As of 2017, United Arab Emirates’ (UAE) Companies will enjoy the same tax exemptions previously only applied to EU companies.
EU Companies were exempted from tax obligations under the condition that the ultimate individual beneficiary is a holder of a Greek tax ID.
This provision was put in place in order to avoid the tax evasion by Greek tax residents who may be holding real estate property through the possession of shares in foreign companies.
This exception is now valid for UEA companies as well. The same prerequisite of holding a Greek tax id is also applicable to these companies. For companies registered in non-cooperative tax jurisdictions, the above mentioned exemption will not apply.
Some additional requirements for enjoying a tax exemption include:
- The real estate has to have been acquired before 2009
- The ultimate individual beneficiary must be issued a Greek tax ID within a month from the publication of the law in the Government’s Gazette
Related real estate disputes which are pending in the tax authorities or courts at the time of the submission of the law in the Parliament may be subject to the special real estate tax regime as well, assuming a penalty of EUR 2,500 is paid.
Konstantinos Sakkas
Chief Accountant
Athens, Greece
Tel: +30 210 8257722
E: kostas.sakkas@eurofast.eu
Zoe Kokoni
Director
Nicosia, Cyprus
Tel: +357 22699222
E: zoe.kokoni@eurofast.eu