3f984da4-5e67-48f6-843f-60a60619e354
837784
Άδεια λειτουργίας Ανώνυμης Εταιρείας Επενδύσεων σε Ακίνητη Περιουσία (Α.Ε.Ε.Α.Π.)
At a glance
Points of service
Directorate of Entities of the HCMC
Department for the Licensing of Collective Investment Undertakings, HELLENIC CAPITAL MARKET COMMISSION
Digital provision points
- The service is not provided digitally
Number of required documents
Description
The procedure concerns the granting of an operating licence for a Real Estate Investment Company (REIC).
Basic information
Competent body
MINISTRY OF ECONOMY AND FINANCE
Authority/Public body’s Unit responsible for the institutional framework of the procedure
Authority responsible for the provision of the procedure
HELLENIC CAPITAL MARKET COMMISSION
Service / organizational unit of a authority entity
Directorate of Entities of the HCMC
Department for the Licensing of Collective Investment Undertakings
Application
Application Type
Application
Submission by:
Presented by the applicant (email), Submitted by the applicant (in person or by post)
Submitted by:
Legal entities, Persons
Title
Granting of an operating licence for a REIC.
Notes:
Submissions should be made by email to info@cmc.gov.gr, to the Central Registry of the Hellenic Capital Market Commission. The entire file must also be submitted in hard copy, for which no protocol number is issued.
What you will need
Means of authentication, identification and signature
Related
Means of redress or appeal:
Other
Law 3371/2005: capital market matters, etc. Article 25 Legal remedies: ‘Without prejudice to the provisions of Article 25 of Law 3340/2005 (Government Gazette, Series I, No 112/10.5.2005), decisions of the Hellenic Capital Market Commission in general may be challenged before the courts as follows: (a) Decisions of the Hellenic Capital Market Commission imposing a financial penalty may be challenged by way of an appeal on the merits before the Athens Administrative Court of Appeal, which hears the case at first and final instance, within 60 days from their notification. b) All other decisions of the Hellenic Capital Market Commission issued as enforceable individual administrative acts may be challenged by an application for annulment before the Athens Administrative Court of Appeal, within 60 days from their notification. Decisions of the Administrative Court of Appeal may be appealed before the Council of State in accordance with the provisions in force.
Rules concerning a lack of reply from the competent authority and the legal consequences for the use:
Law 3371/2005: capital market matters, etc. Article 25 Legal remedies: ‘Without prejudice to the provisions of Article 25 of Law 3340/2005 (Government Gazette, Series I, No 112/10.5.2005), decisions of the Hellenic Capital Market Commission in general may be challenged before the courts as follows: (a) Decisions of the Hellenic Capital Market Commission imposing a financial penalty may be challenged by way of an appeal on the merits before the Athens Administrative Court of Appeal, which hears the case at first and final instance, within 60 days from their notification. b) All other decisions of the Hellenic Capital Market Commission issued as enforceable individual administrative acts may be challenged by an application for annulment before the Athens Administrative Court of Appeal, within 60 days from their notification. Decisions of the Administrative Court of Appeal may be appealed before the Council of State in accordance with the provisions in force.Other
This concerns cases where the request for the granting of an operating licence is rejected.
Output & Results
Methods of receipt
Email, In person or by post
Output
Administrative Act, Decision
Other information
Alternative titles
Operating licence for a Real Estate Investment Company
Official title
Granting of an operating licence for a REIC
Languages supported
Greek, English
Categories
Trigger (submission method)
Application (digital)
N1
ΔΔ
5
0
0
0
3
0
83842
No
62294400
31190400
Indefinite
Identification document
580395
71734
8210
Input in another process
The procedure concerns the granting of an operating licence for a Real Estate Investment Company (REIC).
5000.00
5000.00
7
0
0
6 months
,,,,,,,,,,
1
Income
Assets and financial position of shareholders proving their ability to establish a REIC.
No
No
2
Tax
Tax clearance certificate for (domestic) shareholders, demonstrating their eligibility to establish a REIC.
Corresponding foreign certificate.
Management executives must have tax clearance.
No
No
3
Conditions for non-commission of criminal offenses
Prospective shareholders and management executives must not be charged with criminal offences.
No
No
4
Bankruptcy law
Prospective shareholders and management executives must not be bankrupt.
No
No
5
Educational
Management executives must have at least higher education.
No
No
6
Professional
Management executives must have significant experience and certifications.
No
No
7
Financial
The licence is granted to specialised investors/shareholders with a minimum investment capital of EUR 40 000 000 and for up to five years.
The shares of the REIC must be listed on the Athens Stock Exchange.
No
No
1
A fee of EUR 5 000 is payable for the examination of an application for an operating licence.
5000 €
No
1
A number of relevant supporting documents. Tax/chamber / studies – specialisations / financial position
Legal documents from legal entities
A number of relevant supporting documents. Tax/chamber / studies – specialisations / financial position
Relevant link:
http://www.hcmc.gr/el GR/web/portal/elib/decisions?catyear=2007
Submission by:
Presented by the applicant (email), Submitted by the applicant (in person or by post)
Submitted by:
Legal entities, Persons
Notes:
For the establishment of a REIC through GEMI, a special-purpose operating licence is required, granted by decision of the Board of Directors of the Hellenic Capital Market Commission. This is not a standard citizen request, and an organised and detailed file is submitted with the application, covering the organisation, procedures and personnel of the company under incorporation. The following shall be assessed: The suitability of prospective shareholders (legal and natural persons) as regards their honesty/integrity and financial standing. It is very likely that there will also be foreign shareholders from within and outside the European Union. The scope of the assessment varies depending on the percentage holding of each prospective shareholder. Each prospective shareholder with a qualifying holding is assessed individually. The suitability of the individuals who will manage the company in terms of honesty and integrity, and the necessary knowledge and experience. The structure and organisation of the applicant company in relation to the requirements laid down by specific laws, European regulations, and ministerial and HCMC decisions. As an indication of the supporting documents required, reference is made to the annex to HCMC Decisions 3/452/1.11.2007 and 4/452/1.11.2007, which can be consulted by browsing the attached HCMC link containing the 2007 decisions.
Document submitted under requirements:
No
No
9338
2
Fee for examination of an application for a REIC operating licence
Proof of payment / Receipt
Fee for examination of an application for a REIC operating licence
Submission by:
Presented by the applicant (email), Submitted by the applicant (in person or by post)
Submitted by:
Legal entities, Persons
Notes:
The REIC under licensing pays a fee of EUR 5 000 for the examination of an application for the granting of an operating licence.
Fees and contributions payable to the Hellenic Capital Market Commission are deposited with the Bank of Greece (SWIFT BIC BNGRGRAA), in the Hellenic Capital Market Commission’s account, account number 26215-4, and ΙΒΑΝ GR5901000240000000000262154.
Document submitted under requirements:
No
No
7053
3
Recommendations
Letter of Recommendation
Recommendations
Submission by:
Presented by the applicant (email), Submitted by the applicant (in person or by post)
Submitted by:
Persons
Document submitted under requirements:
No
No
8711
4
Curriculum Vitae
Curriculum Vitae (CV)
Curriculum Vitae
Submission by:
Presented by the applicant (email), Submitted by the applicant (in person or by post)
Submitted by:
Persons
Document submitted under requirements:
No
No
7597
5
Tax clearance certificate.
Tax clearance certificate
No
3461
6
Questionnaire for natural and legal persons
Questionnaire
Questionnaire for natural and legal persons
Relevant link:
http://www.hcmc.gr/el GR/web/portal/aeeap
Submission by:
Presented by the applicant (email), Submitted by the applicant (in person or by post)
Submitted by:
Legal entities, Persons
Notes:
Questionnaire for assessing the suitability of persons of supervised companies.
Document submitted under requirements:
No
No
6947
7
Applicant company questionnaire
Questionnaire
Applicant company questionnaire
Relevant link:
http://www.hcmc.gr/el GR/web/portal/aeeap
Submission by:
Presented by the applicant (email), Submitted by the applicant (in person or by post)
Submitted by:
Legal entities, Persons
Notes:
The purpose of the questionnaire is to determine precisely the categories of business activity that the applicant company intends to carry out after the granting of the operating licence, in accordance with the relevant legislation. For this reason, the responses should be as comprehensive and representative as possible in order to provide a clear picture of the investment strategy and the activities that the Company intends to develop.
Document submitted under requirements:
No
No
6947
Law
40 - 64
5193
2025
56
Α
Board of Directors Decision
4/452
2007
Description
Fit-and-proper criteria for persons directing the activities of investment firms, investment intermediary companies, mutual fund management companies, portfolio investment companies and real estate investment companies.
Board of Directors Decision
3/452
2007
Description
Fit-and-proper criteria for persons directing the activities of investment firms, investment intermediary companies, mutual fund management companies, portfolio investment companies and real estate investment companies.
1
Receipt and registration of application
Responsible for Implementation
Competent Department
Μethod of Implementation
Manual Action
Description
SUBMISSION OF APPLICATION AND MATERIAL FOR REGISTRATION UNDER A PROTOCOL NUMBER
The REIC under licensing submits the application and evidential material to the offices of the Hellenic Capital Market Commission and the competent department registers it under a protocol number.
Notes
The digital files are submitted by email to info@cmc.gov.gr and the entire physical file/printouts are submitted at our offices.
No
No
2
Evaluation of the material and details of the application
Responsible for Implementation
Competent Employee
Μethod of Implementation
Inspection
Description
The competent officer examines the information, requests additional information and clarifications, and prepares the relevant recommendation, which is forwarded to the head of the department.
No
No
3
Drafting of the department’s recommendation and its acceptance by the Directorate
Responsible for Implementation
Responsible Head of Department
Μethod of Implementation
Inspection
Description
The Head of the Department examines the proposal and the supporting documentation, requests further information and clarifications, and adds his or her comments to the relevant proposal, which he or she then forwards to the Directorate.
No
No
4
Submission of a recommendation to the Board of Directors of the Hellenic Capital Market Commission
Responsible for Implementation
Competent Director
Μethod of Implementation
Signature
Description
The Director examines the recommendation and, after any comments, forwards the recommendation signed by all persons concerned to the Board of Directors for examination of the matter.
No
No
5
Issuance of Board of Directors decision granting the licence or rejecting the application
Responsible for Implementation
Board of Directors
Μethod of Implementation
Inspection
Description
The Board of Directors decides whether or not to grant the operating licence
Notes
Additional information may be requested. If, after examination of the documents submitted, no evidence emerges of non-compliance with the legislation in force, the Hellenic Capital Market Commission grants the company a REIC operating licence.
No
Yes
HELLENIC CAPITAL MARKET COMMISSION
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