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Tax Issues Faced by Foreign Persons Investing in Greek Commercial Real Estate

Tax Issues Faced by Foreign Persons Investing in Greek Commercial Real Estate

Greece’s diverse real estate market has become an increasingly attractive destination for foreign investment. The Mediterranean climate, rich cultural history, and growing economy make the country particularly appealing to investors looking for residential and commercial properties. Greece’s investment landscape is further enhanced by favorable tax incentives, such as the Non-Dom tax regime, the tax regime for pensioners, the tax regime for employees and freelancers, the family office regime, and the Golden Visa program. In their article, Natalia Skoulidou, a Partner of Iason Skouzos Tax Law, Athens, and Aikaterini D. Besini, a Senior Associate at Iason Skouzos Tax Law, Athens, provide a comprehensive overview of the tax landscape for foreign investors investing in Greek commercial real estate. Their article outlines the key tax considerations at each stage of the investment process to help investors navigate the complexities of Greece’s tax system in order to make well-informed strategic decisions. The outcome can be quite favorable to investors from abroad.

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Regulating the Issuance of A.P.A.’s in Greece

Regulating the Issuance of  A.P.A.’s in Greece

Advance Pricing Agreements (“A.P.A.’s”) regarding intercompany transactions have been issued in Greece for several years. In late July, the Independent Authority for Public Revenue introduced new procedural and timeline-related modifications, aligning the A.P.A. procedure in Greece with global standards. In her article, Natalia Skoulidou, a partner of the Iason Skouzos Law Firm, Athens, addresses new rules for (i) pre-submission consultations, (ii) procedures to be followed when applying for an A.P.A., (iii) the content of the information that must be submitted, (iv) the taxpayer’s A.P.A. history in other countries, (iv) the disclosure of key assumptions on which the proposed pricing method is based, (v) the ability to roll back the methodology to open years, and (vi) revisions, revocation, or cancellation of the A.P.A. 

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Greek Tax Incentive Regimes for Newly Arrived Residents and Family Offices

Greek Tax Incentive Regimes for Newly Arrived Residents and Family Offices

The segment of European countries that have enacted favorable tax regimes to attract the wealthy are well known. Switzerland has its forfait regime, the U.K. has its nondom tax regime, Portugal and Italy have new resident regimes, and Malta and Cyprus have favorable regimes designed to attract new residents. To that list of countries, Greece is a new arrival, having introduced several tax incentive regimes designed to create a favorable tax environment for nonresident individuals transferring tax residence to Greece and the establishment and operation of family offices in Greece. Natalia Skoulidou, a partner of Iason Skouzos Law Firm, Athens, provides an overview of (i) the 5A Nondom Tax Regime, (ii) the 5B Pensioner Regime, (iii) the 5C Employee and Self-Employed Regime, and (iv) the Family Office regime.

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