Real Estate Investment Companies in Greece (REICs)

What We Offer

REICs were first introduced in Greece by Law 2778/1999. The promising real estate market in Greece, as well as the major restructure in all sectors create very attractive incentives for global investors. The Real Estate Investment Companies could be a significant vehicle for the investors and may be used in a variety of projects in the real estate market, granted a favorable institutional and tax regime with a large scale of benefits.

The long established experience due to many years of practice and involvement in issues around businesses, real estate and thus, investment and growth, constitute the comparative advantage of “Oikonomakis Law”, a Firm which alongside the necessary legal background also possesses that special expert knowledge that distinguishes a certain organization which is able to provide proper, sound as well as business-oriented advice on matters and situations that call not just for legal perspectives but also of useful insight in order for allegedly unresolved issues to be tackled.



We are future-oriented by setting strategic long-term goals; planning ahead is not just a necessity but an inherent characteristic of our corporate identity.


We strive for fairness by treating everyone with respect, not just courtesy.


Our mind-set is global thus we enjoy working seamlessly across borders.


We focus on delivering world-class legal services and advice, thus reaching for the highest standard possible means that excellence is the only threshold.

What is REIC

The Real Estate Investment Company (REIC) is a closed type Greek limited company whose sole purpose is acquiring and managing real estate properties and in general conducting in direct or indirectly investments in real estate, in deposits and in the financial market.

The REIC should be established – as well as an existing company may be converted to a REIC – both pursuant to a license granted by the Hellenic Capital Market Commission, which supervises and evaluates its assets, any amendments and its governance. Its operational framework is governed by the provisions of articles 21-31 of Law 2778/1999 as in force (the legal framework governing REICs has been amended by Laws on 2013, 2014, 2016, 2018 providing a more flexible and favorable framework), while its institutional framework is accomplished by the Stock Exchange Legislation and by applying Corporate Governance regulations and principles.

Institutional framework

The Real Estate Investment Company have to be incorporated with a minimum initial share capital of € 25,000,000. The share capital should be paid of cash, money market instruments, securities and real estate properties and is fully payable upon its establishment.

A REIC should be established as a special purpose Greek “Anonymous Company” with registered shares.

A REIC is permitted to invest in:
– Real estate property as well as rights, units and shares in real estate properties and companies that represent at least 80% of its total assets.
– Cash deposits and money market instruments.
– Movable and immovable properties that serve the operational needs of the Company (in total they are not allowed to exceed 10% of its assets on acquisition)
– Rights from financial leases of real estate.
– Rights from commercial exploitation of real estate.
– Real estate properties under construction (the cost of works may not exceed 40% of the company’s total investment value).
– Shares of Companies that aim to acquire, manage and exploit real estate (holding companies, real estate management companies).

There are no restrictions for investments on real estate in EU countries, while only 20% of the total assets of the company is permitted to be invested outside EU.
By Law, a Real Estate Investment Company is obliged to be listed in the Stock Exchange Market in Greece within two (2) years since its establishment, although there is a possible extension by 24 months by the Hellenic Capital Market Commission. If the shares are not listed within the prescribed period, its license is revoked.

Tax Regime

A REIC enjoys is a highly favorable tax framework which is plenty of benefits, tax-exemptions and attractive incentives for the investors.
A REIC should pay tax with a rate up to 10% of the European Central Bank intervention rate (Interest Rate) increased by 1 percentage point.
No withholding tax is imposed on dividends.

The profit that occurs from the sale of its shares is not subject to taxation.
A REIC have to pay on an annual basis dividends to its shareholders of at least 50% of its annual net profits.
The assets of a REIC should be appraised at the end of each fiscal year by a certified auditor.

How We Can Help

The legal team of “Oikonomakis Law” possesses the human capital, the expert knowledge and the necessary experience in order to be able to assist you with all your investments endeavours by helping you decide on one hand, and formulate on the other, that specific company formation that meets your special needs alongside your unique expectations, by making, at the same time, all these necessary adjustments one needs to initiate in the most constructive and effective way once he/ she has set course to achieve his/ her personal ambitions.

Key Contacts

Oikonomakis Christos

Papageorgiou Zoi

Mitrogianni Aikaterini

Zgurov Dobrin

Papadimitriou Margarita

For more information on Real Estate Investment Companies in Greece (REICs)

Please contact us on 800 11 500500 (Free Phone Number/Assignor Service – 24/7), or

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