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Introduction of capital gains tax as of 1st January 2012

After postponing the introduction of a Greek capital gains tax several times, this tax will now apply satrting from January, 1, 2012. Investors liable for income tax in Greece will be subject to the capital gain tax.

With regard to old positions, the sales tax of 0.2% continues to apply on all securities purchased prior to 1 January 2012. Securities purchased after December, 31, 2011 will not be taxable for foreign investors any longer. Greek investors, on the other hand, will have to pay capital gains tax on securities acquisitions taking place after December, 31, 2011.

Please also note that due to the fact that the Greek market is a beneficial owner market, clients holding Greek securities need to have a segregated account. Clients buying securities on the Greek market are only able to do so, if the respective waiver has been signed and the client holds a segregated account. All Greek resident investors still holding their securities via omnibus account are urged to set up a segregated account or otherwise sell their positions by the end of the year.