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Greece: Mutual Funds and Portfolio
Investment Companies |
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INFORMATION: LOW-TAX AND INCENTIVE REGIMES |
In 2004, Greece introduced rules for closed-end mutual
fund companies in an effort to promote investment
in emerging companies. Below are the most important
provisions:
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To take advantage of
the regime a closed-end Mutual Fund investing in
companies must have a combination of assets consisting
of securities, company shares and cash and it must
be established for a certain period of time that
cannot exceed 15 years. The assets of the close-end
Mutual Fund are divided into equal parts and belong
to the unit holders (co-ownership).
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The closed-end Mutual
Fund invests exclusively in the shares of companies
that have their registered seat in Greece and are
not listed in the Stock Exchange and also in convertible
and/or profit participating bonds of the above mentioned
companies.
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The close-end Mutual
Fund can participate in the capital of listed companies
only if such participation has taken place before
the approval of the listing of the company and this
participation is disposed of within 5 years following
the date of the listing of the company.
The Manager of a closed-end
Mutual Fund can be:
a. A Corporation with share capital of at least EUR100,000
having as exclusive object the administration of closed-end
mutual funds.
b. A business that is licensed by the competent authorities
of a member-state of the European Economic Area to
manage similar venture capital vehicles.
c. An Investment Company formed under Law No. 2396
of 1996.
The minimum assets of a closed-end Mutual Fund upon
establishment must be EUR3 million and the minimum
participation of each holder should not be less than
EUR150,000.
The investment of the assets of the closed-end Mutual
Fund is subject to restrictions.
The closed-end Mutual Fund is not subject to any kind
of taxation. Any income the unit holders realize in
their capacity as co-owners of the Fund's assets is
subject to tax in their hands. The transfer or other
transaction in the units is treated for tax purposes
as a transfer/transaction on the related ownership
on the fund's assets.
The contract for the formation and management of the
closed-end Mutual Fund as well as the payment of the
holders' participation are not subject to any kind
of tax, fee, stamp duty, contribution, right or any
other charge imposed by the State, or any other third
party.
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INFORMATION: LOW-TAX AND INCENTIVE REGIMES |
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