Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Trusts are legal arrangements where an individual, the settlor, transfers assets to a trustee to manage on behalf of beneficiaries. In Greece, including Corfu, traditional Anglo-Saxon trusts do not have an automatic legal framework as seen in jurisdictions like the UK or Malta. However, Greek law does recognize certain arrangements that function similarly to trusts, particularly in the context of inheritance, family asset management, and international estate planning. Much legal guidance draws from both Greek civil law and international treaties such as the Hague Convention on the Law Applicable to Trusts and on their Recognition, to which Greece is a signatory, but local implementation can be complex. Understanding the local context is vital for anyone considering trust-based arrangements in Corfu.
Legal advice is important when considering trusts in Corfu due to the following situations:
A lawyer with local expertise ensures compliance with Greek law, proper structuring, recognition of international instruments, and clear documentation so your intentions are legally enforced.
Greece is a civil law country, and traditional trusts are not directly provided for by Greek statutes. However, there are legal tools and hybrid mechanisms, such as usufruct rights, life interests, and foundations, that can deliver similar results. The Hague Convention recognizes foreign trusts in Greece, but their enforceability may be limited or subject to Greek public policy exceptions.
Key points include:
Any trust-like arrangement should be crafted under the guidance of a legal advisor familiar with both Greek and international law.
A trust is an arrangement where assets are held by one party for the benefit of others. Greek law does not provide for classic trusts but does recognize foreign trusts under certain conditions, particularly through international agreements.
You cannot establish a trust under Greek law as in common law countries, but alternative structures can help achieve similar aims. If you have a foreign trust, its effects may be partially recognized.
For Greek law arrangements similar to trusts, such as foundations or notarial declarations, there are requirements regarding legal capacity. Professional advice is needed to ensure eligibility.
Greek inheritance law enforces forced heirship, which limits the portion of an estate that can be freely bequeathed, even if placed in a trust or similar structure abroad.
Foreign trusts can be recognized, especially under the Hague Convention, but enforcement is not automatic and is subject to compliance with Greek public policy and tax laws.
Asset transfers to trusts or similar entities must comply with Greek tax laws. In certain cases, trust assets may still be taxed in Greece if the settlor, beneficiaries, or assets are linked to the country.
Alternatives include establishing a foundation, endowment, notarial deed of gift, or usufruct rights, each serving various estate planning or asset management purposes.
Due to complexity and limited local recognition, legal advice is strongly recommended for anyone wishing to establish or enforce trust-like arrangements in Corfu.
Enforcement depends on the trust's compatibility with Greek law. Courts may refuse to apply trust provisions that violate Greek public policy, especially around inheritance.
Look for experienced estate planning lawyers or notaries in Corfu who have knowledge of international private law and familiarity with handling trust recognition issues.
If you are considering using a trust or alternative for your estate planning or asset management needs in Corfu, Greece, follow these steps:
Professional guidance will help ensure your wishes are respected, your interests protected, and your arrangements are fully compliant with Greek and European law.
