Parental donation can only be made from parents to children, while gift can be given from anyone to anyone. Parental donation can be in respect of any asset, such as money, houses, land, fields, usufruct or bare ownership to a property. The notarial form is not required for the parental benefit, unless the benefit includes immovable property, in which case the drawing up of a notarial document is necessary. In the event that the parental donation includes real estate, the notarial document is signed by both the parent and the child and then transferred to the competent Land Registry Office or registered in the competent Cadastral Office. On the contrary, the donation, whether it concerns an immovable or a movable thing, is always made with a notarial document.
The new law increases the tax-free amount of gifts and parental donations of assets for the beneficiaries of the A' category of par. 1 of article 29 of Law 2961/2001 to eight hundred thousand (800,000) euros from one hundred and fifty thousand (150,000) euros.
The above mentioned applies to gifts and parental donations of movable and immovable assets, which are established from 1.10.2021.
The benficiaries are:
a) spouse of the heir,
b) a person who had entered into a cohabitation agreement with the heir in accordance with the provisions of Law 3719/2008 and which was terminated upon his death, provided that the cohabitation lasted at least two years,
c) first-degree descendants (children from a legal marriage, children out of wedlock, the children recognized voluntarily or judicially the paternity, legitimized by consanguineous marriage or judicially against both parents),
d) blood descendants of the second degree and
e) first degree blood ascendants.
a) spouse of the heir,
b) a person who had entered into a cohabitation agreement with the heir in accordance with the provisions of Law 3719/2008 and which was terminated upon his death, provided that the cohabitation lasted at least two years,
c) first-degree descendants (children from a legal marriage, children out of wedlock, the children recognized voluntarily or judicially the paternity, legitimized by consanguineous marriage or judicially against both parents),
d) blood descendants of the second degree and
e) first degree blood ascendants.
Our law firm has the experience and knowledge to represent clients throughout the process, from the collection of all the necessary documents to the final signature.
In this case, the lawyer becomes the notary's main contact to assert the rights and interests of his clients either from the side of the donor, or from the side of the donee.
