Interested in a Greek mortgage?
It's what we do!
The writer - Mr, Meir Mallel IGB - EU
Asher Aharon, Published in A.A.GROUP website, 07/05/2024
Mortgages can be obtained by Israelis in Greece to purchase apartments, though the process is complex and requires knowledge and experience. Griechenland has experienced years of economic crisis, which negatively impacted real estate prices and borrowers' ability to repay their mortgages.
For over a decade, banks stopped financing real estate transactions, particularly to foreigners, because of these events.
As Greece's economy improved and foreign investors flowed into the country, Greek banks returned to providing mortgages to locals and foreigners in the second half of 2023.
Her mortgage is obtained through a very long and complicated bureaucratic process, so getting it successfully and within a reasonable time frame is very difficult and complicated.
Founded in Greece, IGB Ltd. is a mortgage loan consulting company dedicated to connecting Israeli buyers with Greek banks and making them as accessible as possible.
Until he signs an agreement with the bank, he is not required to take any active action except for collecting the necessary materials (salary slips, self-employed tax assessments, etc.).
This activity was initiated and partnered with Mr. Meir Mallel, who in the past held senior positions in banking and insurance, as vice president and manager of the Bank of Jerusalem's business division, and as CEO and owner of Hauden Guarantees, an insurance company specializing in sales and performance guarantees.
The combination of the love for Greece together with the identification of the need for financing solutions, combined with knolage and abilities in the banking industry and real estate financing, created the vision to be a bridge between Greek sources and Israeli needs
The diversity of services of IGB EU. includes:
1. Understanding the customer's needs, advice on the amount, length and type of loan (fixed and/or variable interest).
2. Preliminary examination of the client's suitability for receiving a mortgage and advice on the actions required on the part of the client to improve the chances of loan approval.
3. After the client is found suitable for the bank's criteria, translation of all the documents and their approval by a notary, required for the purpose of submitting the application to the bank.
4. Submission of the application for approval in principle by the bank.
5. Appointing a local attorney, who will serve as the client's proxy in the process of receiving the loan.
6. Opening a bank account (necessary for receiving the rent).
7. Opening a tax number (VAT)
8. Handling property appraisals according to the bank's requirements.
9. The customer's signature on the loan agreement is final and binding on the bank.
In order to provide a professional and efficient service, the company has offices in Israel and Greece. The company has carefully chosen the service providers with which it cooperates, the officials, in Israel and Greece (attorneys, economists, appraisers, financial and administration consultants.)
KINDLY CONTACT now:
+972504287137
There is good news for Israeli tourists - their stay in Greece has been extended.
As of November 8th, Israeli tourist visas are now valid for 6 months instead of 3 months.
Asher Aharon, Published in A.A.GROUP website, 30/12/2023
Minister of Migration and Asylum of Greece
Extending the stay of Israeli tourists in Greece
"In order to help the Israelis who came to Greece due to the war in Israel, the Israeli embassy sent an official request to the Greek Ministry of Foreign Affairs to extend the period of stay for Israeli tourists in Greece from 90 days to a maximum of 180 days.
The Greek Ministry of Foreign Affairs replied that they had decided to respond positively to the request, but the extension of the stay would not be automatic or blanket.
Any Israeli who is in the Athens or Thessaloniki area and wishes to extend his stay in Greece, it is his responsible to go to the Immigration Police/Foreigners Police located in his area of residence and submit a request to clarify the stay.
Israelis who are outside of these areas must apply for an extension of stay at the local police station closest to the residential area".
This positive result was realized thanks to the efforts of Israeli Ambassador Mr. Noam Katz and Consul, Mr. Danny Sivan,
As well as the Jewish Community of Athens' leaders, Mr. Alvertos Taraboulous, Chairman, and Mrs. Taly Mair, Director, who requested this extension from the minister of Immigration, Mr. Dimitris Kairidis, a close friend of the community.
In the office of the Minister last week, Ms. Mair, Mr Taraboulous, and Mr Benardout, Treasurer of the Central Board of Jewish Communities in Greece, met to thank Minister Kairidis personally.
Based on economic forecasts for 2024 and 2025, Greece is an ideal place to establish a company.
Asher Aharon, Published in A.A.GROUP website, 09/12/2023
Based on the "macroeconomic forecast" for Greece, the country's economy is expected to grow by 2.3% and 2.2% in 2024 and 2025, respectively. The expansion is supported by the implementation of the Recovery and Resilience Plan (RRP) and a resilient labor market. Headline inflation is projected at 4.3% in 2023 and set to moderate to around 2.1% in 2025, albeit gradually as tightening labor market conditions add to upward pressure on prices. The general government deficit is set to shrink further on the back of muted expenditure growth and higher revenues. Together with solid nominal GDP growth, this supports the decline of the high public debt-to-GDP ratio.
Greece has been adopting and implementing important legislation relevant to finance, taxation, import & export, land acquisition, business establishment and function, European or International important legal provisions, etc., to create and provide an adequate environment for investments to take place. The Private Capital Company (PC-IKE) is the most recent type of company established in the Greek legislation in 2012. It serves the purpose of a modern type of cooperation and business management with many advantages. It is a form of limited partnership in which the capital consists of shared parts. Partners can participate in the company without making a capital contribution per se but by contributing 'sweat equity' or personal work product or other type of contributions, tangible or intangible, towards capital contribution. The company has no minimum capital requirement, and its accounts must be published.
In conclusion, Greece's economy is expected to grow in the coming years, and the country has been adopting and implementing important legislation to create an adequate environment for investments. The Private Capital Company (PC-IKE) is a modern type of cooperation and business management with many advantages that can be considered for establishing a company in Greece.
22/08/2023
D visa and residence permit - UPDTAE
according to the information we received from the ministry of Justice , in order for a Greek company to be considered an associated company with a foreign company in order for the company's executives to be entitled to a residence permit, the shareholder of the Greek company must be a foreign company (or have a majority stake). So the procedure cannot succeed with a shareholder who is a foreign individual person. In the case of an IKE company (i.e. like the one you set up) if the shareholder is a foreign legal person then the manager of the IKE company is entitled to obtain first a D visa and then a residence permit
ATTENTION
From 01.01.2024 the law changes (new law 5038/2023) and the requirements will be as follows
“….may be granted a residence permit in Greece to third-country nationals in the following cases:
α) Citizens of third countries who either hold at least thirty-three percent (33%) of the capital of a domestic company with an amount paid by them in cash of at least five hundred thousand (500. 000) and the respective securities held by them are nominal, provided that, subject to Article 94, they submit to the competent consular authority a relevant certificate of the company in which they participate, duly signed and certified, or they participate in a domestic company whose shares are traded on regulated markets or multilateral trading facilities operating in Greece and the nominal value of the securities (shares) held by them amounts to five hundred thousand (500. 000), provided that, without prejudice to Article 94, they submit to the competent consular authority a certificate issued by the investment firm of Article 4 of Law No. 4514/2018 (A' 14), which provides the investment service of para. 4 of Annex I of Section A of the same law, or the credit institution, with its registered office or branch in Greece, which maintains the relevant operator's account.
b) Citizens of third countries, members of boards of directors, legal representatives and managers to whom no remuneration is paid, of domestic companies, as well as legal representatives of branches of foreign companies that legally carry out commercial activity in Greece and have assets or turnover of the last closed financial period of at least four million (4,000,000.00) euros, provided that, without prejudice to Article 94, they present to the competent consular authority the act or decision of the competent body, on the basis of which they hold at least four million (4,000,000.00) euros.»
We will study the new law to see what other perspectives exist
Establishing a Company in Bulgaria: The Business Advantages You Should Know
Asher Aharon , Published in A.A.GROUP website , 02/10/2023
Are you an entrepreneur seeking new horizons for your business? Have you considered the prospect of expanding your operations to Bulgaria? Here's why you should seriously contemplate establishing a company in this European gem.
1. Low Corporate Taxation: One of the most compelling reasons is Bulgaria's remarkably low corporate tax rate, standing at just 10%. This means your business can enjoy significant tax savings compared to many other countries.
2. Cost-Effective Operations: Bulgaria offers cost-effective operational advantages. The cost of doing business in Bulgaria is notably lower, making it an attractive location for entrepreneurs looking to maximize their profits.
3. Fast and Efficient Setup: The process of setting up a company in Bulgaria is relatively quick and hassle-free. You can establish your business efficiently, allowing you to start your operations sooner.
4. Limited Personal Liability: In Bulgaria, business owners are not personally liable for the company's obligations. This means your personal assets are protected, providing you with peace of mind.
5. Favorable Dividend Tax: The tax on dividends in Bulgaria is a mere 5%, making it an ideal destination for investments and income distribution.
6. Strategic Location for Trade: Bulgaria's central location in Europe makes it a hub for trade and commerce. It offers access to various markets within the European Union and beyond.
7. Business-Friendly Environment: The Bulgarian government has taken significant steps to create a business-friendly environment, offering numerous incentives and support for entrepreneurs.
Whether you are a startup or an established company, Bulgaria's business advantages are worth exploring. By establishing your company in Bulgaria, you can experience cost savings, efficient operations, and the benefits of a low-tax regime. So, if you're seeking new horizons for your business, consider Bulgaria as your next destination for growth and success.