Leasing is an international term meaning the transfer of the right to use a fixed asset from a lessor (owner) to a lessee (user) for a certain “fee” for a specific period of time in the form of a lease.
In general, leasing is a modern long-term process of financing companies and professionals so that they can obtain fixed assets, e.g. equipment and real estate for business use.
In Greece leasing was introduced in two phases. In the first phase, the Greek Law 1665/86 introduced leasing only for movable equipment for business use by the lessee.
In the second phase, with the Greek Laws 2367/95 and 2682/99 leasing was expanded to other circumstances as well.
The object of leasing may be either movable assets, vehicles or real estate, fixed assets or all (taking into account the exceptions set out by the Greek legislation, such as ships). At the end of the lease, the lessee is provided with the right to purchase the asset or to extend the lease for a specific period.
The lease duration must always be fixed and cannot be agreed less than 3 years for movable assets and vehicles, 5 years for aircraft and 10 years for real estate.