Greece: The additional measures of financial support activated by the Government/ Change in subsidizing real estate owners

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Ministry of Finance (05.11.2020) All companies that are affected according to the expanded list of KAD April, now throughout the territory, are entitled to a mandatory reduction of rent by 40% on their commercial real estate. The same applies to the main residence of the employees who are suspended from employment, but also to the student residence of their children, throughout the territory. In addition, from November, for owners who rent real estate, 1/2 of their loss will not be offset against their tax liabilities, as provided to date, but will be paid directly to the beneficiaries, and will be credited directly to their banks accounts. The cost is estimated at 30m euros.

measures summary

All companies that are affected according to the expanded list of KAD April, now throughout the territory, are entitled to a mandatory reduction of rent by 40% on their commercial real estate. The same applies to the main residence of the employees who are suspended from employment. From November, for owners who rent real estate, 1/2 of their loss will not be offset against their tax liabilities, as provided to date, but will be paid directly to the beneficiaries, and will be credited directly to their banks accounts.

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Description/integral text (Internal-not for publishing)

All companies that are affected according to the expanded list of KAD April, now throughout the territory, are entitled to a mandatory reduction of rent by 40% on their commercial real estate. The same applies to the main residence of the employees who are suspended from employment, but also to the student residence of their children, throughout the territory. In addition, from November, for owners who rent real estate, 1/2 of their loss will not be offset against their tax liabilities, as provided to date, but will be paid directly to the beneficiaries, and will be credited directly to their banks accounts. The cost is estimated at 30m euros.