Succession planning for business owners in Greece

Short answer

Shares in a Greek company pass to the heirs, but the articles of association can shape what happens next: in a société anonyme (ΑΕ), transfer restrictions do not apply on death, though the articles may let the company designate a buyer at a full, court-set price; in a private company (ΙΚΕ) the articles may provide a similar buy-out; and in a general partnership a partner's death causes his exit unless the partnership agreement says otherwise. From 16 September 2026, inheritance contracts and waiver contracts give owners new planning tools.

What happens on death, by company type

Société anonyme (ΑΕ): restrictions on transferring shares do not apply on death. The articles may provide that, in that case, the shares are bought by a person designated by the company, at a full price set by the court in non-contentious proceedings.
Private company (ΙΚΕ): transfer on death is free in principle, and the manager must register it in the members' book after checking the heir's right. The articles may provide that the shares are bought by a person the company designates, at a full price set by the court unless agreed or fixed by the articles; the designation must be made within one month of the company learning of the death, and surviving members may have a pre-emption right.
General partnership (ΟΕ): death of a partner causes his exit from the partnership, unless the partnership agreement provides otherwise.

Why the 2026 reform matters for owners

For deaths from 16 September 2026 the forced share is a money claim against the heirs, not a share in the assets, so a successor who receives the company can in principle compensate siblings in money, though a court may order transfer in kind where circumstances require. Owners can also make an inheritance contract before a notary, which binds and cannot be revoked unilaterally, and can include a choice of applicable law, and can agree with children who will not take over that they waive future rights, wholly, partly or only as to the forced share, with or without compensation.

Lifetime transfers

Shares can be passed during lifetime by parental grant or gift; to category A persons this is taxed at 10% above a one-off tax-free amount of €800,000. Transfers of shares or company interests as a gift or grant require a private or notarial document. Shares of companies with their seat in Greece are treated as property located in Greece for inheritance tax, whatever the heirs' residence.

A practical checklist

Review the articles of association for death, buy-out and pre-emption clauses, and align them with the family plan.
Decide who will control the company and how the other heirs are treated fairly, in money or other assets.
Consider a shareholders' agreement or family rules on decisions and dividends.
Plan liquidity for inheritance tax and any forced share claims.
Revisit the plan when the family, the business or the law changes.

Questions clients ask

Can my will leave the company to one child only?

Yes. For deaths from 16 September 2026 this is subject to the other forced heirs' money claim for half their intestate share, calculated including lifetime gifts. Inheritance and waiver contracts can settle this in advance.

Do the articles of association override the will?

They do not decide who inherits, but they can determine whether heirs remain shareholders or must sell to a designated buyer at a court-set full price.

Sources

This page is general information, not legal advice; the answer in any real case depends on its facts and dates.

L+A advises families, business owners and heirs living abroad on inheritance and succession in Greece.

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What happens to my company shares in Greece when I die, and how can I plan the succession?