Orilina is a licensed (No. 5/831/6.11.2018) Greek REIC, monitored by the Hellenic Capital Market Commission. Greek REICs, similar to REITs in other countries, are governed by Law 2778/1999 as amended. They representing a tax efficient, transparent, and professionally managed asset class which allows for diversified exposure to real estate and high-quality dividends over the medium to long term. REICs are obliged to list their shares on the Athens Stock Exchange, to cater for liquidity and, once listed, they are distributing an annual cash dividend equal to 50% of their net annual profits, at a minimum.

REICs’ Investment Parameters, as per the law:
  • Investments in real estate > 80% of total assets
  • All asset classes permitted (commercial, hospitality, and residential)
  • Single asset value < 25% of portfolio
  • Residential investments < 25% of portfolio
  • Investments outside the European Economic Area < 20% of the portfolio
  • Real estate development < 40% of the portfolio
  • Investment in real estate holding SPVs: permitted (min. 80% of SPV shares)
  • Participation in subsidiaries/JVs to undertake property development: allowed
  • Long term leaseholds / concessions < 20% of the portfolio
  • Overall leverage < 75% on total assets
Taxation benefits

REICs are exempt from:

  • Property Transfer Tax
  • Corporate Income Tax*
  • Advance Corporate Income Tax
  • Capital Gains Tax
  • Dividend Withholding Tax

*instead, there is an Investment Tax calculated on total assets


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