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SPECIAL INVESTMENT PROJECTS

Alexandra & Partners LLC

SPECIAL INVESTMENT PROJECTS

Foreign Investments  in Greece

Greece is a country that has always attracted investors’ and businessmen’s interest worldwide, who strategically and through capital contribution to the Greek economy have established either new companies or branches of foreign companies mainly in the tourism industry or the trade and services sector. Thus, according to official sources there is a huge increase of foreign investments in Greece in the latest years, with an estimated invested amount of money of billions of euros annually. The places of origin of the investments are various European countries, led by companies from Germany, France, the United Kingdom, but also the United States, Canada and other economically powerful countries. These numbers are undeniable proof of investors’ trust in the stability of the Greek economy, the development and the soundness of the Greek banking system. Moreover, the numbers imply the experienced businessmen’s steady belief that the country offers significant opportunities for the development of profitable business in the traditional sectors of tourism, trade and services.
On the same wavelength, and after the intentions of the domestic and foreign companies have been taken into consideration, the Greek State has enacted the latest years laws that facilitate the procedure, reduce paperwork and provide financial incentives to potential investors. This favorable legal environment along with the traditional dynamics of the country, due to its strategic geographical location and the continuous inflows of tourists make Greece an ideal field for foreign investments.
The foreign investors can take advantage of the latest legal regulations in many ways, developing business activity through the establishment of either new types of companies or branches and subsidiaries of foreign companies.
A new type of company that grows rapidly in the Greek territory is the Private Capital Company (PCC). The PCC is the suitable type of company for the businessmen that wish to establish their companies without any delay or suffering and also to pay up the minimum necessary capital and separate their personal property from the company’s. This company type has the following features:
It can be established by more natural and legal persons, that will be partners, but it can also be established by only one natural person, that will be the sole partner and administrator of the company and will take initiatives and make all the decisions. In this case, the company is called “Sole Member Private Company” and is provided with the same privileges as the ones with more partners.
The capital that must be paid for its establishment can be of only one (1) euro, which is an ideal solution for the businessmen who do not wish to invest a large amount of money.
 The company is liable to its creditors only to the limit of its own property and as a result the partners’ personal property is fully protected. The partners are therefore protected from a possible enforcement procedure and a confiscation of personal property elements for company debts.
Another common type of company, which is considered to be suitable especially to investments in the maritime tourism sector is the Shipping Company. This company’s sole purpose is the management of professional pleasure-type vessels. It is evident that in a country like Greece, which has a coastline of thousands of kilometers, dozens of islands and of course mild and suitable climate, there will be a strong demand in the sector of renting pleasure-type vessels by the domestic population and the thousands of tourists who visit her annually and wish to wander through its sea beauties. As a result the management of pleasure-type vessels is a type of business that will provide certain and steady profit to the investors. Besides, the above company type offers the following:
The company can be established by at least two natural or legal persons, that will be its partners.
A large capital is not needed in this case either, since an amount of 10.000 euros is enough.
Exemption from the tax burdens on the profits and the capitalization of them, the withdrawal of funds, the partners’ loans to the company, the liquidation mass, as well exemption from the stamp duty.
In case the foreign investor does not wish to establish a company or a branch but wishes to invest in real estate property, in order that he can move to Greece, obtain a house and enjoy the benefits and the special beauties of this country, the law offers him again incentives to do so.
In particular, in case a foreign citizen buys real estate of total value of 250.000 euros, a residence permit of the “Investor” category is issued for him/her, as well as for the members of his/her family (spouse, children that are under 21 years old and both the spouses’ parents). The above residence permit is valid for 5 years and after that period, it can be renewed. If the total value of the real estate property is lower than the above mentioned and in case you have issued a national Visa of the type D from the competent consulate authority in your country, a residence permit of the “financially independent persons” residence permit is issued, which is valid for 2 years and is renewable.
Moreover, the residence permit that is valid for 5 years, allows the citizens of the third country to enjoy the next privileges:
They can enter without a visa and move freely in not only Greece but also other countries of the Schengen agreement.
They can rent the real estate property and gain an additional income.
ALEXANDRA & PARTNERS LLC offers consulting services and implements from beginning to end the procedure of the investment you wish to make.
Specifically, regarding the establishment of companies, following discussion and evaluation of your plans and wishes, we help you choose the right type of company, that will allow you develop your business with great success and profit.
Following your decision, we take on the establishment of the company from beginning to end and more specifically:
– drawing-up of the company statute
– definition of the legal address
– representation at the competent state bodies
– implementation of the procedure at the competent public services
We guarantee the post-establishment consulting and the solution of any issues.
By choosing our legal services, we assure you that we will establish your company quickly and accurately and that we will take care of its smooth and profitable functioning.
In case you wish to purchase real estate property, which comes with a residence permit for third-countries citizens, our Law Office will handle the purchase and the issuance of the residence permit from beginning to end. Specifically, collaborating with our experienced real estate agents, we will suggest  a great range of real estate elements, so you can choose the one that best fits your wishes and needs. Moreover, we will deal with the check of the title numbers of the real estate as well as the whole transfer procedure, by representing you in front of the competent state bodies and providing you with soundness about your money investment.
We issue quickly and directly, without any delays and wrong movements your residence permit either of long or two year duration.
Our experience in legal assistance of third-countries’  citizens and our day-to-day monitoring of the current legislation on the matter and the present situation on the market, guarantees your proper information and consulting and a safe and profitable investment of your money in Greece.
 

Residence Permits in Greece for enterprisers

The law in force 4251/2014 considerably expands possibilities of citizens of the third countries for obtaining the residence permits in Greece, as absolutely new criteria are established for the distribution of foreign citizen categories depending on the purpose of their stay in the country.
 
 
The residence permits for enterprisers in Greece provide the doubled advantage in realization of economic interests and developments of social possibilities of a citizen of the third country.
 
Having certain preconditions for the legal residence in the territory of Greece, a citizen of other state has right to obtain the residence permits both for himself personally, and for members of his family (on occasion).
 
If you plan an independent financial and economic activity in Greece, it is necessary to consider that the entrance into the Republic territory for this purpose is allowed for citizens of the third countries when the following conditions are satisfied:
•sufficient resources availability, at least, of sixty thousand (60.000) euros for activities, which should be transferred to account addressed to the applicant in any recognized bank company. After issue of the special visa, it is necessary to give the amount specified above to any Greek bank;
•activities make a contribution to the national economy development;
•special visa availability.
 
ALEXANDRA & PARTNERS LLC  practice confirms that the greatest interest to this kind of residence permits is shown by citizens from the CIS countries, in particular, citizens of the Russian Federation.
 
This fact is quite explainable, as the minimum amount specified by the Greek law for entrepreneurial activities isn’t so huge to open a travel agency, for example, or to organize a hotel-entertainment complex or other area typical for tourism. Tourism in Greece is the fundamental, but not unique, activity kind making profit to the enterprisers.
 
The procedure of obtaining of the residence permits for enterprisers is highly complex. At an initial stage, it is necessary for a citizen of the third country to file an application for the independent economic activities permission, accompanied by necessary documents, at the Greek consular office domiciliary.
 
The second part of this question is the authorization by the Regional Department of Emigrants and Foreigners for an entrepreneurial activity, which is based on the decision of the Regional Committee created under instructions of the General Secretary of the Prefecture in Greece. Such authorization is an affirmative act for the special visa issue to a citizen of the third country, which have filed an application for the permission for an entrepreneurial activity in the Greek Republic territory.
 
The Committee makes the decision about the expediency of the specified type of activities within a month after filing of the application. Such factors are taken into account during the document package consideration for an affirmative reply: quantity of disposable capital and influence on the employment; business experience of a citizen of the third country and applicability of the business plan according to its economic and technical contents; influence on the environment and some other aspects.
 
Having received the positive resolution, the residence permit of this kind is issued to a citizen of the third country for a period of 2 years with possible subsequent prolongation.
 
As of today, the residence permit for enterprisers is one of the most perspective kinds of residence permits since it characterizes the potential immigrant as a financially independent person. It can favor to obtain the Greek citizenship in the future.
 

New Law 4523/2018 On The Production Of Finished Pharmaceutical Products Made Of Cannabis

The Article 1 of Law 4523/2018 provides for the granting to individuals and legal entities of the right to produce, accumulate, store, transport and supply cannabis such as Cannabis Sativa L in raw form, with a THC content of up to 0.2%, as well as the right to establish and the operate the enterprise for the manufacture and processing of finished pharmaceutical products from hemp for the sole purpose of selling them either for medical purposes or for export.
 
In order for an individual or legal entity to legally be engaged in the production, accumulation, storage, transportation and supply of pharmaceutical cannabis, as well as to create an enterprise for the manufacture and processing of finished medicines from it, they need to obtain permits a) to establish and b) to operate enterprises, which are provided via the General Decision of the Ministers of Economy and Development, Health, and Agriculture and Food, after the relevant applications have been submitted to the Office of the issuance of enterprise business licenses, as well as to The Office of the Business Parks under the auspices of the General Secretariat of industrial facilities. It is acceptable to grant each of the above-mentioned permits to persons 21 years of age who are not burdened with criminal obstacles as well as to legal entities whose management consists of individuals 21 years of age without criminal records, after applications for the issuance of a permit, that is, for the establishment and operation, have been submitted, along with a document confirming the payment of the state duty in the amount of EUR 10,000 per issuance of each of the mentioned permits. According to the law, which provides for granting permission both for the establishment of a company and for its use, as well as in accordance with government announcement no. 511483/700 / F.15 / 2018 (government bulletin 1692 / B / 15-5-2018), a number of the most stringent conditions is applied, relating both to the characteristics of the site in the territory of which all activities of the enterprise will be carried out, and to its infrastructural structures, and the intellectual, criminal, tax and debt status of individuals or legal entities, who submit the aforementioned applications, as well as urban characteristics of the area. It is also necessary to obtain a set of permissions, register a number of declarations of responsibility, which are to be provided by applicants so that this kind of enterprises have been established correctly from a legal point of view and operated in accordance with the law.
 
If the address of registration of a legal entity is located abroad, then the appointment of a tax representative or agent in Greece is imperative. In any case, persons from non-EU countries must reside in Greece on a permanent basis or have a representative office in Greece.
 
At the same time, the law establishes strict rules for the safety and security of the enterprise, and all production and processing activities must be carried out in a confined space, on the territory of which storage facilities should be located. More specifically, a grid of barbed wire at least 3 meters in length should be located around the space, the site should be lit around the clock, an alarm system is required, and in continuous operation, with external motion sensors with which you can detect any attempts for crossing the spiny fence or climbing through it, the fence should be equipped with a built-in surveillance system 24 hours a day, the perimeter of the cover should not contain blind zones, and security activities should be carried out by uniformed trained representatives of private security agencies.
 
Finally, with regard to the quantity of imported seeds, it should not exceed three (3) kilograms per acre of sowing, and should be calculated so as to cover the sowing requirements of the approved crop area. Packaging must have special labeling in accordance with the requirements of the ministerial decision. At the same time, the importing company is obliged to declare the arrival of the cargo at the point of entry into the territory of the Greek state two working days before the seeds arrive at the local Department of Rural Development and Control of the decentralized services of the Ministry of Agriculture and Rural Development (TAAEA).
 
Thus, the new law now allows individuals and legal entities to legally produce, accumulate, store, transport and supply different types of cannabis in Greece for the sole purpose of making finished pharmaceutical products for medical purposes or for exporting these finished products abroad. Nevertheless, the law also provides for the establishment of a strict procedure for obtaining permission to establish and operate enterprises for the manufacture and processing of pharmaceutical cannabis. In accordance with the explanatory memorandum to the law, the global market for the cultivation and processing of medical cannabis is in early stages of development, with the result that there is a high demand for pharmaceutical cannabis products and, consequently, high demand for the purchase, supply and export of finished products made of it, therefore, legalization of these enterprises in Greece will determine the boom of the state economy.
 
The Law Office of ALEXANDRA & PARTNERS LLC  with full responsibility, methodical approach and reliability provides services and advice on the legal procedure for obtaining the required permission to establish and operate an enterprise for the production, storage, transportation and supply, including for export, of pharmaceutical cannabis, and finished products from it, which is going to be created on the territory of Greece, in accordance with the requirements of the new law 4523/2018. Our office provides qualified legal support throughout the process of obtaining the appropriate licenses, representing the interests of the client at all stages of the issue.

Residence permit in Greece and Europe

 The our law firm ALEXANDRA & PARTNERS LLC  offers legal services regarding the title check of real estate property and also cooperates with the real estate agencies in order to offer assistance with purchasing or selling real estate property in Greece. It also takes care of the process needed to obtain residence permit for the owner of the real estate property and his or her family in Greece, which is valid for the whole Schengen area for 5 years. In addition to this the law office offers special legal services for starting a company and/or a branch of a company in Greece and at the same time is responsible for obtaining the residence permit for the company/branch’s members in the County. 
According to the provisions of Law No 4146/2013 by buying or renting real estate property valued of 250.000 € or more the owners are allowed to get a five year residence permit in Greece and Europe for themselves and their family members as well.
 
Buy real estate property in Greece and get a five-year residence permit novelties in immigration policy in Greece:Unique opportunity for obtaining a 5-year residence permit in Greece and Europe.
 
The Greece is the only country in the European Union that implements the special investment law listing “Configuration of Friendly Development Environment for Strategic and Private Investments and other provisions” which defines the criteria for long term immigration for individuals and legal entities. An important aspect of this law is the integrated help and the attraction of direct investments to the Country while the ones who already hold a residence permit in Greece have also the right to visa free travelling in the Schengen area.
 
The law mentioned above divides the investments for “private” and “strategic”:
 
For the “private” investments the next categories of third country nationals are allowed to get the long-term residence permit with a possibility of prolonging:
 
a) A third country national who already owns property or it is proved that they are intended to buy property in Greece for the price at list 250.000€
 
b) A third country national who have signed at least 10-year rental contract for a hotel or a tourist furnished apartments for the minimum value of the rental 250.000€ (Paragraph 2, Article 8 of Law № 4002/2011)
 
c) Family members of the above mentioned third country citizens.
 
Α1. Εspecially for the third country nationals falling within the indent (I) the following should be considered in mind:
 
1. The owners should have the complete and absolute ownership of the real estate property.
 
2. In case of joint ownership with value 250.000€, the residence right is given as long as the property owners are spouses holding the property undivided. In all other cases of joint ownership the residence right is only given to the co-owners who has invested 250.000€ each.
 
3. If the real estate property owner has bought it via legal entity, he or she has to be the only owner of all stocks and shares of the company.
 
4. The residence permit is also given in case the third country national owns, either directly or via legal entity, more than one property with a total value of at least 250.000€.
 
5. The intension of buying property has to be proved by the documents that show financial ability (e.g. certification of a recognized A class bank or an official financing organization) which certifies the existence of bank accounts or other values, especially bonds or shares, enough to cover the investment capital of value at least 250.000€ and the purpose of the claimant to buy the real estate property (delegation agreement with a lawyer or an estate agent).
 
Α2. For the ones falling within the indent (b) the contract should result in the form of the one-off payment of the rental, which is equivalent to the 10-year rental of the accommodation or the tourist furnished apartments.
 
Α3. In both of the above mentioned cases the value of the property has to be proved by the value mentioned on the contract or the rent contract.
 
Α.4. Third country nationals who buy parcel or land and move on to building construction as long as the total value of the contract and the property development contract is up to at least 250.000€.
 
Advantages given by the long-term residence permit in Greece:
 
1. This permit allows free entry into the property as often as the owners wish and in addition to this they are allowed to travel freely on the territory of Europe and the countries of the Schengen area.
 
2. The residence permit does not include the right to access any kind of work. According to the meaning of the paragraph 3 of the Law № 3386/2005 the financial activity of a shareholder or a managing director is not considered as “work”.
 
3. Real estate property owners can be outside Greece for as much time as they wish without that being a problem for the renewal of their residence permit.
 
4. The children of the long-term residence permit’s holder are allowed to enter all education levels in the countries of Schengen area.
 
5. To get the permit mentioned above you will definitely have to buy the real estate property with value of 250.000€ or more and enter Greece with a special national visa type D. It is clarified that there is a possibility to submit an application for residence permit according to the Law № 4146/2013 to every third country citizen who lives legally in Greece regardless the state or the type of their residence permit. This includes the ones who already hold a C type visa and the asylum seekers.
 
6. “Property with advantages”
Buying property in Greece regardless the value makes it easier to get a two year residence permit for you and your family members with the possibility of renewal.
 
7.Granting residence permit in Greece can be achieved not only by buying real estate property, but also by starting business or a branch of a foreign company. All those choices are strongly encouraged by the Greek competent authorities who are interested in foreign cap.

Pleasure Craft Maritime Companies (N.E.P.A.)

Greece is a major maritime nation with its shipping industry, along with tourism, being the most important sectors of the national economy.
 
Legislation, Establishing Procedure, Taxation
 
ALEXANDRA & PARTNERS LLC is a  our law office  whose exclusive object is the acquisition, exploitation or management of pleasure yachts under Greek flag which are qualified as commercial, in accordance with the provisions of law 4256/2014. The our law office  guarantees the credibility and the legality of the transactions in Greece for foreign businessmen and investors.
 
ALEXANDRA & PARTNERS LLC    provides full legal support on the preparation, the issuing of all the documents and the fulfillment of all the legal requirements in the process of establishing Shipping Companies in Greece. 
 
The Pleasure Craft Maritime Companies are governed by the Law 3182/2003 (Government Gazette 220/12.09.2003).
 
The Pleasure Craft Maritime Company (N.E.P.A.) is a commercial company which has the exclusive business purpose of owning, using, operating or managing recreational vessels under the Greek flag which are defined as professional ships. According to the provisions of the Law, the establishment of companies of other legal forms – except N.E.P.A. – with the same activity and purpose, is not excluded.
 
The article of incorporation of N.E.P.A. shall be in writing by at least two founders and entered in the Greek Registry of Pleasure Craft Maritime Companies. N.E.P.A. acquires its legal personality by registration of its article of incorporation in the above-mentioned Registry.
 
The article of incorporation shall contain provisions for:
 
a) the business name, the company headquarters, the business purposes and the duration of the company,
 
b) the capital and the shares of the company,
 
c) the board of directors, the general meeting of shareholders and their powers,
 
d) the rights of shareholders,
 
e) the dissolution and liquidation of the company’s property.
 
The board of directors manages and represents the Pleasure Craft Maritime Company (NEPA) and it is composed of at least three members – shareholders or not. The members of the first board of directors shall be indicated by the article of incorporation of the company.
 
The business name of a Pleasure Craft Maritime Company (NEPA) shall include the words “Pleasure Craft Maritime Company” or the initial letters of those words “N.E.P.A.” as well as the distinctive mark (the trademark) by means of which the confusion with another company would be avoided. For the convenience of company’s international trade, its business name may be translated in a foreign language in an accurate translation.
 
The headquarters of the company shall be registered in a Greek Municipality or a Greek Community.
 
The Pleasure Craft Maritime Company (NEPA) has a certain duration, which is specified in article of incorporation. The duration can not be longer than thirty years.
 
For the establishment of a Pleasure Craft Maritime Company (NEPA) the amount of ten thousand euros (10.000) is required as the minimum capital. The initial charter capital of NEPA is formed by its founders and shall be invested in full, in cash, at the company’s fund when establishing.
 
The nominal value of each share may not be less than 1,00 euro.
 
The Hellenic Ministry of Mercantile Marine (Y.E.N.) keeps a special registry in which all the Pleasure Craft Maritime Companies (NEPA) are registered. The article of incorporation of the company and all the other documents submitted for the registration of the company are kept in the company’s file at this Registry.
 
The article of incorporation of the company which is submitted for registration in this Registry shall be signed by the founders. The authenticity of their signature shall be validated by a public authority or a notary.  This validation of the authenticity of the signatures by a public authority or a notary is required also for authorized persons who shall issue copies of the Minutes of the company bodies, submitted for registration.
 
Limited Liability Companies can also be converted into Pleasure Craft Maritime Companies (NEPA) by a decision of the general meeting of partners, adopted in accordance with the provisions of Law 3190/1955. By the decision of converting the article of incorporation of the company that is converted is also adapted to the provisions of the above-mentioned law. The decision to convert, which is contained in the article of incorporation of the company, adapted as above, shall be registered in the Registry of Pleasure Craft Maritime Companies (N.E.P.A.) and notice of this decision shall be published in the Bulletin of S.A. Corporations and Limited Liability Companies of the Government Gazette. After the completion of these formalities, the converted company shall be continued as a Pleasure Craft Maritime Company (NEPA).
 
S.A. Corporations can be converted into Pleasure Craft Maritime Companies (NEPA) by a decision of their general meeting of shareholders, taken pursuant to the provisions of the paragraphs 3 and 4 of the article 29 and the paragraph 2 of the article 31 of the Law 2190/1920. By the decision of converting the article of incorporation of the company that is converted is also adapted to the provisions of the above-mentioned law. The decision to convert, which is contained in the article of incorporation of the company, adapted as above, shall be approved under the provisions of the Law 2190/1920 and registered in the Registry of S.A. Companies and the Registry of N.E.P.A.  Notice of this decision shall be published in the Bulletin of S.A. Corporations and Limited Liability Companies of the Government Gazette. After the completion of these formalities, the converted company shall be deleted from the Registry of S.A. Corporations and continue its existence as a Shipping Company (NEPA).
 
 
The conversion of a Pleasure Craft Maritime Company (N.E.P.A.) into another legal form is not permitted.

Taxation of Pleasure Craft Maritime Company (N.E.P.A.)

Pleasure Craft Maritime Companies, apart from the stamp duty, are exempted from paying taxes, fees and all other charges payable to the State or third parties on the following:
 
a) distribution of profits and net liquidation proceeds, except for fees or salaries paid to the members of the board which are subject to income tax,
 
b) capital withdrawals and the related payment receipts,
 
c) records kept in the company’s books, documentation brought to Greece and other documents relating to the company’s operations abroad,
 
d) deposits and shareholders’ loans to the company. The exemption does not extent to the income tax for the company’s interest on deposits and the interest earned from loans granted by the shareholders to the company,
 
e) capitalization of the profits and
 
f) profits left by the shareholders for the further turnover.
 
Regarding the capital accumulation tax the existing law provisions shall be applied.
 
The Pleasure Craft Maritime Companies (N.E.P.A.) that manage or operate recreational vessels belonging to third parties, shall keep C category accounting books and shall bear all the obligations under the Code of Books and Records. The above-mentioned exemptions shall not apply to the income tax of the third party. The Pleasure Craft Maritime Companies (N.E.P.A.) that own recreational vessels are required to keep a book of incomes and expenses in Greek language, issue, receive and store transaction documents that are mentioned in the above Code, as well as to submit provided by law statements and tax information to the Director of the competent Public Financial Service.
 
The provisions relating to delay of payment of the import fee and to exemption from paying Value Added Tax (VAT) and other taxes provided by the Article 42 of the above-mentioned Law shall apply to the recreational vessels identified in accordance with the provisions of Law 2743/1999 as professional ships, the ownership, operation or management of which belong to a Pleasure Craft Maritime Company (N.E.P.A.).
 

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