Page 1 of 1

Confiscation of Assets

Posted: Sun Aug 20, 2017 2:32 pm
by Kilkis
An interesting article from Zero Hedge. As far as I can see, once this exists in Greek law the Greek authorities will be able to directly confiscate "property" that you own, including bank deposits and the contents of safe deposit boxes because they "think" you cannot justify how you came by them. It would then be your problem to prove to them that you came by the property legally and had not hidden money from the tax authority.

Such direct confiscation is on the increase worldwide. I understand that in the USA last year more money was confiscated directly from people who were stopped by the police on suspicion of some criminal activity than was stolen from American citizens by all forms of theft. The police do not need to arrest or prosecute the person confiscated from and they keep a percentage of the proceeds so they are incentivised to confiscate as much as possible.

Warwick

PS I am using the word "property" here in its widest sense, i.e. anything of value, not just a house.

Re: Confiscation of Assets

Posted: Sun Aug 20, 2017 4:24 pm
by bobscott
Kilkis wrote:An interesting article from Zero Hedge. As far as I can see, once this exists in Greek law the Greek authorities will be able to directly confiscate "property" that you own, including bank deposits and the contents of safe deposit boxes because they "think" you cannot justify how you came by them. It would then be your problem to prove to them that you came by the property legally and had not hidden money from the tax authority.

Such direct confiscation is on the increase worldwide. I understand that in the USA last year more money was confiscated directly from people who were stopped by the police on suspicion of some criminal activity than was stolen from American citizens by all forms of theft. The police do not need to arrest or prosecute the person confiscated from and they keep a percentage of the proceeds so they are incentivised to confiscate as much as possible.

Warwick

PS I am using the word "property" here in its widest sense, i.e. anything of value, not just a house.


Interesting. Quote from the article: "The Greek tax authorities will receive support from the Land Register".......
Is this the same land registry that as yet doesn't exist in anything but a haphazard, embryo form? Bob

Re: Confiscation of Assets

Posted: Mon Aug 21, 2017 1:20 pm
by moved 2 crete
Very worrying considering the mickey mouse way land transactions take place here on Crete, having seen a notary here locally with our builder we hope everything is OK for our property...