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Trusts are legal arrangements in which one party, known as the trustee, holds and manages assets for the benefit of another party, the beneficiary. In Greece, the concept of trusts as commonly understood in common law countries such as the UK or the US does not originally exist. However, due to increasing international cooperation and cross-border inheritance issues, local legal professionals in Fira have become familiar with related structures, such as testamentary trusts and foreign trusts with connections to Greek residents or assets. Greek law typically recognizes and enforces foreign trusts, provided they do not conflict with public policy or mandatory Greek legal provisions.
Seeking legal advice about trusts in Fira often becomes necessary in several situations. If you are a foreign resident with assets in Santorini, including Fira, or if you are an heir or beneficiary of a trust involving local property or investments, you may face complex legal and tax implications. Greek inheritance and succession laws can override some trust arrangements, especially regarding forced heirship rules. You might also require a lawyer to establish a trust compliant with Greek law, challenge a trust’s validity, manage cross-border estate planning, or address issues arising from foreign trusts being administered in Greece. Professional legal guidance ensures your interests are protected, documents are correctly drafted, and local regulations are followed.
Greece does not have a domestic trust law framework, but it is a signatory of the Hague Convention on the Law Applicable to Trusts and on their Recognition, which entered into force in Greece in 1997. Under this agreement, trusts established under foreign law can be recognized by Greek courts if they do not conflict with Greek public order. Greek inheritance law enforces compulsory shares for close relatives, which may override trust arrangements that exclude these individuals. Additionally, the transfer and holding of property in Fira through trusts must comply with local registration requirements and the Greek tax system, which has its own rules concerning donations, inheritance, and property transfers. It is crucial to consider these factors when dealing with trusts related to assets in Fira.
A trust is a legal structure where assets are placed under the control of a trustee, who manages them for the benefit of a beneficiary according to the terms set by the person who creates the trust (the settlor).
Traditional Greek law does not provide for trusts. However, international or foreign trusts with Greek connections are increasingly relevant, especially in regions with significant expatriate or property owner populations such as Fira.
You cannot establish a trust under Greek law in the same way as in common law countries. However, trusts created validly under foreign law may be recognized in Greece if they do not violate Greek mandatory provisions.
Foreign trusts are recognized if they conform to international agreements, like the Hague Convention, and do not breach Greek compulsory heirship or public policy rules.
While trusts can have tax benefits, Greek authorities scrutinize arrangements that appear to attempt tax evasion. Inheritance and property transfer taxes still generally apply to assets located in Greece.
Yes. Greek inheritance law includes forced heirship rules, which guarantee certain relatives a fixed share of the estate regardless of trust arrangements or wills.
A lawyer can help assert your rights, ensure the trust is recognized, handle registration and tax matters, and provide representation in disputes with trustees or other beneficiaries.
You must consult a legal professional to ensure compliance with property registration, inheritance law, and taxation rules, as well as to avoid conflicts with Greek regulations.
Foreign nationals can generally own property, but specific areas, such as border regions or islands like Santorini, may have additional restrictions or require special permits for property transfers, including those involving trusts.
Bring any documents related to the trust or estate, identification, property deeds, previous correspondence with trustees or beneficiaries, and any wills or legal documents related to your assets in Greece.
If you need more information or assistance regarding trusts in Fira or Greece generally, the following resources may be helpful:
If you require legal assistance with trusts in Fira, Greece, consider taking the following steps:
Taking proactive legal advice can help you resolve trust-related matters efficiently and ensure your rights are upheld under both Greek and international law.
