Funding start-ups by individuals (so-called angel investors) is not only a growth tool for start-ups. In Greece, it is also linked to a tax incentive for individuals, subject to specific conditions and strict implementation requirements. The framework is set out in Ministerial Decision (MD) No. 39937/2021 (Government Gazette, Series B, No. 1415/9.4.2021), which specifies Article 70A of the Greek Income Tax Code (ITC). 1) Who is considered an “angel investor” and which business is considered a “start-up” An angel investor is an individual (a Greek or foreign tax resident) holding a Greek Tax Identification Number (AFM), who contributes cash capital to start-ups for the purpose of investing in them and supporting their growth. For the purposes of the incentive, a start-up is a Société Anonyme (Α.Ε.) / Limited Liability Company (EPE) / Private Company (IKE) with its registered seat in Greece, which is registered...
