One of the fundamental principles of Greek Civil and Tax Law, is the protection of the family and the supply of adequate assets to children by their parents in order to assist them towards the creation or the maintenance of their family or their financial independence, or towards the establishment or the continuance of their profession. When these principles do not exceed the standards which the relevant circumstances allow, we are talking about  Greek “Parental Gifts” (goniki parohi). The  Notarial form for a Parental Gift is not necessary, except for those which include real estate property; Then, the execution of a Notarial Deed is necessary.

In the case that the gift exceeds rationale, it is considered as a gift, for the exceeding amount.

Greek Law regulates Greek Parental Gifts favorably. However, in no way, the children have the right to demand such parental gift, through claiming the gift by court proceedings.

Notwithstanding the above, the basic distinction between Greek Parental Gifts to gifts, is their favorable tax treatment. Their treatment by the tax legislator is obviously more favorable.

In case that Greek Parental Gifts include real estate, the conveyance is implemented through the execution of a Notarial Deed, by both parties (parent and child) and its subsequent registration in the competent archives of the competent Land Registry and/or Land Registry Cadastral of the property's location.

The gift in Greece may also provide for periodical benefits or “ways”, according to which the grantee is obliged to provide a specific benefit to the grantor in order to receive the gift from him.

The procedure of Greek Parental Gifts for Greek properties, may be accomplished through a Limited Power of Attorney to a specialized Greek Lawyer, like our Greek Law Office.

 

January 2020

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