{"id":2090,"date":"2017-08-13T22:43:51","date_gmt":"2017-08-13T22:43:51","guid":{"rendered":"http:\/\/trastor.gr\/?page_id=2090\/"},"modified":"2024-11-29T20:14:08","modified_gmt":"2024-11-29T20:14:08","slug":"institutional-framework","status":"publish","type":"page","link":"https:\/\/trastor.gr\/en\/company\/institutional-framework\/","title":{"rendered":"Institutional Framework"},"content":{"rendered":"

Institutional Framework<\/h2>\n<\/div>
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REICS in Greece are governed by the provisions of article 19 of Law 4141\/2013 as this amends articles 21-31 of Law 2778\/1999 \u201cReal Estate Mutual Funds \u2013 Real Estate Investment Companies and other provisions\u201d, as amended by Laws 2892\/2001, 2992\/2002, 3581\/2007, 4209\/2013, and 4389\/2016, as well as the provisions of Law 2190\/1920.<\/p>\n

The objective of the Company is the conduct of investments and more specifically the acquisition and management of real estate, pursuant to article 22 of Law 2778\/1999, as in force each time.<\/p>\n

The Company is supervised by the Hellenic Capital Market Commission which granted it operating license No. 5\/266\/14.03.2003.<\/p>\n

The institutional framework is supplemented by the stock market legislation, which applies to all listed companies \u2013 as all REICs must be listed within a certain time period \u2013 and by provisions of the Capital Markets Commission.<\/p>\n<\/div>

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Greek REIC requirements<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>
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Asset requirements<\/strong><\/p>\n

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  • At least 80% of the assets must be invested in real estate<\/li>\n
  • Development cost must not exceed 40% of the REIC\u2019s investment assets<\/li>\n
  • Single property value cannot exceed 25% of the REIC\u2019s total investments<\/li>\n
  • Assets for REIC operations cannot exceed 10% of the REIC\u2019s total assets<\/li>\n<\/ul>\n

    Profit distribution \/ Leverage<\/strong><\/p>\n

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    • At least 50% of the annual net distributable profit<\/li>\n
    • Capital gains do not need to be distributed<\/li>\n
    • Overall leverage must not exceed 75% of REIC\u2019s total assets<\/li>\n<\/ul>\n

      Legal requirements<\/strong><\/p>\n

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      • Incorporated as a \u201cSociete Anonyme\u201d with a minimum capital of \u20ac25m<\/li>\n
      • Mandatory listing on a regulated market operating in Greece<\/li>\n
      • Statutory seat must be in Greece<\/li>\n<\/ul>\n<\/div>

        Greek REIC’s Tax Regime<\/h2>\n<\/div>
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        \n\n\n\n\n\n\n\n\n\n\n
        Tax efficient structure<\/strong><\/th>\n<\/tr>\n<\/thead>\n
        Income Tax:<\/td>\nREICs are subject to tax on the average of the fair market value of their investments, (including cash items) at a rate equal to 10 per cent of the interest rate provided by the European Central Bank for main refinancing operations increased by one percentage point. Relevant tax is paid on a six-month basis.<\/td>\n<\/tr>\n
        Advance Tax:<\/td>\n0.0%<\/td>\n<\/tr>\n
        Capital gains Tax:<\/td>\n0.0%<\/td>\n<\/tr>\n
        Dividend Tax:<\/td>\n0.0%<\/td>\n<\/tr>\n
        Annual Property Tax:<\/td>\nMain tax (variable) & Supplementary tax @0.35% due for all leased buildings, and @0.1% for owned use buildings. Self-used buildings exempt<\/td>\n<\/tr>\n
        Real Estate transfer Tax:<\/td>\n0.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
        <\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":0,"parent":16,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"side-navigation.php","meta":{"footnotes":""},"class_list":["post-2090","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/trastor.gr\/en\/wp-json\/wp\/v2\/pages\/2090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trastor.gr\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/trastor.gr\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/trastor.gr\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/trastor.gr\/en\/wp-json\/wp\/v2\/comments?post=2090"}],"version-history":[{"count":20,"href":"https:\/\/trastor.gr\/en\/wp-json\/wp\/v2\/pages\/2090\/revisions"}],"predecessor-version":[{"id":18316,"href":"https:\/\/trastor.gr\/en\/wp-json\/wp\/v2\/pages\/2090\/revisions\/18316"}],"up":[{"embeddable":true,"href":"https:\/\/trastor.gr\/en\/wp-json\/wp\/v2\/pages\/16"}],"wp:attachment":[{"href":"https:\/\/trastor.gr\/en\/wp-json\/wp\/v2\/media?parent=2090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}