the most recent ownership title. Also the lawyer of the seller should conduct a deep search on the records as part of the due diligence process whereas release of advance payments as part of any promissory agreement should be made until due diligence has been conducted.
Furthermore, the seller formally states and signs in the notarial deed that he guarantees and warrants that the property is free from any: encumbrance; mortgage; debt; pre-notation of mortgage; confiscation; claims by third parties; real and legal defects; leases; concession of use by any means; expropriation; contribution of land; and any debts to public authorities.
These guarantees and warranties can be deemed as a substitute for the buyer’s lack of due diligence although the above processes are costly, take a long time and have risks, so it is advisable that due diligence is conducted through the lawyer of the buyer prior to signing the notarial deeds and the subsequent transfer of property.

7.5 Does the seller retain any liabilities in respect of the property post sale? Please give details.
Please see question 7.4 above.

7.6 What (if any) are the liabilities of the buyer (in addition to paying the sale price)?
The buyer pays for the notary fee, the transfer tax, registration fees with the competent authority as well as realtor, lawyer fees, etc.

8 Finance and Banking

8.1 Please briefly describe any regulations concerning the lending of money to finance real estate. Are the rules different as between resident and non-resident persons and/or between individual persons and corporate entities?
No custom regulations for lending exist and residents/non-residents as well as individuals/corporate entities do not enjoy more privileges over one another.

8.2 What are the main methods by which a real estate lender seeks to protect itself from default by the borrower?
Usually a lender will be protected with a mortgage or a prenotation of a mortgage over the property with its subsequent registration with the competent Registrar (Land Registry or Cadastral Office).

8.3 What are the common proceedings for realisation of mortgaged properties? Are there any options for a mortgagee to realise a mortgaged property without involving court proceedings or the contribution of the mortgagor?
The realisation of mortgaged properties can only be effected through enforcement by public auction. The mortgagee cannot automatically acquire ownership rights over the mortgaged property.

8.4 What minimum formalities are required for real estate lending?
The lender shall require proof that the borrower is the owner of the property and shall establish a mortgage over the property prior to enumeration of the mortgagee.

8.5 How is a real estate lender protected from claims against the borrower or the real estate asset by other creditors?
As mentioned in question 4.7, the principle prior in tempore prior in jure shall have effect in mortgages so it would make sense for a lender to establish a first-rank mortgage before any other burden. Article 1272 of the Hellenic Civil Code provides that the rank is defined by the date of the first Registration of the Mortgage.

8.6 Under what circumstances can security taken by a lender be avoided or rendered unenforceable?
As an example, a court order can render a security unenforceable in the event, e.g., that it was granted to defraud third creditors and a third creditor seeks, e.g., an injunction from the competent court rendering it unenforceable.

8.7 What actions, if any, can a borrower take to frustrate enforcement action by a lender?
The new Hellenic Civil Procedure Code which came into force in 2016 limited the capabilities of a borrower against enforcement actions by lender(s) (Articles 933 & 934). Interim measures (filing a caveat) may be sought against the auction process (for limited reasons) with a right of the borrower to appeal against the decision (Article 937).

8.8 What is the impact of an insolvency process or a corporate rehabilitation process on the position of a real estate lender?
As noted in questions 4.7 and 8.5, the principle of prior in tempore prior in jure shall, in principle, have effect on Mortgages existing prior to the declaration of the insolvency (the lender being considered as a secured creditor) and subject to the requirements/limitations of the Greek Insolvency Code – Law 3588/2007 as amended (see, for example, Articles 21, 26, etc.).

8.9 What is the process for enforcing security over shares? Does a lender have a right to appropriate shares in a borrower given as collateral? If so,
can shares be appropriated when a borrower is in administration or has entered another insolvency or reorganisation procedure?
According to Article 26 para. 1 of the Greek Insolvency Code secured creditors can enforce security exclusively over the asset (e.g. property burdened with a Mortgage in their favour). They can only be remunerated from the whole of the insolvent estate if they resign from the privilege of the security on the asset (e.g. mortgage) or in the event the privilege/security is not enough for their full remuneration.

9 Tax

9.1 Are transfers of real estate subject to a transfer tax? How much? Who is liable?
The buyer bears the obligation to enumerate the local Tax Office with the transfer tax at a rate of 3.09 per cent of the tax or actual value (whichever is the highest) or VAT on the first sale of newly built buildings (see question 9.4 below).

9.2 When is the transfer tax paid?
Transfer tax should be paid prior to the signing of the notarial deed and a certificate/receipt should be presented before the notary, attached to the deed and be referenced on it.

9.3 Are transfers of real estate by individuals subject to income tax?
Betterment Tax for Sellers: Pursuant to Article 41 Law 4172/2013, a betterment tax on the transfer of real estate, will be imposed on the seller of real estate property in Greece with a coefficient of 15 per cent calculated upon the profit the seller made by the sale of the property when compared to the original purchase value of the property. There are reduction factors limiting the amount of tax a seller will be called to pay upon the profits from the resale of his/ her property based on amount of time they kept ownership and other factors defined by the above law. The coming into effect of the above provision has continued to be postponed since its inception and subsequent enactment and it has now further been suspended until the 31st December 2018.

9.4 Are transfers of real estate subject to VAT? How much? Who is liable? Are there any exemptions?
VAT (24%) is imposed on the purchase value on the first sale of newly built buildings by a developer, or by a person who deals professionally with the construction and the sale of buildings.
For all other properties that do not fall under the above category, the transfer is charged with a real estate transfer tax at 3.09 per cent.

9.5 What other tax or taxes (if any) are payable by the seller on the disposal of a property?
No further taxes, other the ones outlined in the sections above, burden the buyer.

9.6 Is taxation different if ownership of a company (or other entity) owning real estate is transferred?
Transfer tax is the same for companies and private individuals. Revenue made from a transfer may be subject to further or differing (between individuals or companies) taxation.

9.7 Are there any tax issues that a buyer of real estate should always take into consideration/conduct due diligence on?
Tax issues have been outlined above, although depending on the end purpose of the acquisition (business, residence) the buyer should be advised accordingly.

10 Leases of Business Premises

10.1 Please briefly describe the main laws that regulate leases of business premises.
The principal laws regulating leases of business premises are the Hellenic Civil Code and Presidential Decree 34/1995 as amended by Laws 3853/2010, 4242/2014 and 4373/2016.

10.2 What types of business lease exist?
Several types of business leases exist such as:
1.      Business Leases pertaining to certain business activities such as banking operations, marine trade/shipping, agents, etc.
2.      State/Public leases pertaining to housing public authorities.
3.      Leases pertaining to certain professions such as lawyers, language schools, doctors, accountants, notaries, civil engineers, process servers, etc.

10.3 What are the typical provisions for leases of business premises in your jurisdiction regarding: (a) length of term; (b) rent increases; (c) tenant’s right to sell or sub-lease; (d) insurance; (e) (i) change of control of the tenant; and (ii) transfer of lease as a result of a corporate restructuring (e.g. merger); and (f) repairs?
A. Length of term
Business Leases after the coming into force of Law 4242/2014 are for a three-year minimum term, even in case a lesser term has been agreed upon in writing with a lease agreement. Lengthier terms are allowed.
B. Rent increases
Adjustments may be claimed by the landlord in the absence of an explicit agreement. If a dispute arises, Regional Committees for the Settlement & Re-Adjustment of Rent have been set up under the auspices of Article 15 Law 4013/2011. Resorting to the Committee is conditioned on the ground that a two-year period since the business lease started (or since the last downward adjustment of rent) has lapsed. C. Tenant’s right to sell or sub-lease
Selling is not permitted by the tenant, whereas sub-letting according to Article 593 of the Hellenic Civil Code is not prohibited unless there was an agreement to the contrary between the landlord and tenant.
D. Insurance
It is not compulsory to insure the business premises but it does make sense for either the landlord or tenant to do so (for different reasons each).
E.i. Change of control of the tenant
The change of control does not have any effect unless otherwise stated in the business lease agreement.
E.ii Transfer of lease as a result of corporate restructuring
In principle, there will be no consequences on the lease agreement as the new participants will succeed the previous ones by default. In the event of bankruptcy of the landlord and auction of the property, the highest bidder is entitled to evict the tenant within two months according to the Hellenic Civil Procedure Code.
F. Repairs
The property must be fit for its intended purpose and use, although the agreement may contain clauses to the contrary.

10.4 What taxes are payable on rent either by the landlord or tenant of a business lease?
Every natural person/individual that owns property in Greece is entitled to lease their property and generate income, so long as they declare the profits/income to the tax authorities. No residence permit is required for this type of activity as it is not a business activity per se.

 Furthermore, a solidarity levy at a coefficient of 2.2 per cent up to 10 per cent (depending on the total income) is imposed if the annual income exceeds 12,000 EUR.
Net taxable real estate income of individuals is subject to rules, according to which not all expenses (including depreciation) are necessarily taken into account
Net taxable income of legal entities is treated as income from a business operation and the related expenses are tax deductible if the general preconditions set by law are met and if they are inscribed in the books of the company and evidenced by documentation.

10.5 In what circumstances are business leases usually terminated (e.g. at expiry, on default, by either party etc.)? Are there any special provisions allowing a tenant to extend or renew the lease or for either party to be compensated by the other for any reason on termination?
As a general rule, leases can be terminated at the expiry of their set contractual term or for any of the reasons stipulated in the agreement
nd the law (non-payment, etc.). A lease is implicitly active/ renewed for an indefinite length if the tenant continues to enumerate the landlord and the landlord receives the rent enumeration after the date of termination and can subsequently be terminated pursuant to the Hellenic Civil Code.
The law sets out provisions and scenarios for compensation of both the landlord and tenant in the event the relationship is terminated early.

10.6 Does the landlord and/or the tenant of a business lease cease to be liable for their respective obligations under the lease once they have sold their interest? Can they be responsible after the sale in respect of pre-sale non-compliance?
The tenant shall be fully liable once they have sold their interest while the agreement is still in force; the landlord will be succeeded in his rights and obligations by the new owner, although he may be liable to the latter for pre-sale non-compliance.

10.7 Green leases seek to impose obligations on landlords and tenants designed to promote greater sustainable use of buildings and in the reduction of the “environmental footprint” of a building. Please briefly describe any “green obligations” commonly found in leases stating whether these are clearly defined, enforceable legal obligations or something not amounting to enforceable legal obligations (for example aspirational objectives).
According to Law 4122/2013, a Building Energy Performance Certificate is required for the conclusion tenancy agreement for an apartment, building, etc. (i.e. residential or business). Since the coming into force of Law 4245/2015, where it became compulsory for all leases to be filed electronically with the tax office, the details of the Certificate must be submitted on the platform of the tax office for any new lease filed falling under the scope of Law 4122/2013; the certificate’s validity can be automatically verified by the system.

10.8 Are there any trends in your market towards more flexible space for occupiers, such as shared short-term working spaces (co-working) or shared residential spaces with greater levels of facilities/ activities for residents (co-living)? If so please provide examples/details.
With the advent of AirBnB and the ever increasing flows of tourists in Greece – urban centres in particular – short-term rental of properties has been awash with apartments offering sharing facilities (where, e.g., owner hosts a visitor in his/her own property, sharing facilities with them).

11 Leases of Residential Premises

11.1 Please briefly describe the main laws that regulate leases of residential premises.
Leases of residential premises are regulated by the Hellenic Civil Code (Article 574 ) as well as Law 1703/1987 as amended by Law 2235/1984.

11.2 Do the laws differ if the premises are intended for multiple different residential occupiers?
The law applies to multiple occupiers under the same tenancy agreement.

11.3 What would typical provisions for a lease of residential premises be in your jurisdiction regarding: (a) length of term; (b) rent increases/controls; (c) the tenant’s rights to remain in the premises at the end of the term; and (d) the tenant’s contribution/obligation to the property “costs” e.g. insurance and repair?
A. Length of term
Residential Tenancies are for a three-year minimum term, even in case a lesser term has been agreed upon in writing with a lease agreement. Lengthier terms are allowed.
B. Rent increases/controls
Please see question 10.3 above.
C. Tenant’s rights to remain in the premises at the end of term
At the lapse of the tenancy’s term, the tenancy becomes indefinite and it can remain until one of the parties provides a termination notice.
D. Tenant’s contributions to property costs
The tenant is to assume payments of communal expenses, bills of electricity, water, etc. Insurance is not compulsory for either landlord or tenant whereas repairs (unless damage is caused by the tenant) are to be assumed by the landlord.

11.4 Would there be rights for a landlord to terminate a residential lease and what steps would be needed to achieve vacant possession if the circumstances existed for the right to be exercised?
Non-compliance with the terms of the tenancy agreement may result in an eviction process. The fastest method of eviction is via the process pursuant to Law 4055/2012.

12 Public Law Permits and Obligations

12.1 What are the main laws which govern zoning/ permitting and related matters concerning the use, development and occupation of land? Please briefly describe them and include environmental laws.
Below we list the main regulatory instruments. Urban and Land-Use Planning Laws:

• Urban Development Law (Law 1337/1983).
• Sustainable Urban Development Law (Law 2508/1997).
• General Construction Regulation (Law 1577/1985).
• New Construction Regulation (Law 4067/2012).
• Control and Protection of the Constructed Environment (Law 4495/2017).

Environmental Legislation:
·       Mostly EU Legislation implemented and incorporated into National Law.
·       The Hellenic Constitution sets out the boundaries as to construction activities primarily in Article 24.
·       A further limitation is imposed by Law 2971/2001 in respect to the protection of the coast and shoreline.

12.2 Can the state force land owners to sell land to it? If so please briefly describe including price/ compensation mechanism.
The Hellenic Republic can expropriate real estate against full and prompt compensation to the owners or in rem beneficiaries, conditioned on the ground that by doing so such expropriation serves the public interest and that such legal route is provided by law.
Pursuant to the Code of Expropriations of Immovable Property (Law 2882/2001) the expropriation process is considered to be officially declared by publication in the Government Gazette of notification by the expropriating party that payment of the lawful consideration in favour of the parties, whose property is being expropriated, has been made in a special account with the Deposits and Loans Fund. Unless full payment is made, the beneficiary of the expropriation cannot take possession of the expropriated asset. It is also possible that the expropriation may involve an exchange of properties (i.e. exchange the expropriated property with another property in possession of the expropriating party).
The State assesses, among others, the value of the expropriation which is subject to judicial review by the Court of First Instance, which may either accept it or fix a new price. If the owner of the real estate objects to such price, he/she may file an appeal against the decision of the Court of First Instance.

12.3 Which bodies control land/building use and/or occupation and environmental regulation? How do buyers obtain reliable information on these matters?
The responsible bodies for land-use building-use and occupation are the Technical Services Sectors of the Municipalities, the Environmental Departments of the Prefectures, the Town/City Planning Authorities, the Forest Registries and several Departments of the Ministry of Environment, Energy and Climate Change (ΥΠΕΚΑ).

12.4 What main permits or licences are required for building works and/or the use of real estate?
Pursuant to Law 4495/2017, the below can be considered the main
types of permits:
1.      Common licence/permit.
2.      Small-scale works permit for works under 25,000 EUR (described in Article 29 par. 2 Law 4495/2017).
3.      Administrative pre-approval of the right to a building permit (for buildings over 3,000 sq.m. or when the permit is issued by another authority such as the Church’s Building Authority).

12.5 Are building/use permits and licences commonly obtained in your jurisdiction? Can implied permission be obtained in any way (e.g. by long use)?
Building permits are commonly obtained by the competent local/ municipal authority. No implied permit can be obtained.

12.6 What is the typical cost of building/use permits and the time involved in obtaining them?
The costs should include engineers’ reports/studies and supervision (which are freely negotiated with their clients) and should be heavily dependent on the type/complexity/size of building work undertaken as well as the area/locality of the competent authority.
Since a complete file will have to be filed with the authority, timelines for obtaining permits will depend upon several factors.

12.7 Are there any regulations on the protection of historic monuments in your jurisdiction? If any, when and how are they likely to affect the transfer of rights in real estate or development/change of use?
Article 24 of the Hellenic Constitution as well as Laws 3028/2002 and 4067/2012 – among other Laws – grant protection to monuments, antiquities, etc. of Greek heritage, including monuments from 1830 and buildings, constructions of historical heritage as young as 100 years old.

12.8 How can e.g. a potential buyer obtain reliable information on contamination and pollution of real estate? Is there a public register of contaminated land in your jurisdiction?
There is no public register of contaminated sites in Greece other than decentralised inventories. Buyers will have to conduct their own due diligence.

12.9 In what circumstances (if any) is environmental clean- up ever mandatory?
Pursuant to Article 28 Law 1650/1986, anyone who pollutes or damages the environment shall be liable on criminal grounds as well as – under Article 29 – for compensation whereas under Article 30 par. 2 interim administrative measures may be taken against a polluting business or polluting activity until suitable measures against the pollution are taken by the business.

12.10 Please briefly outline any regulatory requirements for the assessment and management of the energy performance of buildings in your jurisdiction.
As mentioned in question 10.7, Law 4122/2013 sets out the requirements for the assessment and management of the energy performance of buildings. The inspector may provide guidance as to how to enhance the overall performance of the building and inspections should be made and certificates issued every 10 years.

13 Climate Change

13.1 Please briefly explain the nature and extent of any regulatory measures for reducing carbon dioxide emissions (including any mandatory emissions trading scheme).
In June 2012, the registry architecture of the EU Emissions Trading System underwent a fundamental change. The Union Registry has replaced the EU Member States’ national registries. EU ETS operations were centralised in a single EU registry developed, operated and maintained by the European Commission.
The Greek Greenhouse Gas Registry is part of the Union Registry. The Union Registry is an online database that holds accounts for stationary installations as well as for aircraft operators. It ensures accurate accounting for all allowances issued under the EU emissions trading system (EU ETS), precise tracking of holdings, issuances, transfers, cancellations and retirements of general allowances and Kyoto units. Therefore, all companies registered in the Greek Registry can perform all the necessary actions (e.g. transactions, surrendering), in this way.
In line with EU legislation, the Greek part of the Union Registry is managed by the Section for Market Mechanism and Registry of Greenhouse Gas Emissions/Directorate of Climate Change and Air Quality of the Ministry of Environment and Energy which also serves as a contact point for national and international authorities. The Section for Market Mechanism and Registry of Greenhouse Gas Emissions is also responsible for the operational management of the registry and provides account holders with the required information and support.

13.2 Are there any national greenhouse gas emissions reduction targets?
Greece has implemented a programme since 2000 which coordinates activities from the public & private sectors with the aim of limiting greenhouse gases. This programme has taken measures affecting the household and tertiary sectors, transportation, industry, electricity generation, waste disposal, agriculture, manufacturing processes and more. This aims to reduce emissions as part of a concerted EU effort to aggressively reduce emissions.

13.3 Are there any other regulatory measures (not already mentioned) which aim to improve the sustainability of both newly constructed and existing buildings?
Ministerial Decision 171563/131 of 2018 creates incentives to homeowners to install new windows, heating systems, shading systems, etc. by subsidising the purchases with the programme Saving at Home. The programme is co-funded by the EU.
Also the Rooftop PV Programme incentivises homeowners to install small photo-voltaic systems up to 10kWp on the rooftops of their buildings and selling the electricity produced to HEDNO (Hellenic Electricity Distribution Network Operator S.A.).

All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.

Abstract

• The existing legal framework on residence permits has been extended to investments on intangible assets in Greece.
• Up to three Shareholders or executives of foreign legal entities investing in Greece may be granted residence permits on top of the ten non-EU citizens who are being granted residence permits for the implementation and operation of the related investment plan. 

Amendments effected with Law 4605/2019 (in force as of July 1st 2019)

Since the coming into force of the Golden Visa program in Greece, a significant number of overseas investors and their families (over 20,000 with family members included) have opted for the option of investing in Greece in return for the granting of a residence permit. This in turn provides them with - among others - permanent residence and access to EU & Schengen countries.

The Greek Government, in an effort to expand the spectrum of investors taking advantage of the said program introduced a new law that allows for opportunities for investments in Greece which are linked with the right for a residence permit. The Greek government implemented changes to the Golden Visa program, one of the most competitive and attractive programs globally, with a law expanding the forms of investments required for eligibility. The revised bill aims to improve and complement the current residence permit scheme (Golden Visa) for third-country nationals investing in Greece and the Invest in Greece, Residency by investment program.

In particular, pursuant to Article 42 of Law 4605/2019 (published on the government Gazette on 1 April 2019) which amends Law 4251/2014,  some important additional options to the existing legal framework for granting a residence permit through investments in Greece have been introduced. According to the introductory notes of Law 4605/2019, its purpose is the improvement of the current legislative framework on residence permits by taking into consideration the needs of the Greek economy, the interest shown by foreign investors in Greece and the relevant international and EU practice.

Current legislation provided that if a non-EU legal entity begins an investment in Greece which is expected to have a positive outcome on national development and the economy, up to ten (10) third country citizens are eligible to be granted a residence permit for the implementation and operation of the specific investment plan. Pursuant to Law 4605/2019 in addition these individuals, up to three (3) additional non-EU citizens with the capacity of a shareholder or executive may apply and be granted a residence permit in Greece provided that the investment is made through a legal entity.

New categories of investment

However, the most important element of the new Law 4605/2019 is the introduction of new categories of investment which provide the right to non-EU citizens investing in Greece (the “Investors”) to be eligible for a Greek residence permit (the “Residence Permit for Investors”). The new categories of investments are the following:

1. Capital contribution of at least €400,000 in a company with registered seat or establishment in Greece, excluding Portfolio Investment Companies, for the acquisition of shares by capital increase or acquisition of bonds which are being admitted to trading on a regulated market or to a multilateral trading facility operating in Greece;
2. Capital contribution of at least €400,000 for the acquisition of shares by capital increase in a Real Estate Investment Company of Article 21 of Law 2778/1999 which aims exclusively to investments in Greece;
3. Capital contribution of at least €400,000 for the acquisition of shares in a Venture Capital Investment Company of Article 5 of Law 2367/1995 or to a Venture Capital Mutual Fund of Article 7 of Law 2992/2002 provided that the aforementioned Alternative Investments Funds are aiming to invest exclusively in companies with registered seat or establishment in Greece;
4. Acquisition of Greek State’s bonds of at least €400,000 with remaining duration at the date of the acquisition of at least three (3) years, through a credit institution seated in Greece which is also acting as a trustee;
5. Term Deposit of at least €400,000 in a Greek credit institution with a minimum term of one year and a permanent renewal order;
6. Purchase of shares, corporate bonds or bonds of the Greek State which are being admitted to trading or are being traded on regulated markets or to a multilateral trading facility operating in Greece of at least €800,000.
7. Purchase of share parts of at least €400,000 in a mutual fund which has been established in Greece or in another country and aims to invest exclusively in shares, corporate bonds or bonds of the Greek State, which are being admitted to trading or are being traded on regulated markets or to a multilateral trading facility operating in Greece provided that: (i) the amount of the assets of the mutual fund is at least €3,000,000 and (ii) the mutual fund and its administrator are licensed by the competent authority in the country of its registered seat, which for non-EU member states should be a member of IOSCO and which should have entered into a bilateral agreement for the exchange of information with the Hellenic Capital Markets Commission; and
8. Acquisition of parts or shares of at least €400,000 in an Alternative Investments Funds (AIF) which has been established in Greece or another EU member state and invests exclusively in real estate in Greece, provided that (i) the amount of the assets of the AIF is at least €3,000,000 and (ii) the AIF and its administrator are licensed by the authority.

For specific types of investments (under 3, 6, 7 and 8 above), the opening of an exclusive account in a credit institution established in Greece is required and the disbursement of amounts from this account is subject to restrictions.

In the case of a Greek legal entity proceeding to any investment under 1-8 above, and its shareholder is a non-EU citizen, such person may lawfully request his/her entry and residence in Greece, provided that such shareholder holds the total (100%) of the company’s shares. In case, that the investment is performed by a non-EU legal entity, the entry and residence in Greece of up to 3 non-EU citizens who are shareholders or executives of the said entity is permitted, depending on the amount of the investment.

In addition to the two aforementioned cases for entry and residence permit eligibility, it would still be possible to grant entry and residence permits to up to ten third country nationals depending on the total amount of investment, employed for the implementation and operation of the investment plan.

The competent authority for the issuance and renewal of the residence permits granted to non-EU citizens, is the Department of Immigration Policy of the respective Ministry. The initial duration of the residence permit granted for the aforementioned investments is five years and it can be renewed for another five years provided that the holding of the investment is certified and the remaining conditions for the granting of such residence permit continue to be applicable. The Residence Permits for Investors do not establish any right to work. The Investor acquiring a residence permit may be accompanied by his family members who are granted individual residence permits of equal duration with the Investor’s residence permit. Unmarried children, spouse and spouses’ parents can be granted a residence permit along with the Investor.

The above provisions in relation to the new options for granting residence permits to foreign investors in Greece entered into force on the 1st of July 2019.

For information about the application process contact Valmas Associates in the relevant section of our website.

Source: Invest in Greece

All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.

Overview

With a new vision for development, Greece aims to attract foreign direct investments in infrastructure, manufacturing, energy, tourism, agriculture and other sectors through flexible and fast administrative procedures, and by promoting its natural resources, well-educated human capital and other unique comparative advantages in the broader South-Eastern European region.

Greece has set up a flexible and fast procedure for non-EU/ EEA foreign investors who wish to obtain an entry visa and a residence permit for the purpose of investment activity in Greece. Residence permits can also be granted to company executives involved in the implementation and/or the operation of the investment project. Up to 10 permits may be issued for an investment project (investors and executives), depending on the investment scale.
The investment activity may be implemented through the construction of new facilities (greenfield investments) or business acquisitions, restructuring as well as expansion of current activities (brownfield investments), provided that it has a positive impact on the national economy.
Residence permits offered to investors and executives can be renewed every five years, as long as they maintain their position in relation to the investment and the investment continues to be active. In addition, they may be accompanied by their family members - spouse, unmarried children up to the age of 21, and the first degree ascendants of the spouses - who are also beneficiaries of the right to enter and obtain a residence permit.

For information about the application process contact Valmas Associates in the relevant section of our website.

Legal Framework

According to Greek Law:
A long-term visa (national visa / D-type visa) is an authorization issued by the Greek consulates for the entry and stay on Greek territory of non-EU/EEA citizens for a period exceeding 90 days and up to 365 days, according to the respective national regulations or European Union law.
A residence permit is an authorization issued by the Minis- try of Migration Policy for the legal residence within Greek territory of non-EU/EEA citizens, in accordance with the pro- visions of European Union (Council Regulation (EC) 1030/02, as applicable). There are different categories of residence permits and different types of permits within each category. Employment rights depend on the type of permit issued.
The legal basis of the program concerned (entry and residence for investment activity) is found in Article 16 of Law 4251/2014, as amended and completed by Article 8 (par. 21) of Law 4332/2015 and Article 84 (par. 1 to 6) of Law 4399/2016.
Details concerning the program implementation, such as the minimum required investment, the procedure and the required documentation, are determined by a Joint Ministerial Decision.

Beneficiaries of the residence permit for investment activity

Beneficiaries of the right to enter and obtain a permanent residence permit under this program are:
a) non-EU/EEA citizens who intend to invest in Greece (investors), either personally or through a legal entity, provided that their investment project meets the conditions set by the legal framework, as outlined below.
b) non-EU/EEA citizens, company executives, involved in the implementation and/or the operation of the investment project described (upper management, middle management or experts necessary for the project). The above provision for non-EU/EEA citizen company executives also applies with the same preconditions to domestic established enterprises which are currently in operation and implement a new investment.
Up to 10 permits may be issued for investors and executives for an investment project, depending on the investment scale.
c) Family members of the non-EU/EEA citizen described above who are granted a residence permit and specifically:
- The spouse,
- The other spouse or partner with whom a third-country national has a cohabitation agreement in Greece,
- Their unmarried children up to the age of 21,
- The unmarried children of the dependant or his/her spouse up to the age of 21, provided that the right of custody has been legally granted to the sponsor for his/her children and to the other spouse for the children thereof,
- The first degree ascendants of the spouses. These family members are granted residence permits for family reunification which does not include access to employment.

Duration-Renewal of the residence permit

The residence permit for investment activity (for investors or executives) is granted for a five-year period and is renewed every time for an equal duration, provided that the beneficiary maintains the status (investor or executive) in relation to the investment and that the investment continues to be active.
For the family members concerned, their residence permit expires upon the expiry of the sponsor’s residence permit. Note that the unmarried children of the applicant who are originally admitted to the country under the terms and requirements of the residence permit for investment activity are granted residence permits for family reunification until the age of 21.
Children reaching the age of 21 are entitled to an autonomous residence permit up to the age of 24 without specific preconditions. This permit is not linked to the status of the family sponsor. After the age of 24, further renewal is possible according to pertinent national immigration legislation.

Application fee
The cost for the issuance of a national entry visa is €180.
The fee for the issuance of a five-year residence permit or for its renewal is €2000 for investors and company executives, and €150 for their family members. Minor children (under 18 years old) are exempted from this fee.
The fee for the issuance of the electronic residence permit is €16.

Conditions for the investment activity

Residence permits for investment activity are granted to non- EU/EEA citizens (investors or executives) in the context of the implementation of an investment project following a positive assessment of the investment by the Directorate for Foreign Capital at the Ministry of Economy and Development.
a) Investment activity
There are no restrictions regarding the sector of activity or the location of the investment project. The requirement that must be met by the investment is to have positive impact on national development and the economy.
Investment activity may be implemented through the construction of new facilities (greenfield investments) or business acquisitions, restructuring or expansion of current activities (brownfield investments). Factors taken into account for assessing the impact on national development and the economy are job creation, promotion of domestic resources and vertical integration of domestic production, export orientation, innovation and adoption of new technology.
b) Investment cost
The legal framework does not set specific limits regarding the total cost of the investment project.
However an investor applying for a residence permit under this program should contribute to the investment with an amount of at least €250,000, available through own funds.
In addition, the number of permits for executives allowed for each investment project depends on the amount of the total investor contribution.
Finally, the total number of residence permits allowed for an investment project cannot exceed 10 (for investors and executives).

 Process for granting a residence permit for investment activity

a) Entry requirement to apply for a residence permit
To apply for a residence permit for investment activity, non- EU/EEA citizens must:
- either enter the country on a national visa (type-D) issued for investment purposes by the competent consular authority, which is valid for up to one year; or
- already legally reside in the country and hold a residence permit either under a definite residence permit or a visa or a residence permit granted by another EU Member State (in this case Schengen rules for temporary stay in a member state apply) or a long-term residence permit (2003/109/EC) granted by another EU Member State. In this case, the in- vestment activity should have been approved prior to the application for the residence permit and non-EU/EEA citizen should legally reside in the country at the moment of submitting the residence permit’s application.

b) Granting an entry visa
In order to obtain a national visa (type D) for investment purposes, the non-EU/EEA citizen (investor or executive) or his proxy submits an application to the competent Greek consulate, enclosing the necessary documentation for the applicant and the investment project.
Family members have the option of entering the country at the same time with the applicant from whom they derive their residence rights (sponsor) or at a later date, and should also be issued the appropriate entry visa.
Documentation for investment project (documents a, b and c) should be submitted in printed and electronic form, in Greek (documents issued in other languages should be accompanied with an official translation). In case of difficulty submitting the above information in electronic form or in Greek, assistance can be provided by the Greek consulates.
The consular authority will forward the above documentation to the competent department at the Ministry of Economy and Development for assessment with respect to conditions set by the legal framework. The positive opinion of the above department regarding the investment project is necessary for granting the entry visa.

A. GENERAL DOCUMENTATION FOR GRANTING A NATIONAL VISA (type- D)

a) A passport or other travel document recognized by Greece, with a period of validity which must exceed by three months the expiry date of the visa, having at least two blank pages and issued within the previous ten years.
b) Travel insurance with a duration covering at least the entire visa period and providing coverage of costs which might arise in case of repatriation for medical reasons, urgent medical care and/or emergency hospital treatment.
c) Criminal record certificate issued by the foreign authorities certifying the criminal record status of the applicant in the country of his/her residence. In cases where the applicant has lived in a country other than that of his/her origin for more than a year before lodging the entry visa application, the consular authority may request a criminal record certificate issued by the country of origin.
d) Medical certificate issued by a recognized state or private institution, showing that the person concerned does not suffer from a disease that could pose a threat to public health, as defined by the international data of the World Health Organization (WHO) and the European Union acquis, nor from any other infectious, contagious or parasitic diseases that impose measures to protect public health.

B. DOCUMENTATION FOR INVESTMENT PROJECT

a) Presentation of the investment project to include:
- Details of the existing company or one to be established to pursue the investment activity (name, type of legal entity, share-holder / corporate structure)
- Description of the investment project
- The location of the investment project
- The investment budget and its financing structure
- A timetable for implementation of the investment
- The forecasted results for the first five years of investment (feasibility study and cash flow forecast)

- The total number of jobs to be created by the operation of the investment
b) Information concerning the applicant in relation to the contribution to the investment which includes :

- A brief curriculum vitae
- The applicant’s position and occupation relative to the investment project
- The duration of residence in accordance with the investment implementation
The above (a and b) should be presented and documented in accordance with the relevant forms available on the website of the program, taking into account the instructions and notes provided on them.

c. Documentation for investors’ own funds
The documentation of the investor(s)’ ability to fulfill the requirements for own funds should be based on quarterly statements-certificates of bank deposits or securities for individuals, and balance sheets and other financial statements for legal entities.


c) Application for the residence permit
A non-EU/EEA citizen who has entered the country with a national visa (type-D) for investment purposes should complete the required process for applying for the residence permit before the expiry of the entry visa.
In the meantime, visa holders will be able to undertake legal acts and conduct transactions with the competent authorities.
The application and the necessary documentation for a residence permit are submitted in person or by a legal representative to the Directorate for Migration Policy at the Ministry of Migration Policy in Greece. Authorization shall be proven in writing by having the authenticity of the authorizing person’s signature verified by any public authority.
Since February 20th, 2017, a new procedure for granting non EU-EEC nationals residence permits in Greece was launched, pursuant to Regulation (EC) 1030/2002, as valid, under which all EU Member States will issue an electronic residence permit, which will replace the sticker, typically affixed in a valid passport.
Family members have the same obligation pertaining to the collection of biometric data. The requirement to provide their fingerprints applies to all third-country nationals over six (6) years old, and the digital signature requirement applies to all citizens over the age of twelve (12) years.

d) Exceptional Procedures for non EU/EEA citizens who legally reside in Greece (Law 4399/2016)
In order to facilitate the process for non EU/EEA citizens who intent to invest in Greece and legally reside in the country, either under a definite residence permit, or a visa, or a long- term residence permit (2003/109/EC) granted by another EU member state, it is possible for them to submit an application with the documentation of the investment project to the authorities in Greece. This application is submitted to the Directorate of Migration Policy (Ministry of Migration Policy), which forwards it to the component department for its required relevant opinion (Ministry of Economy and Development. After the issuance of a positive opinion, the respective non EU/EEA citizen, under the precondition that he/she legally resides in the country, shall submit an application for a residence permit along with all the necessary documentation as described below.

e) Provisions during the application processing period
The authorities receiving the application and all the necessary documentation issue a certificate valid for one year which constitutes an evidencing document/certificate of legal residence of the person concerned in the country. Until the residence permit is issued Certificate holders are entitled to all benefits of the residence permit they have applied for. Hence, they can proceed with any legal formalities related to their investment and can contact with all the relevant authorities. Once the Directorate for Migration Policy at the Ministry of Migration Policy verifies that the application fulfills all necessary conditions, a five-year residence permit is granted.

DOCUMENTATION FOR RESIDENCE PERMIT APPLICATION

- Application form
- Four (4) printed digital passport photos, also stored in digital form(CD)
- A fee paid and obtained through the “e-paravolo” platform ac- cording to article 38 par. 6 of Law 4546/2018, which amounts to €2000 for residence permits of up to a five year duration for investors and company executives (code 2112). For family members the fee amounts to €150 (code 2107). Minor children (under 18 years old) are exempted from this fee;
- A positive assessment of the investment by the Directorate for Foreign Capital at the Ministry of Economy and Development.
- Certification by the competent national insurance agency that the applicant has applied for the required insurance
- A fee paid and obtained through the “e-paravolo” platform ac- cording to provisions of Law 4018/2011 article 1, which amounts to €16 concerning the printing of the separate document (electronic residence permit).
- Certified copy of a valid passport or travel documents recognised by Greece and with the relevant valid entry visa, where required;
In addition
For executives: the contract of employment
For family members: Declaration for their marital status

Renewal of residence permits
The required renewal (every five years) of the residence permit is a simple procedure, as long as the beneficiary maintains his status in relation to the investment, which must continue to be active.
The application and required documents are submitted in person or by proxy to the Directorate for Migration Policy at the Ministry of Migration Policy in Greece.

DOCUMENTATION FOR APPLYING FOR RENEWAL OF RESIDENCE PERMIT
A. GENERAL DOCUMENTATION
- Application form
- Four (4) printed digital passport photos also stοred in digital form (CD)
-Certified copy of a valid passport or travel documents recognized by Greece
-Certification by a national insurance agency for the cost of hospitalization and medical care.
- A fee paid and obtained through the “e-paravolo” platform according to article 38 par. 6 of Law 4546/2018, which amounts to €2000 for residence permits of up to a five year duration for investors and company executives (code 2112). For family members the fee amounts to €150 (code 2107). Minor children (under 18 years old) are exempted from this fee;
B. SPECIFIC DOCUMENTATION
For Investor:
- Solemn declaration (officially certified) by the applicant or the legal representative of the investment activity that it is still in operation or that the current activity being pursued is a continuation or evolution of the initial business.
- Tax clearance certificate
- License for the operation of the company/business.
For executives
- Employment contract
- Tax clearance certificate
For family members
- Declaration by the sponsor that the family status has not changed - Tax clearance certificate and insurance certificate of the sponsor - Copy of the birth certificate for any child born in Greece

The submitted foreign documents must be certified and officially translated into Greek.

There are two types of certification:
a. The apostille stamp provided by the relevant foreign authority on the foreign document for countries that are parties to the Hague Convention, and for which Greece has not is- sued a warning;
b. Certification by the Greek consulate in the country of origin of the document for any countries that are not parties to the Hague Convention.
Foreign public documents can be translated:
a. By the Translation Service of the Ministry of Foreign Affairs
in Greece (Athens); or
b. By an attorney who is a member of a Greek bar association and whose signature must be certified by the bar association.
During the residence permit renewal, the applicant must provide again his biometric data (digital photographs and fingerprints).
Third country nationals who have already been provided with a residence permit in the form of a sticker affixed on their passport, do not need to replace it with the electronic residence permit, as this will be acceptable for all transactions both within Greece and in other member-countries of the EU until its expiry. Its re- placement with an electronic residence permit will be carried out either at its renewal or if necessary at the re-issue which can take place due to loss of the passport on which it is affixed.


Frequently Asked Questions

1. Is it necessary to hire a lawyer to collect the documentation?
There is no legal requirement to collect and process the documents through a lawyer. In cases where the applicant does not speak Greek and/or is located outside Greece, it may be preferable to ask for assistance from a legal representative or a proxy who is in Greece to facilitate the process.
2. Who is considered a family member?
According to the law, family members of non-EU/EEA citizens entering the country are:
- The spouse,
- The spouse or partner with whom a third-country national has a cohabitation agreement in Greece,
- Their unmarried children up to the age of 21,
- The unmarried children of the dependant or his / her spouse up to the age of 21, provided that the right of custody has been legally granted to the sponsor for his/her children and to the other spouse for the children thereof,
- The first-degree ascendants of the spouses. These family members are granted residence permits for family reunification.
3. Can my relatives in the ascending line (namely my parents and my spouse’s parents) or my children who are over the age of 18 accompany me, and be included in the family provision?
First degree ascendants of the spouses are included in the provision above. Unmarried children up to the age of 21 are granted a residence permit for family reunification. When they turn up 21, they are able to receive an autonomous residence permit up to the age of 24, renewable under pertinent immigration legislation.
4. Can I travel to other countries within the EU with the residence permit for investment activity? Are there any conditions related to this?
Yes. Holders of a residence permit are able to travel to other Member States for up to three months within a six-month period according to Schengen Borders Code.
5. Does the residence permit for investment activity give access to labour market? Can my family members work in Greece?
The holders of a residence permit have access to the exercise of investment activity (as legal representative, president, board member or chief executive officer), while the executives of the investment have access to dependent employment for the needs of the investment. The family members of the investor are not granted access to the labor market, while the family members of the executives have the same access to labor market as the sponsor.
6. Does the residence permit give me the right to apply for citizenship?
According to the decision of the Minister of Interior no. 130181/6353/27.3.2018, published in the Government Gazette 1208/Β/2.4.2018, the residence permits of Real Estate Owners and Investors have been added to the categories of residence permits that are eligible for the submission of an application for the acquisition of Greek citizenship. In this case, the applicants must fulfill all the preconditions of the Greek Citizenship Code applied for the acquisition of Greek citizenship by naturalization. The above ministerial decision applies only to investors them- selves, and not to company executives and family members, who must first obtain the long-term residence status, which is a prerequisite for naturalization.
7. What is the arrangement regarding access to education and health services? Can the children of the residence permit holder attend a Greek public school?
The holders of the residence permit have access to public education equal to nationals. Regarding access to health services, non-EU/EEA citizens and their family members who fall under the regulations of the current immigration law must have national or private -if provided by national legislation- insurance that covers their healthcare and medical care expenses.
8. Can I purchase a car with Greek license plates for my transportation needs in the country?
Yes, under the specific regulations of the Ministry of Transport which apply to non-EU/EEA citizens.
9. Is it required by the investor to prove financial adequacy?
The appropriate documentation is required for all investors (individuals and legal entities) participating in the financing of the project (not only for the individuals applying for residence permit), proving their ability to pay their own funds.
10. If 8 non-EU/EEA citizens decide to invest €2,000,000 in a business in Greece, are all investors and 2 executives entitled to a residence permit?
Each investor who participates in the financing of the project with an amount of his own funds of at least €250,000 is entitled to a residence permit. So if the investors participate equally with the above amount (i.e. each one by €2,000,000/8 = €250,000), all of them are entitled to a residence permit (provided that the total number of permits for investors and executives does not exceed 10).
However, if one investor participates more than the others, investors participating with own funds of less than €250,000 cannot be granted a residence permit under this program.
According to legislation, for investments (investors’ contribution) from €1,000,001-€3,000,000, 2 residence permits may be issued for executives (provided that the total number of permits for investors and executives does not exceed 10). Therefore, even if residence permits are granted to all eight investors, residence permits can also be issued to 2 executives since the total number (8+2) does not exceed 10.
11. What happens in cases where someone tarnishes their criminal record, either in their country of origin or in Greece, during the period their residence permit is valid?
This leads to the revocation of the residence permit.
12. Does the residence permit continue to be valid if the business activity is transferred/terminated?
In cases when the business activity is transferred/terminated, the non-EU/EEA citizen loses the right to reside in Greece on the basis of this residence permit.

For more information contact Valmas Associates in the relevant section of our website.

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The following constitute some mere keypoints from Newsletter E.2141 ΑΑΔΕ 16/07/2019 which provides extensive information on tax matters related to income from short-term leases:

• Rental Income acquired by natural & legal persons as well as legal entities is comprised by the total agreed lease amount or the total amount based on the cancellation policy that the tenant deposits at each case. The total rental income also comprises of all charges imposed on (transferred to) the tenant by the landlord or charges that are indicated clearly beyond the lease amount (e.g. commission of the platform that usually burdens the landlord, expenses for cleaning before the tenant arrives at the property, charges for use of a/c, electricity, wi-fi etc.). Charges imposed on the tenant by the platform (e.g. commission of the platform to the tenant) are not calculated towards the rental income.
• In the event of joint ownership of a property, co-owners are taxed on their income based on their percentage of ownership on the property, unless they have sublet their right to the Administrator/co-owner and they have provided him/her the right to sublet and use the property for short-term leases; in this case the Administrator becomes the beneficiary of the income from short-term leases.
• No more than one Administrators can register on the Public Registry of Properties for short-term leases, unless one of them is registered on another digital platform.
• Providing any other space beyond immovable property falls within the category of income from business. Such rentals include the lease of boats or campers, trailers etc.
• Persons who signed short-term leases from the 01.01.2018 and that have expired before the start of operation of the Public Registry of Properties for short-term leases on the 30.08.2018, are not obliged to register such leases to the Registry but must declare their income collectively per property.
• Any service provided during the stay of the tenants is deemed as income from business activity. A landlord can provide bed-sheets but changing bed-sheets during the tenants' stay is deemed as business activity. Cleaning the property before or after the tenants' departure is also not deemed as business activity.
• Gifts or bonuses provided by the digital platforms to Administrators must be declared with the tax authority and shall not be deemed as income from business activity unless they exceed the value of 10,000 EUR

 Εγκύκλιος Ε.2141 ΑΑΔΕ, 16/07/2019

ΘΕΜΑ: «Διευκρινισεις για ζητηματα που άπτονται των βραχυχρονίων μισθώσεων στο πλαίσιο της οικονομίας του διαμοιρασμού»

Προκειμενου για την ομοιομορφη αντιμετωπιση των ζητηματων που εχουν ανακυψει από τις βραχυχρονιες μισθωσεις στο πλαισιο της οικονομιας του διαμοιρασμού, διευκρινιζονται τα ακολουθα:

1. Το εισοδημα του αρθρου 39Α του ν.4172/2013 (Α ́167) που αποκταται από φυσικά, νομικά προσωπα και νομικες οντοτητες συνισταται στο συνολικό συμφωνηθεν μισθωμα ή στο συνολικό ποσό βασει της πολιτικης ακυρωσης που κατά περιπτωση καταβαλει ο μισθωτης. Στο συνολικό συμφωνηθεν μισθωμα περιλαμβανονται ολες οι χρεωσεις που βαρυνουν τον εκμισθωτή και μετακυλιονται μεσω του μισθωματος στον μισθωτή ή αναγραφονται διακριτά περαν του μισθωματος (για παραδειγμα, τυχον προμηθεια της ψηφιακης πλατφορμας που βαρυνει τον εκμισθωτή, δαπανες καθαριοτητας πριν την αφιξη του μισθωτή στο ακινητο, τυχον χρεωσεις για χρηση κλιματιστικού, ηλεκτρικού ρευματος, wi-fi κ.λπ.). Οι τυχον επιβαρύνσεις που αφορουν τη σχεση μισθωτή με την εκαστοτε ψηφιακή πλατφορμα (για παραδειγμα, τυχον προμηθεια της ψηφιακης πλατφορμας που βαρυνει τον μισθωτή) δεν λαμβανονται υποψη στο συνολικό συμφωνηθεν μισθωμα. Επισημαινεται οτι στο εισοδημα από ακινητα που αποκτουν φυσικά προσωπα ή ατομικες επιχειρησεις εκπιπτουν οι δαπανες που προβλεπονται με την περ. α  της παρ.3 του αρθρου 39 του ιδιου ως ανω νομου.

Διευκρινιζεται οτι δικαιούχοι του εισοδηματος από τη βραχυχρονια μισθωση «Ακινητου» στο πλαισιο της οικονομιας του διαμοιρασμού δυνανται να ειναι τα προσωπα που εχουν εμπραγματο δικαιωμα επί του «Ακινητου» (πληρης κυριοτητα και επικαρπια), καθως και οι τυχον υπεκμισθωτες αυτου. Ειδικοτερα, στην περιπτωση συνιδιοκτησιας ενος ακινητου, οι συνιδιοκτητες αποκτουν το ως ανω εισοδημα με βαση τα ποσοστά συνιδιοκτησιας επί του «Ακινητου», εκτος της περιπτωσης που εχουν εκμισθωσει τα ποσοστά ιδιοκτησίας τους επί του «Ακινήτου» στον «Διαχειριστή» - συνιδιοκτήτη και παράλληλα του έχουν παραχωρήσει το δικαίωμα υπεκμίσθωσης για βραχυχρόνιες μισθώσεις, οπότε αυτός καθίσταται εξ’ ολοκλήρου δικαιούχος του εισοδήματος που αποκτάται από τις βραχυχρόνιες μισθώσεις στο πλαίσιο της οικονομίας του διαμοιρασμού.

Στην περίπτωση που ο ιδιοκτήτης ή οι συνιδιοκτήτες του «Ακινήτου» έχουν παραχωρήσει στον «Διαχειριστή» - Υπεκμισθωτή το δικαίωμα υπεκμίσθωσης έναντι ενός συμφωνηθέντος μισθώματος και ταυτόχρονα συμμετέχουν και σε ποσοστό επί του μισθώματος της βραχυχρόνιας μίσθωσης, ως συνολικό μίσθωμα των ιδιοκτητών λαμβάνεται το άθροισμα του συμφωνηθέντος μισθώματος και του ποσού που προκύπτει από τη συμμετοχή εκάστου στο μίσθωμα της βραχυχρόνιας μίσθωσης. Στο ποσό αυτό του συνολικού μισθώματος επιβάλλονται τέλη χαρτοσήμου σύμφωνα με την Ε.2016/2019.
Στην περίπτωση αναλογίας ποσοστού αγνώστων ιδιοκτητών, ο «Διαχειριστής» – Ιδιοκτήτης / Συνιδιοκτήτης ή ο «Διαχειριστής» - Υπεκμισθωτής, κατά την εγγραφή του στο Μητρώο, επιλέγει την ένδειξη «Άγνωστοι Ιδιοκτήτες με Τ.Π.Δ.» και έχει την υποχρέωση να καταθέσει στο Τ.Π.Δ. (Ταμείο Παρακαταθηκών και Δανείων), πριν την καταληκτική ημερομηνία οριστικοποίησης του «Μητρώου Ακινήτων Βραχυχρόνιας Διαμονής», το ποσό που αναλογεί. Στη συνέχεια έχει την υποχρέωση να αναγράψει και τον αριθμό γραμματίου σύστασης παρακαταθήκης στο σχετικό πεδίο του «Μητρώου Ακινήτων Βραχυχρόνιας Διαμονής».

2. Δεν είναι δυνατή η εγγραφή στο «Μητρώο Ακινήτων Βραχυχρόνιας Διαμονής» περισσοτέρων του ενός «Διαχειριστών» για το ίδιο «Ακίνητο», παρά μόνο στην περίπτωση που καθένας εξ αυτών δραστηριοποιείται σε διαφορετική ψηφιακή πλατφόρμα, με βάση τα οριζόμενα στο τελευταίο εδάφιο της παρ.5 του άρθρου 1 της ΠΟΛ.1187/2017 Απόφασης του Διοικητή της Α.Α.Δ.Ε., όπως ισχύει. Τα ανωτέρω ισχύουν και στην περίπτωση της τμηματικής εκμίσθωσης «Ακινήτου», όπου δίδεται το δικαίωμα υπεκμίσθωσης για σκοπούς βραχυχρόνιας μίσθωσης (άρθρο 111 ν.4446/2016). Στην περίπτωση που ένα «Ακίνητο» έχει περισσότερους του ενός «Διαχειριστές»-υπεκμισθωτές οι οποίοι δραστηριοποιούνται σε διαφορετική πλατφόρμα, καθένας εξ αυτών εγγράφεται στο «Μητρώο Ακινήτων Βραχυχρόνιας Διαμονής» και λαμβάνει διαφορετικό Α.Μ.Α., ενώ ως εισόδημα για καθένα από τα ως άνω πρόσωπα είναι αυτό που αποκτάται από τις υπεκμισθώσεις που πραγματοποιούνται μέσω της εκάστοτε πλατφόρμας, αφαιρούμενου του μισθώματος που καταβάλλεται βάσει συμφωνίας στονεκμισθωτή. Για παράδειγμα, σε περίπτωση που δύο «Διαχειριστές»-–υπεκμισθωτές δραστηριοποιούνται ο Α στην Χ ψηφιακή πλατφόρμα και ο Β στην Ψ, το εισόδημα που αποκτά ο Α «Διαχειριστής»–υπεκμισθωτής είναι αυτό που προκύπτει από τις υπεκμισθώσεις που διενήργησε στην Χ ψηφιακή πλατφόρμα και το εισόδημα που αποκτά ο Β «Διαχειριστής»–υπεκμισθωτής αυτό που προκύπτει από τις υπεκμισθώσεις που διενήργησε στην Ψ ψηφιακή πλατφόρμα, αντίστοιχα, μετά την αφαίρεση του ποσού που καταβάλλεται από καθένα εκ των δύο «Διαχειριστών»–υπεκμισθωτώνως μίσθωμα στον εκμισθωτή. Πιο αναλυτικά: έστω ότι συνάπτεται ετήσια σύμβαση μίσθωσης «Ακινήτου» με μηνιαίο μίσθωμα 500 ευρώ και δίνεται στο μισθωτή το δικαίωμα υπεκμίσθωσης για σκοπούς Βραχυχρόνιας Διαμονής, σύμφωνα με τις διατάξεις του άρθρου 111 του ν.4446/2016 και έστω ότι στο φορολογικό έτος 2018 το εν λόγω «Ακίνητο»απέφερε στον υπεκμισθωτή εισόδημα από ακίνητη περιουσία συνολικού ύψους 13.000 ευρώ. Κατά τη διαδικασία οριστικοποίησης του «Μητρώου Ακινήτων Βραχυχρόνιας Διαμονής» το έτος 2019 (και μέχρι τις 28.2.2019) από τον«Διαχειριστή» -υπεκμισθωτή, εμφανίζεται στον πίνακα συνδικαιούχων εισοδήματος το συνολικό ποσό των 13.000 ευρώ που έλαβε ως υπεκμισθωτής. Το ανωτέρω ποσό των 13.000 ευρώ, καθώς και το ποσό των 6.000 ευρώ που αντιστοιχεί στο συνολικό ετήσιο μίσθωμα που κατέβαλε στον ιδιοκτήτη –εκμισθωτή του «Ακινήτου» για φυσικά πρόσωπα και ατομικές επιχειρήσεις, δηλώνονται στα έντυπα Ε2 και Ε1 φορολογικού έτους 2018, αντίστοιχα, όπου το ποσό του μισθώματος που κατέβαλε ο υπεκμισθωτής στον εκμισθωτή 6.000 εκπίπτει ως δαπάνη, με βάση τα αναφερόμενα στην περ.δ ́ της παρ.3 του άρθρου 39 του ν.4172/2013.
Το ίδιο ισχύει και σε περίπτωση που το μηνιαίο μίσθωμα έχει συμφωνηθεί να αποτελεί ποσοστό επί του συνολικού εισοδήματος [(π.χ. τριάντα τοις εκατό (30%)] που εισπράττεται κατά τη διάρκεια του έτους από τον υπεκμισθωτή (ήτοι, 30% Χ 13.000 = 3.900 ευρώ). Στα έντυπα Ε2 και Ε1 φορολογικού έτους 2018 δηλώνονται τα ποσά 13.000 και 3.900 αντίστοιχα. Τα ανωτέρω εφαρμόζονται ανάλογα και στα νομικά πρόσωπα και τις νομικές οντότητες, όπου συμπληρώνονται τα αντίστοιχα έντυπα Ε2 και Ν.

3. Η παροχή για διαμονή κάθε άλλου χώρου πέραν του «Ακινήτου», όπως αυτό ορίζεται στην παρ.7 του άρθρου 1 της ΠΟΛ.1187/2017 απόφασης του Διοικητή της Α.Α.Δ.Ε., αποτελεί εισόδημα από επιχειρηματική δραστηριότητα που εμπίπτει στις διατάξεις του άρθρου 21 ή του άρθρου 47 του ν.4172/2013, αντίστοιχα (για παράδειγμα, εκμίσθωση πλωτών μέσων, τροχόσπιτου, κ.λπ.).

4. Για να οριστεί κάποιος «Διαχειριστής» θα πρέπει να πληροί τις προϋποθέσεις που θέτει η παρ. 5 του άρθρου 1 της ΠΟΛ.1187/2017 απόφασης του Διοικητή της Α.Α.Δ.Ε.. Ειδικά για την περίπτωση του «Διαχειριστή» -υπεκμισθωτή θα πρέπει να έχει υποβληθεί από τον εκμισθωτή η «Δήλωση Πληροφοριακών Στοιχείων Μίσθωσης Ακίνητης Περιουσίας» βάσει της παρ. 2 του άρθρου 1 της ΠΟΛ.1162/2018 απόφασης του Διοικητή της Α.Α.Δ.Ε. Συνεπώς, σε περίπτωση που δεν έχει υποβληθεί η ανωτέρω δήλωση, ο εκμισθωτής θεωρείται «Διαχειριστής» του «Ακινήτου» με όλες τις υποχρεώσεις που περιγράφονται στο νόμο και τη σχετική απόφαση για τη βραχυχρόνια μίσθωση «Ακινήτων»στο πλαίσιο της οικονομίας του διαμοιρασμού. Στην περίπτωση που έχει λήξει η περίοδος της μίσθωσης του «Ακινήτου» για το οποίο έχει παραχωρηθεί το δικαίωμα υπεκμίσθωσης για σκοπούς βραχυχρόνιας μίσθωσης στο πλαίσιο της οικονομίας του διαμοιρασμού και εφόσον δεν ανανεωθεί η σχετική σύμβαση μίσθωσης και το δικαίωμα υπεκμίσθωσης, ο Α.Μ.Α. του εν λόγω «Ακινήτου» δεν έχει ισχύ και ο «Διαχειριστής»–υπεκμισθωτήςυποχρεούται να προβαίνειστη διακοπή του Α.Μ.Α..

5. Τα πρόσωπα που πραγματοποίησαν βραχυχρόνιες μισθώσεις από 1.1.2018 ως υπεκμισθωτές και η συμφωνία μίσθωσης με τους εκμισθωτές έληξε πριν την έναρξη λειτουργίας της εφαρμογής του «Μητρώου Ακινήτων Βραχυχρόνιας Διαμονής», ήτοι στις 30.8.2018, δεν υποχρεούνται σε εγγραφή στο Μητρώο αλλά θα πρέπει να δηλώσουν τα εισοδήματα που απέκτησαν από την βραχυχρόνια μίσθωση «Ακινήτων» της οικονομίας του διαμοιρασμού διακριτά και συγκεντρωτικά, ανά «Ακίνητο», στα έντυπα των δηλώσεων φορολογίας εισοδήματος του φορολογικού έτους 2018 σύμφωνα με τα οριζόμενα στην ΠΟΛ.1187/2017 απόφαση του Διοικητή της Α.Α.Δ.Ε., όπως ισχύει μετά την τροποποίησή της με την ΠΟΛ.1170/2018 απόφαση του Διοικητή της Α.Α.Δ.Ε.. Τα ανωτέρω ισχύουν και στην περίπτωση «Ακινήτων», τα οποία μισθώνονταν βραχυχρόνια στο πλαίσιο της οικονομίας του διαμοιρασμού πριν ή μετά την έναρξη λειτουργίας της ως άνω εφαρμογής και μέχρι τις 30.11.2018 μεταβιβάσθηκαν λόγω επαχθούς ή χαριστικής αιτίας. Η ως άνω διαδικασία δήλωσης των εισοδημάτων που αποκτώνται από την βραχυχρόνια μίσθωση «Ακινήτων» της οικονομίας του διαμοιρασμού το φορολογικό έτος 2018 και μέχρι την προσαρμογή της σχετικής εφαρμογής θα ακολουθείται και στις εξήςπεριπτώσεις:α) ακίνητο που περιήλθε στο μισθωτή με σύμβαση leasing και υπεκμισθώνεται, β) ακίνητο που ανήκει σε Ιερά Μονή του Αγίου Όρους ή εξάρτημα αυτής και μισθώνεται από αυτή ή υπεκμισθώνεται, γ) ακίνητο στο οποίο έχει συσταθεί δικαίωμα οίκησης για το οποίο δεν γίνεται χρήση του δικαιώματος αυτού από τον δικαιούχο και μισθώνεται από τον κύριο και δ) ακίνητο που υπεκμισθώνεται και ανήκει σε Φορέα Κεντρικής Διοίκησης (ή Δημοσίου ή Κράτους), όπως αυτός ορίζεται από τις διατάξεις του άρθρου 14 του ν.4270/2014 (Ελληνικό Δημόσιο).

6. Επισημαίνεται ότι οι Φορείς Κεντρικής Διοίκησης (ή Δημοσίου ή Κράτους), όπως αυτοί ορίζονται από τις διατάξεις του άρθρου 14 του ν.4270/2014 (Ελληνικό Δημόσιο), δεν περιλαμβάνονται στα υποκείμενα του φόρου εισοδήματος νομικών προσώπων και νομικών οντοτήτων του άρθρου 45 του ν.4172/2013 και κατ’ επέκταση στο πεδίο εφαρμογής του νόμου αυτού(σχετ. ΠΟΛ.1044/2015 εγκύκλιος) και ως εκ τούτου, για τα ακίνητα που αναρτούν στις ψηφιακές πλατφόρμες για τη βραχυχρόνια μίσθωση στο πλαίσιο της οικονομίας του διαμοιρασμού δεν εγγράφονται στο «Μητρώο Ακινήτων Βραχυχρόνιας Διαμονής» και δεν υποβάλλουν «Δήλωση Βραχυχρόνιας Διαμονής», ενώ για το εισόδημα που τυχόν αποκτούν από την εν λόγω μίσθωση δεν υποβάλλουν δήλωση φορολογίας εισοδήματος. Επιπλέον, οι Φορείς Κεντρικής Διοίκησης (ή Δημοσίου ή Κράτους) δεν υποβάλλουν «Δήλωση Πληροφοριακών Στοιχείων Μίσθωσης Ακίνητης Περιουσίας» προκειμένου να παραχωρήσουν το δικαίωμα υπεκμίσθωσης για σκοπούς βραχυχρόνιας μίσθωσης με βάση τις διατάξεις της παρ.2 του άρθρου 2 της ΠΟΛ.1162/2018 Απόφασης του Διοικητή της Α.Α.Δ.Ε. (Β’ 3579), το οποίο δύναται να αναγράφεται στη σχετική σύμβαση μίσθωσης.

7. Το εισόδημα που προκύπτει από βραχυχρόνιες μισθώσεις που καταλαμβάνουν δύο (2) ημερολογιακά έτη, για παράδειγμα από 25.12.2018 μέχρι 5.1.2019, επιμερίζεται στα αντίστοιχα φορολογικά έτη (2018 και 2019), με βάση τις ημέρες διαμονής ανά έτος και φορολογείται με τη δήλωση φορολογίας εισοδήματος έκαστου έτους. Στην περίπτωση αυτή,η μίσθωση θεωρείται ενιαία και προκειμένου να γίνει σωστά ο διαχωρισμός του εισοδήματος ανά έτος, υποβάλλονται δύο (2) «Δηλώσεις Βραχυχρόνιας Διαμονής», μία για κάθε φορολογικό έτος, εκ των οποίων η πρώτη που αφορά το φορολογικό έτος άφιξης του μισθωτή στο «Ακίνητο» υποβάλλεται μέχρι τις 20 Φεβρουαρίου του φορολογικού έτους αναχώρησης του μισθωτή, ενώ η δεύτερη υποβάλλεται στις προθεσμίες που ορίζονται με την ΠΟΛ.1187/2017 Απόφαση του Διοικητή της Α.Α.Δ.Ε., όπως ισχύει. Για παράδειγμα, στην περίπτωση μίσθωσης με άφιξη του μισθωτή στις 25.12.2018 και αναχώρησής του στις 5.1.2019, το εισόδημα που προκύπτει από τη μίσθωση αυτή μέχρι και τις 31.12.2018 δηλώνεται στα έντυπα της δήλωσης φορολογίας εισοδήματος του φορολογικού έτους 2018 και το εισόδημα που προκύπτει από 1.1.2019 μέχρι και τις 5.1.2019, στα αντίστοιχα έντυπα φορολογικού έτους 2019. Διευκρινίζεται ότι στην περίπτωση αυτή υποβάλλονται δύο «Δηλώσεις Βραχυχρόνιας Διαμονής», ήτοι, μία για το χρονικό διάστημα από 25.12.18 μέχρι 1.1.19 (προκειμένου να προσδιορισθεί το εισόδημα που αποκτάται μέχρι και την διανυκτέρευση της 31ης Δεκεμβρίου 2018) και μία για το χρονικό διάστημα από 1.1.19 έως 5.1.19, αντίστοιχα, μέχρι τις 20.2.2019, αναγράφοντας στο πεδίο «Σημειώσεις» της κάθε δήλωσης ότι αφορά μέρος μίσθωσης με ημερομηνία αναχώρησης 5.1.19. Στην περίπτωση αναχώρησης του μισθωτή από το «Ακίνητο» στις 5.2.2019, η πρώτη εκ των ως άνω δηλώσεων υποβάλλεται μέχρι τις 20.2.2019, ενώ η δεύτερη μέχρι τις 20.3.2019. Τα ανωτέρω, αναφορικά με την υποχρέωση υποβολής δύο «Δηλώσεων Βραχυχρόνιας Διαμονής» στην περίπτωση που η μίσθωση καταλαμβάνει δύο ημερολογιακά έτη, εφαρμόζονται ανάλογα και για τα νομικά πρόσωπα και τις νομικές οντότητες με φορολογικό έτος που λήγει σε διαφορετική ημερομηνία από αυτή του ημερολογιακού έτους (για παράδειγμα στις 30 Ιουνίου). Επισημαίνεται ότι το εισόδημα που προκύπτει από τις ως άνω μισθώσεις επιμερίζεται και δηλώνεται στα έντυπα της δήλωσης φορολογίας εισοδήματος, με βάση την ημερομηνία λήξης του φορολογικού έτους των προσώπων αυτών. Τονίζεται ότι για τα νομικά πρόσωπα ή νομικές οντότητες των οποίων η λήξη του φορολογικού έτους είναι διάφορη από τη λήξη του ημερολογιακού έτους (π.χ. φορολογικό έτος από 1/7 έως 30/6 του επόμενου ημερολογιακού έτους), η οριστικοποίηση του «Μητρώου Ακινήτων Βραχυχρόνιας Διαμονής» και επομένως ο πίνακας των συνδικαιούχων εισοδήματος θα οριστικοποιείται, κατά τα οριζόμενα στο άρθρο 2 της ΠΟΛ 1187/2017 όπως τροποποιήθηκε με την ΠΟΛ.1170/2018 και την ΠΟΛ.1194/2018, δηλαδή το αργότερο μέχρι την 28η Φεβρουαρίου του έτους υποβολής των δηλώσεων φορολογίας εισοδήματος των φυσικών προσώπων, ενώ το νομικό πρόσωπο, στη δήλωση φορολογίας εισοδήματός του, θα καταχωρήσει τα εισοδήματα που απέκτησε στη διάρκεια του φορολογικού έτους.

8. Ο «Διαχειριστής» του «Ακινήτου» που διαθέτει Ε.Σ.Λ. (Ειδικό Σήμα Λειτουργίας) με βάση τις διατάξεις της παρ.5 του άρθρου 46 του ν.4179/2013 (τουριστική επιπλωμένη έπαυλη), όπως ισχύουν, εφόσον τηρούνται οι προϋποθέσεις που προβλέπονται στις εν λόγω διατάξεις (για παράδειγμα, ενιαία και όχι τμηματική εκμίσθωση του ακινήτου, κ.λπ.), υποχρεούται να καταχωρεί τα στοιχεία του «Ακινήτου» στο «Μητρώο Ακινήτων Βραχυχρόνιας Διαμονής» και το Ε.Σ.Λ. χωρίς να χορηγείται Α.Μ.Α. (Αριθμός Μητρώου Ακινήτου Βραχυχρόνιας Διαμονής),να υποβάλει τη «Δήλωση Βραχυχρόνιας Διαμονής», καθώς και να αναγράφει τον αριθμό του Ε.Σ.Λ. κατά την ανάρτηση του «Ακινήτου» στις ψηφιακές πλατφόρμες. Αντίθετα, στην περίπτωση που δεν πληρούνται οι προϋποθέσεις της παρ.5 του άρθρου 46 του ν.4179/2013 και αποκτάται εισόδημα από βραχυχρόνια μίσθωση, όπως ορίζεται στο άρθρο 39Α του ν.4172/2013, ο εν λόγω «Διαχειριστής» υποχρεούται στην εγγραφή του «Ακινήτου» στο ως άνω Μητρώο και στην απόκτηση Α.Μ.Α., χωρίς την αναγραφή του Ε.Σ.Λ.. Διευκρινίζεται ότι στην περίπτωση που ο ως άνω «Διαχειριστής» διαθέτει Μ.Α.Γ. (Μοναδικό Αριθμό Γνωστοποίησης), υποχρεούται να καταχωρήσει τα στοιχεία του «Ακινήτου» στο ως άνω «Μητρώο» και να του χορηγηθεί Α.Μ.Α.

9. Τα πρόσωπα που εκμισθώνουν –υπεκμισθώνουν ακίνητα και δεν παρέχουν υπηρεσίες, πλην της παροχής κλινοσκεπασμάτων, κατά τη διάρκεια της διαμονής του μισθωτή, έχουν την υποχρέωση εγγραφής στο «Μητρώο Ακινήτων Βραχυχρόνιας Διαμονής» και απόκτησης Α.Μ.Α., καθώς και στην υποβολή της «Δήλωσης Βραχυχρόνιας Διαμονής». Τονίζεται ότι στην ως άνω περίπτωση, τα φυσικά πρόσωπα («Διαχειριστές» -συνδικαιούχοι εισοδήματος) φορολογούνται με τις διατάξεις των άρθρων 39Α και 40 παρ.4 του ν.4172/2013 και υποβάλλουν όλα τα προβλεπόμενα από τη φορολογική νομοθεσία έντυπα (Ε1, Ε2), ενώ τα νομικά πρόσωπα / νομικές οντότητες («Διαχειριστές» -συνδικαιούχοι εισοδήματος) φορολογούνται με τις διατάξεις των άρθρων 39Α και 58 παρ.1 του ίδιου ως άνω νόμου και υποβάλλουν όλα τα προβλεπόμενα από τη φορολογική νομοθεσία έντυπα (Ν, Ε2) (σχετ. ΠΟΛ.1112/2017 εγκύκλιος).

10. Τα πρόσωπα που εκμεταλλεύονται ακίνητα εντός των οποίων, κατά τη διάρκεια της διαμονής του μισθωτή, παρέχονται οποιεσδήποτε άλλες υπηρεσίες τουριστικών καταλυμάτων του ν.4276/2014 όπως ισχύει, πλην της παροχής κλινοσκεπασμάτων,είτε διαθέτουν Ε.Σ.Λ.είτε Μ.Α.Γ., με βάση τις διατάξεις των άρθρων 1 έως 4 του ν.4276/2014 (τουριστικά καταλύματα) και της παρ.5 του άρθρου 46 του ν.4179/2013 (τουριστική επιπλωμένη έπαυλη) δεν εγγράφονται στο «Μητρώο Ακινήτων Βραχυχρόνιας Διαμονής» και ως εκ τούτου δεν υποβάλλουν τη «Δήλωση Βραχυχρόνιας Διαμονής», εξακολουθούν όμως να έχουν την υποχρέωση αναγραφής του αριθμού Ε.Σ.Λ. ή Μ.Α.Γ. (Μοναδικός Αριθμός Γνωστοποίησης), όταν πραγματοποιούν την ανάρτηση των ακινήτων στις ψηφιακές πλατφόρμες. Το εισόδημα που προκύπτει από την παροχή υπηρεσιών κατά τη διάρκεια της διαμονής του μισθωτή στο «Ακίνητο» (πλην της παροχής κλινοσκεπασμάτων) συνιστά εισόδημα από επιχειρηματική δραστηριότητα, ενώ η παροχή υπηρεσιών κατά την εναλλαγή των μισθωτών στο «Ακίνητο», ήτοι, όταν το «Ακίνητο» παραμένει κενό, δεν συνιστά επιχειρηματική δραστηριότητα για φορολογικούς σκοπούς (για παράδειγμα, η καθαριότητα στο ακίνητο μετά την αναχώρηση ενός μισθωτή και πριν την άφιξη ενός άλλου). Τονίζεται, ότι η απλή παροχή -διάθεση κλινοσκεπασμάτων δεν συνιστά επιχειρηματική δραστηριότητα κατά τα ανωτέρω, ενώ η περίπτωση της αλλαγής κλινοσκεπασμάτων κατά την διάρκεια διαμονής του μισθωτή στο «Ακίνητο» συνιστά επιχειρηματική δραστηριότητα. Επισημαίνεται ότι, σύμφωνα με τις διατάξεις της παρ.1 του άρθρου 13 του ν.4174/2013, κάθε πρόσωπο με εισόδημα από επιχειρηματική δραστηριότητα υποχρεούται στην τήρηση λογιστικών βιβλίων και έκδοση στοιχείων, σύμφωνα με τα λογιστικά πρότυπα που προβλέπονται στην ελληνική νομοθεσία. Ως εκ τούτου, εφόσον το εισόδημα που αποκτά το πρόσωπο που παρέχει τις εν λόγω υπηρεσίες χαρακτηρίζεται ως εισόδημα από επιχειρηματική δραστηριότητα, τότε προκύπτει υποχρέωση τήρησης λογιστικών βιβλίων και έκδοσης στοιχείων, σύμφωνα με τα ελληνικά λογιστικά πρότυπα.

11. Τα «Ακίνητα» που εκμισθώνονται ή υπεκμισθώνονται στο πλαίσιο της οικονομίας του διαμοιρασμού με βάση τις διατάξεις του άρθρου 111 του ν.4446/2016από νομικό πρόσωπο ή νομική οντότητα, χωρίς την παροχήάλλωνυπηρεσιών,πλην της παροχής κλινοσκεπασμάτων, δεν λογίζονται ως υποκατάστημα των ως άνω προσώπων. Αντίθετα, σε περίπτωση που παρέχονται οποιεσδήποτε άλλες υπηρεσίεςτουριστικών καταλυμάτων του ν.4276/2014, τα εν λόγω «Ακίνητα»λογίζονται ως υποκατάστημα και εφαρμόζονταιοιδιατάξειςτου άρθρου 31 του ν.3986/2011,όπως ισχύουν,περί επιβολής τέλους επιτηδεύματος. Το ανωτέρω εδάφιο εφαρμόζεται ανάλογα και για ατομική επιχείρηση που αποκτά εισόδημα από επιχειρηματική δραστηριότητα (άρθρο 21 ν.4172/2013).

12. Τα πρόσωπα που ως «Διαχειριστές» -υπεκμισθωτές πραγματοποιούν βραχυχρόνιες μισθώσεις στο πλαίσιο της οικονομίας του διαμοιρασμού και διαθέτουν Ε.Σ.Λ. στο όνομά τους, για «Ακίνητο» που δεν ανήκει στην ιδιοκτησία τους, εγγράφονται υποχρεωτικά στο «Μητρώο Ακινήτων Βραχυχρόνιας Διαμονής» και αποκτούν Α.Μ.Α..

13. Διευκρινίζεται ότι η δαπάνη για βραχυχρόνια μίσθωση ακινήτου που πραγματοποιείται από φυσικά πρόσωπα-μισθωτές δεν εμπίπτει στις διατάξεις του άρθρου 31 του ν.4172/2013 (αντικειμενικές δαπάνες και υπηρεσίες για τον προσδιορισμό τεκμαρτού εισοδήματος).

14. Επισημαίνεται ότι τροποποιητική «Δήλωση Βραχυχρόνιας Διαμονής» υποβάλλεται εμπρόθεσμα μέχρι τις 28 Φεβρουαρίου του έτους υποβολής της δήλωσης φορολογίας εισοδήματος. Αντίθετα, στην περίπτωση εκπρόθεσμης υποβολής της εν λόγω τροποποιητικής δήλωσης μετά την ως άνω ημερομηνία, επιβάλλεται αυτοτελές διοικητικό πρόστιμο ύψους εκατό (100) ευρώ, όπως ορίζεται στην παρ. 5.γ του άρθρου 111 του ν.4446/2016.Σε περίπτωση που έχει οριστικοποιηθεί το «Μητρώο Ακινήτων Βραχυχρόνιας Διαμονής» (πίνακας συνδικαιούχων) πριν την υποβολή της τροποποιητικής δήλωσης θα πρέπει να οριστικοποιηθεί εκ νέου. Το ίδιο ισχύει και στις περιπτώσεις που ενώ έχει ήδη οριστικοποιηθεί το «Μητρώο Ακινήτων Βραχυχρόνιας Διαμονής»(πίνακας συνδικαιούχων), υποβάλλονται εκπρόθεσμα«Δηλώσεις Βραχυχρόνιας Διαμονής» (αρχικές ή τροποποιητικές), όπου θα πρέπει να γίνει εκ νέου οριστικοποίηση. Εφόσον σε ένα «Ακίνητο» δεν έχουν πραγματοποιηθεί μισθώσεις μέσα στο ημερολογιακό έτος, επομένως δεν έχουν υποβληθεί «Δηλώσεις Βραχυχρόνιας Διαμονής», ο «Διαχειριστής», δεν υποχρεούταιστην οριστικοποίηση του «ΜητρώουΑκινήτωνΒραχυχρόνιας Διαμονής»(πίνακας συνδικαιούχων). Εφόσον ο «Διαχειριστής» του «Ακινήτου» δεν οριστικοποιήσει το «Μητρώο Ακινήτων Βραχυχρόνιας Διαμονής» (πίνακα συνδικαιούχων) μέχρι τη λήξη προθεσμίας για την οριστικοποίησή του, ήτοι τις 28 Φεβρουαρίου (εισάγοντας δικαιούχους εισοδήματος και τα ποσοστά τους), το εισόδημα του δικαιούχου θα προκύπτει από τα ήδη καταχωρηθέντα στοιχεία.

15. Σε περίπτωση ακύρωσης της βραχυχρόνιας μίσθωσης και όταν βάσει πολιτικής ακύρωσης προβλέπεται καταβολή ποσού μισθώματος από τον μισθωτή, υποβάλλεται αρχική «Δήλωση Βραχυχρόνιας Διαμονής» μέχρι τις 20 του επόμενου μήνα από την ακύρωση. Αντίθετα, σε περίπτωση που δεν προβλέπεται καταβολή ποσού μισθώματος από τον μισθωτή, δεν υποβάλλεται η ως άνω δήλωση.

16. Όταν το «Ακίνητο» που εκμισθώνεται στο πλαίσιο της οικονομίας του διαμοιρασμού ανήκει σε ανήλικο, ως «Διαχειριστής» στο «ΜητρώοΑκινήτων Βραχυχρόνιας Διαμονής» δύναται να εγγράφεται ένα εκ των προσώπων που ασκεί τη γονική μέριμνα.Το εισόδημα που αποκτάται κατά την εκμίσθωση αυτή δηλώνεται σύμφωνα με τα όσα ορίζουν οι κείμενες διατάξεις του Κ.Φ.Ε..

17. Στις περιπτώσεις διάθεσης «Ακινήτων» από «Διαχειριστές» που δεν έχουν την ιδιότητα του ιδιοκτήτη αλλά τα έχουν μισθώσει και στη συνέχεια τα διαθέτουν σε πλατφόρμες διαμοιρασμού με την ιδιότητα του υπεκμισθωτή, έχει ήδη διευκρινισθεί με την Εγκύκλιο 2016/17.1.2019 ότι τα μισθώματα που καταβάλλονται από τα πρόσωπααυτά προς τους εκμισθωτές των «Ακινήτων» επιβαρύνονται με τέλη χαρτοσήμου. Μίσθωμα υπαγόμενο σε τέλη χαρτοσήμου αποτελείτο συνολικό ποσό καταβολής στον εκμισθωτή, το οποίο δύναται να προκύπτει και ως ποσοστό επί των εσόδων του υπεκμισθωτή, κατόπιν συμφωνίας των μερών.

18. Τα χρηματικά ποσά που καταβάλλονται από τις ψηφιακές πλατφόρμες στους «Διαχειριστές Ακινήτων» (εκμισθωτές –υπεκμισθωτές) με τη μορφή προμήθειας / δώρου (bonus), δεν αποτελούν εισόδημα από ακίνητη περιουσία αλλά εισόδημα από επιχειρηματική δραστηριότητα (άρθρα 21 και 47 του ν.4172/2013). Ειδικά, οι εκμισθωτές-υπεκμισθωτές, που είναι φυσικά πρόσωπακαι δεν ασκούν εξ άλλου λόγου επιχειρηματική δραστηριότητα, δεν υποχρεούνται σε έκδοση των παραστατικών πωλήσεων και στην τήρηση των λογιστικών βιβλίων για προμήθειες/δώρα (bonus), που δεν υπερβαίνουν το ποσό των 10.000 ευρώ ετησίως, καθώς τέτοιες συναλλαγές διενεργούνται ευκαιριακά και πραγματοποιούνται ως παρεπόμενη απασχόληση, της βραχυχρόνιας μίσθωσης ακινήτων. Κατά περίπτωση,τοεισόδημα αυτό δηλώνεται και φορολογείται στους κωδικούς 403-404 ή 409-410 του εντύπου Ε1.

19. Διευκρινίζεται ότι προκειμένου να προσδιορίζεται και να δηλώνεται το φορολογητέο εισόδημα του άρθρου 39Α του ν.4172/2013, ανά συνδικαιούχο εισοδήματος, είναι υποχρεωτικό ο «Διαχειριστής» (ιδιοκτήτης ή υπεκμισθωτής ή τρίτος) να οριστικοποιεί την εικόνα του «Μητρώου Ακινήτων Βραχυχρόνιας Διαμονής» (ποσοστά συνδικαιούχων εισοδήματος) έως 28/02 του επόμενου φορολογικού έτος από εκείνο που αφορούν τα εισοδήματα που αποκτήθηκαν από βραχυχρόνια μίσθωση «Ακινήτου» της οικονομίας του διαμοιρασμού, βάσει του άρθρου 111 του ν.4446/2016. Εξαιρετικά, για τον πρώτο χρόνο εφαρμογής και για λόγους χρηστής διοίκησης, για βραχυχρόνιες μισθώσεις που καταλαμβάνουν δύο (2) ημερολογιακά έτη και λόγω τεχνικής αδυναμίας δεν ήταν δυνατή η υποβολή της «Δήλωσης Βραχυχρόνιας Διαμονής», καθώς και για την οριστικοποίηση του «Μητρώου Ακινήτων Βραχυχρόνιας Διαμονής», οι υποχρεώσεις αυτές δύνανται να εκπληρωθούν εμπρόθεσμα μέχρι τις 29.7.2019.

20. Τα φυσικά ή νομικά πρόσωπα ή νομικές οντότητες που αναρτούν «Ακίνητα» σε ψηφιακές πλατφόρμες στο πλαίσιο της οικονομίας του διαμοιρασμού,  χωρίς να διαθέτουν Α.Μ.Α. ή Ε.Σ.Λ. ή Μ.Α.Γ., υπόκεινται στις κυρώσεις που προβλέπει η κείμενη νομοθεσία.

21. Ως προς τα θέματα Φ.Π.Α., ισχύουν οι διευκρινίσεις που έχουν δοθεί με την εγκύκλιο ΠΟΛ.1059/23.03.2018, με την επισήμανση ότι για την εφαρμογή του οικείου νομικού πλαισίου ως προς τη διάκριση των βραχυχρόνιων μισθώσεων ακινήτων στο πλαίσιο της οικονομίας του διαμοιρασμού και των υπηρεσιών τουριστικών καταλυμάτων αρμόδιο είναι το Υπουργείο Τουρισμού.

 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.

A concise guide for residency permits for Investment activity is now published  by Valmas Associates.

Source: Invest in Greece

All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.

Greece a unique location to live
Greece, a full EU Member State, scores high on all major factors taken into consideration when choosing a new country for relocating, such as quality of life, regulated environment, secure living conditions in urban and rural areas, access to efficient services, residence privileges for family members, free- dom to travel, among others. Despite its small size, Greece features a particularly diverse natural environment, providing many recreational opportunities. This, combined with a spirited lifestyle blending both ancient and modern Mediterranean culture, makes Greece a simply extraordinary place to be - and a wonderful place to call home.

Investment Opportunities in Greece

Nowadays, Greece presents unique investment opportunities through business development models that promote its competitive advantages and investment potential in various sectors of production:

Overview

With a new vision for development, Greece aims to attract foreign direct investments in infrastructure, manufacturing, energy, tourism, agriculture and other sectors through flexible and fast administrative procedures, and by promoting its natural resources, well-educated human capital and other unique comparative advantages in the broader South-Eastern European region.

Greece has set up a flexible and fast procedure for non- EU/ EEA foreign investors who wish to obtain an entry visa and a residence permit for the purpose of investment activity in Greece. Residence permits can also be granted to company executives involved in the implementation and/or the operation of the investment project. Up to 10 permits may be issued for an investment project (investors and executives), depending on the investment scale.
The investment activity may be implemented through the construction of new facilities (greenfield investments) or business acquisitions, restructuring as well as expansion of current activities (brownfield investments), provided that it has a positive impact on the national economy.
Residence permits offered to investors and executives can be renewed every five years, as long as they maintain their position in relation to the investment and the investment continues to be active. In addition, they may be accompanied by their family members - spouse, unmarried children up to the age of 21, and the first degree ascendants of the spouses - who are also beneficiaries of the right to enter and obtain a residence permit.

For information about the application process please contact us.

You can either download the guide by pressing the link on the cover image above or visit our section Investment Migration

 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.


Our first newsletter examining some recent key developments on tax law affecting individuals owning real estate and businesses in Greece is out and available for download.

 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.


Valmas Associates are exclusive contributors and editors on the most extensive (to this date) publication on Greek Real Estate Law in the English language from ICLG (International Comparative Legal Guides). The Chapter on Greece is due to be published on early 4th Quarter 2018 as part of the ICLG Real Estate Law 2019 edition, examining contemporary issues and practical aspects of Real Estate Law in several countries globally.

The Article below is part of a work in progress (hence some information may be incomplete or inaccurate) on Greek Real Estate Law from  Ioannis Valmas, to be published by a leading Publishing House in Greece in late autumn 2018. It is aiming to serve as a guide to existing and prospective investors in real estate property in Greece.

All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this article shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.

Introduction

Greece’s real estate market has been demonstrating clear  signs of recovery and Athens, among other areas,  has been at the epicenter of real estate investments from investors from all over the world. Local prices are still well below pre-crisis levels making Greece an undisputed buyer’s market. According to the Bank of Greece, in Q1/2017, Athens property was 44% cheaper than its 2008 peak.


A. Costs related to the purchase & sale of real estate property in Greece

A1. Costs for Purchase of Property in Greece

A purchase agreement for Real Property in Greece is effectuated through the drafting of the notarial deeds and the subsequent signing of the final Contract for the Sale of Property by the seller and buyer (or their proxies).
Buying Real Property in Greece bears various associated costs/fees which can be divided in the following sub-categories:

1. Notary fees: They are paid by the buyer of real property, and cover the drafting and approval of certificates provided by the sellers (approximately 1.2-1.4% of the tax value or purchase value of the property although they can considerably vary as page numbers, copies of deeds etc. increase costs particularly in respect to transactions of low value properties).

2. Legal Fees: They are paid by the party that the lawyer represents, and albeit not compulsory they are strongly advised as a lawyer shall, among others, commence due diligence and a historical check of the titles (deeds) from previous to current owners, proof reading of the contracts for sale, representation of the buyer at the signing of the deeds making sure everything is in order, registration of titles to the Land Registry and Cadastral Authorities etc. Lawyer fees are freely negotiated between the parties and vary depending – among others - on the experience of the lawyer, the complexity of the matter at hand etc.
 
3. Realtor Fees:  The estate agent's fees are not specified by law and fees are freely negotiated between the contracting parties and subject to a written agreement. Usually a fee of a percentage of 2 percent of the purchase price of the property is agreed between the realtor and the seller/buyer (2 percent charged to each side), yet this arrangement may vary, depending on the transactional value and various additional factors that may raise or decrease the said norm of 2 percent. The legal framework for the conditions of providing realtor services as well as the rights and obligations of realtors are determined by the Greek Civil Code (703-707) and Law 4072/2012 (Articles 197-204). Fees/costs can be higher for small value properties.

4. Property Registration Fees: Fees related to the Registration of Real Property in the relevant Land registry and/or Cadastral Office (0.5-0.7% of the property value). Fees/costs are higher for small value properties.
 
5. Property Transfer Tax: As of 01/01/2006 (in respect to buildings for which the building permit was issued after the said date), a VAT of 24 percent is imposed on the purchase value on the first sale of newly built buildings by a manufacturer, or by a person who deals professionally with the construction and the sale of buildings.
For all other properties that do not fall under the above category, the transfer is charged with a real estate transfer tax at 3.09 percent.
 
Assessment of Property Tax
The value of  property in Greece is assessed according to the so called system of objective value (also known as tax value). This system provides for a minimum value of real property according to objective criteria such as location, size, shared facilities in the area, age of a building etc. This system has been imposed so that the tax authorities have a minimum value as reference when imposing taxes in relation to property ownership/purchase-sale/inheritance. In cases of sale of property, the transfer tax is calculated on either that “objective value” or the value agreed in the purchase agreement, whichever is the highest. The objective values are usually significantly lower than the market values.  Since not all areas in Greece have been valued/assessed, when there is no such assessment, the tax authorities make an estimate of the value according to similar transactions in the area or other available data. 
 
6. Golden Visa Government Fees: Additional Duties apply to the applicants of Golden Visa, i.e. to people who immigrate to Greece  by Investment in Real Estate over the value of 250,000 EUR under the auspices of Article 20, paragraph B of Law 4051/2014. Although these duties are not related to the property transaction, they should be taken into consideration when evaluating costs. According to Article 38 paragraph 8 of Law 4546/2018, with effect from September 12th 2018,  in regards to applications for residence permit for owners of real estate property, the State Fee will be 2000 EUR per adult. This fee will be borne by both new applicants or applicants who renew for another 5 years. The residence permit must be renewed every 5 years. As aforementioned this State fee is for the grant of the residence permit and not property related.

A2. Costs for Sale of Property in Greece

7. Betterment Tax for Sellers: Pursuant to Article 41 of Law 4172/2013, a betterment tax on the transfer of real estate, will be imposed on the seller of real estate property in Greece with a coefficient of 15 percent calculated upon the profit the seller made by the sale of the property when compared to the original purchase value of the property. There are reduction factors limiting the amount of tax a seller will be called to pay upon the profits from the resale of his/her property based on amount of time they kept ownership and other factors.
 
In the event a property has not been purchased and e.g. has been inherited or gifted, then the acquisition price will be based on the tax originally paid when one inherited or was gifted the property.
 
The coming into effect of the above provision has been keeping on getting postponed since its inception and subsequent enactment and it has now further been suspended until the 31th of December 2018.
 
Simplified Example: An individual buys on the 1st January 2019 an apartment for 20,000. EUR and sells it within the same year for 30,000. They will subsequently be taxed with 15 percent tax upon the 10,000 EUR profit, i.e. their tax will be 1,500 EUR and will have to be paid with a payment order before the notary public (who will in turn hand the payment to the tax office) at the day of the sale.
However, the longer an owner keeps ownership of the property the less of the betterment tax they will be called to pay. The following table demonstrates the progressive reduction.

This is progressively dropping to 60% if one has kept ownership of their property for more than 26 years.A further reduction factor is the following: If a seller has possessed the property over 5 years before selling it, a 25.000 EUR amount will be tax free.

8. Higher Taxes for Repeat Sellers: It is worth noting that under Article 21, paragraph 3 of Law 4172/2013, the tax office may consider a private person as a business for tax purposes (thus taxing at a considerably higher rate than above under paragraph 7) if he/she makes three sales of property within a period of 2 years.
An exemption to the above rule is when the sale involves properties that have been inherited or gifted by relatives up to the second degree, or properties that have been owned over 5 years.


B. Cost related to ownership of real estate property in Greece
 
The ownership of real estate property in Greece is subject to the ENFIA Tax (Uniform Tax on the Ownership of Immovable Property). Under Article 1 of Law 4223/2013 (as amended by Law 4509/2017) it is set out that any natural or legal person or legal entity that owns real estate property that is located in Greece, is subject to the said tax. Under Articles 4-5 it is defined that the tax consists of 1. a principal tax imposed on each real estate property and 2. a supplementary tax imposed on the total value of the property rights on real estate property of the taxpayer subject to tax.

B.1 Principal ENFIA Tax

ENFIA Principal Tax is calculated by multiplying the square meters of the property by the principal tax per square meter (depending on the location of the property, use of the property and other coefficients); thus, determining these tax values per sq. m. is part of a complex process undertaken by experts appointed by the Hellenic Government and it is subject to periodic reviews and changes.

  

B.2 Supplementary ENFIA Tax for Natural Persons (Private Individuals)

ENFIA does not only include the Principal ENFIA Tax, but also the Supplementary ENFIA Tax, which is imposed by the following scale (a progressive tax rate) when the value (or accumulative value if more than one properties are owned) of real property assets of individuals exceeds the value of €200.000 (formerly €300.000):

 This is calculated as follows:
Example: If an individual has earned 20,000.00 EUR from leasing his/her property, they will be taxed at a 15% rate for the first 12,000.00 and 35% for the remaining 8,000.00.
Furthermore, a solidarity levy at a coefficient of 2.2% up to 10%  (depending on the total income) is imposed if the annual income exceeds 12,000.00 EUR.
 

D. Inheritance Tax for the Succession on Real Estate Property in Greece

As a general remark it is worth noting that by virtue of the Greek Civil Code there are two different types of succession in Greece: a. intestate succession and succession by virtue of a will.
Pursuant to the Greek tax legislation, Greek Inheritance Tax is assessed on the current value of the total property inherited. Property means any kind of movable and immovable property located in Greece, regardless of the descendant’s nationality. The taxable value of real estate property inherited is the objective value (it is calculated on the basis of certain predetermined factors set by the Ministry of Finance and it is also called tax value) on the day of death of the deceased. Immovable assets located abroad are not subject to Greek Inheritance Tax, regardless of nationality and residency.
The tax rates vary, depending on the relationship between the deceased (inherited person) and his/her heirs. Tax rates are based on a progressive scale at varying coefficients. Rates thus depend on the parties’ relationship and range from 1% to 40%, while there is a tax-free amount (which depends on the proximity of the relationship which is categorized in three classes/categories). As a general rule, the closer the relationship to the deceased, the lower the tax rate. For example, in case of inheritance from the deceased individuals to their spouses or children, the respective rates range from 1% to 10%, whereas the tax-free amount is up to EUR 150,000.
CATEGORY A
This category includes the surviving spouse and all the descendants of the deceased, as well as his/her surviving parents. According to Law 3719/2008 in this category is also called as heir the surviving cohabitation agreement’s partner.
CATEGORY B
This category includes the third degree blood relatives, such as surviving grand-parents, brothers and sisters, nephews/nieces.
CATEGORY C
This category includes any other blood relative or non relative.
Below follows an explanatory table that can help in the calculation of tax depending of the category which the heir belongs to:

 
E. Donation Tax & Parental Grants for Real Estate Property in Greece

 
The acquisition of real estate property through donation is subject to the same tax categories as inheritance tax. The respective tax return should be filed with the tax authorities before the signing of the donation contract before a notary.  


F. Real Estate Investment Companies

In the light of a fast recovering real estate market, large companies have begun investing in the real estate sector in Greece (Cosco in Piraeus, Canadian Fairfax Financial Holdings in EFG Eurobank Properties, Lamda Development in The Hellinicon Urban Development Project etc.).
 
Under the auspices of Laws 4141/2013, 4209/2013, 4281/2014, Real Estate Investment companies are companies limited by shares (special purpose S.A. companies), established with the sole aim to acquire and manage real estate property in Greece. Their minimum share capital must be twenty five million Euros (€25.000.000) at a minimum, fully payable upon establishment of the company. The share capital of the company consists of contributions of cash, money market instruments, securities and property, immovable or movable, which serve the operational needs of the company.
Prior to the issuance of permission for establishing a Real Estate Investment Company, the Stock Market Commission must approve. A similar permission is required when an existing company is converted into a Real Estate Investment Company. In order to grant permission, the Stock Market Committee evaluates the investment plan, the organization, the company’s technical and financial assets, the reliability and experience of the individuals that are going to manage the company and the suitability of the people establishing it, in order to ensure the good/sound management of the company. The company has, among others, the obligation to invest its funds as set out below:
A)   A minimum of 80% of its assets in Real Estate. Investment in real estate properties in third countries outside EEA is permitted so long as it does not exceed 20% of the Company’s property portfolio value.
 
B) Deposits and stock market instruments, according to article 2 paragraph 14 of Law 3606/2007.
C) Invest in movables required for the company’s operational needs that (in addition to the real estate acquired by the company to service such needs) that must not exceed ten percent (10%) of the total assets value, at the time of acquisition.
Among other provisions,
·      It is prohibited to transfer company owned real estate property to company founders, shareholders, members of the board of directors, general managers or managers, their wives or blood and affinity relations up to the third degree of kinship.
·      The company must pay annual dividends to its shareholders of at least fifty percent (50%) of its annual net profits. A lower percentage, or no percentage, may be distributed, following a decision by the Assembly, under the condition the company statutes include such a provision, either for the creation of an extraordinary non-taxable reserve fund made up of other earnings besides capital profit or for distributing free shares to the shareholders by increasing the share capital, according to the provisions of Codified Law 2190/1920.
·      Real estate investment companies must pay tax with a coefficient set at ten percent (10%) of the valid European Central Bank intervention rate (Interest Reference Rate) plus one (1) point, and is calculated on the average of the investments, plus the available funds, in current prices. In case of a change of the Interest Reference Rate, the new calculation value is valid as of the first day of the month following the change.  The tax is payable to the competent Tax Authority within the first fifteen days of the month following the period recorded in the bi-annual investment tables. Upon payment of the aforementioned tax, the company’s and shareholders’ tax obligations are fulfilled.


G. Benefits to Real Estate Owners in Greece: Golden Visa - Immigration by Investment In Real Estate in Greece

According to the provisions of Article 20 Law 4251/2014 (Immigration and Social Integration Code) third country nationals (and their children under 21,parents, spouses and spouses' parents) who purchase real estate property the value of which exceeds € 250,000, are granted residence permits renewed every five years, so long as they keep ownership of the property. These permits – among others - allow for free travel within the EU and Schengen areas.
 

All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.


Valmas Associates have been awarded the "Leading Cross Border Full Service Law Firm of the Year, Greece" on the category of 2018 Leading Adviser Awards by Acquisition International.

As of 2018 Ioannis Valmas is a member of the Investment Migration Council (IMC).
The Investment Migration Council (IMC) is the worldwide association for investor immigration and citizenship-by-investment, bringing together the leading stakeholders in the field and giving the industry a voice. The IMC sets the standards on a global level and interacts with other professional associations, governments and international organisations in relation to investment migration. The IMC helps to improve public understanding of the issues faced by clients and governments in this area and promotes education and high professional standards among its members.

 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.


As of June 2018 Ioannis Valmas, head of Valmas Associates, has been awarded the Greek Golden Visa Program of the Year 2018 - Greece award by Global Business Insight for his work on Greek Property Law & Immigration to Greece by Real Estate Investment.

All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.

A recent amendment to the Law governing Residency by Investment in Real Estate (Art. 20 paragraph B, Law 4251/2014) has been made with the enactment of Law 4546/2018.
According to Article 38 paragraph 8 of Law 4546/2018, with effect from September 12th 2018,  in regards to applications for residence permit for owners of real estate property, the State Fee will be increased from 500 EUR per adult to 2000 EUR for the investor and 150 EUR for adult family members. This government fee will be borne by both new applicants or applicants who renew for another 5 years. Please be reminded that the residence permit must be renewed every 5 years.

Persons under the age of 18 will not be required to pay the above State Fee as there is no State Fee for minors.

Applications for residence permit made prior to  the 12th of September will bear the lower fee of 500 EUR per adult applicant.

The investment threshold of 250.000 EUR still remains unaffected making Greece the lowest cost country for Residency by Investment in Real Estate in Europe.

 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.


Valmas Associates Company Presentation is out and ready for download.

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As of February 2018 Valmas Associates have been awarded the Gold Client Champion Award as "a firm standing out for their stellar service" and as "attorneys who excel at service as affirmed by their clients". The award is the result of Reviews from our clients on Martindale-Hubbell and Lawyers.com.

Greece’s special residence program for foreign investors has taken off, reflecting increasingly bright growth prospects as the country emerges from economic crisis and its growing importance as a gateway to the European Union. In the last year, the number of foreigners awarded a Greek Golden Visa has soared: rising by more than 40% from a year earlier.

 Launched five years ago at the height of the country’s economic crisis, the Golden Visa program is now coming of age amid a new wave of investor interest, particularly from countries like China, Russia and Turkey. The reasons are several: from Greece’s sunny Mediterranean climate and high quality of life, to its low property prices. A budding economic recovery plays a role for some investors, for others its political uncertainty abroad. And since the law was revised in 2015, Greece’s Golden Visa has become still more attractive to foreign investors, comparing favorably with similar programs in countries like Cyprus or Portugal. A stepped up promotion program - in the last two years Enterprise Greece has showcased the program at trade fairs from Moscow to Beijing to Constantinople – has also helped.

Greece’s Golden Visa program grants a permanent residence permit – and access to 26 Schengen area countries - to individuals and their families who invest a minimum of €250,000 in Greece, such as in real estate or other productive investment. According to the latest data from end November, a total of 2,170 Golden Visas have been issued directly to foreign investors – and more than 5,000 including family members - up from 1,522 at the end of 2016.

After falling by as much as 50% from their pre-crisis peak, and with booming summer tourism buoying short-term rentals, Greek property prices now offer a highly attractive yield on investment, say industry experts. That has drawn investors from China, who now account for almost half of Golden Visa holders.

But another reason is Greece’s political stability and EU membership. In the past year, nationals from several neighboring Mediterranean countries – most notably Turkey – have also been buying up Greek real estate, lured both by the access to the EU that a Golden Visa offers, as well as to diversify their holdings away from an uncertain climate in their home country.                                                        
                                                                                                                                                                                                                                                                                Source: Enterprise Greece

Valmas Associates have been acknowledged as one of the leading professionals in the particular field. We have represented and/or we are currently representing clients from Africa, the Middle-East, Asia & America in the field of the Residence Permit by Property Investment in Greece (Golden Visa).   

You may contact us on the relevant section of our website so that we further assist you.

 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.


Valmas Associates advised and assisted an overseas investor in the acquisition of an exclusive real estate property in Mykonos, Greece  from a private seller.

 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.


It has come to our attention that some individuals of unknown identity have been using masked/spoof emails appearing to be generated from our law firm.
If you receive a suspicious email referencing Valmas Associates or appearing to be from our law firm (e.g. from a "spoofed" Valmas Associates email address using our website name extension athenslawoffice.com) we suggest the following:

• Do not open or click on any links contained within the email;
• Do not respond to the email in any way or provide any personal or confidential information in reply to the email;
• Do not open or download any attachments existing within the email;
• Do not send any money in response to the email;
• Forward the suspicious email to the IT Department your business/organization so that they inspect its legitimacy;
• Permanently delete the message from your email account.

For more info on how email spoofing works please visit: en.wikipedia.org/wiki/Email_spoofing

 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.


Following a recent tanker accident in the area of the Saronic Gulf with the sinking of a small tanker vessel and a subsequent oil spill, we provide a case study by Ioannis Valmas aiming to provide a guide on avoiding similar accidents and the legal tools that have developed through the passage of time in order to combat similar incidents. For more information Download the case study here.

 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication.


Acquisition International Magazine in its August edition praises our Greek Lawyers' track record on Greek Real Estate Law and Greek Aviation Law Sectors.