LEGAL UPDATE: URGENT MEASURES REGARDING COMMERCIAL LEASES IN ORDER TO ADDRESS THE CONSEQUENCES OF COVID-19

COVID-19
Posted on : 21 Apr 2020

On 10/04/2020, Law 4683/2020 was published in the Official Gazette, ratifying the legislative order dated 20/03/2020 regarding the urgent measures for addressing the consequences of the danger of propagation of COVID-19, supporting  society and businesses and ensuring the smooth operation of the market and public administration.

Among other things, the law provides for a decrease of the rent due for commercial leases and leases of principal residence.

More particularly, the lessee in a commercial lease for the establishment of a business which is subject to special and urgent measures for the suspension or temporary prohibition of operation for reasons relating to protection from COVID-19, is exempted from the obligation of payment of 40% of the total rent for the months March and April 2020. The relevant stamp duty and VAT, as the case may be, shall be calculated and payable on the amount of rent resulting from the aforementioned partial payment. Such partial payment shall not give the right to terminate the lease agreement or to make any other civil claims.

The foregoing shall also be applicable to leases of principal residences, where the lessee is employed in a business subject to the aforementioned measures of suspension or temporary prohibition of operation, if his employment agreement has been suspended temporarily, in accordance with the provisions regarding the measures for the prevention of propagation of COVID-19.

 

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