According to par.1 of article 66 of Income Tax Code (ITC), a CFC is a foreign legal person, or foreign legal entity, or a foreign permanent establishment of which the profits are not subject to tax or are exempt from tax, if the following conditions are met cumulatively: 
a) in the case of an entity, the taxpayer by itself, or together with its associated enterprises holds a direct or indirect participation of more than 50 percent of the voting rights, or owns directly or indirectly more than 50 percent of capital or is entitled to receive more than 50 percent of the profits of that entity; and
b) the actual corporate tax paid on its profits by the entity or permanent establishment is lower than the difference between the corporate tax that would have been charged on the entity or permanent establishment under the Greek corporate tax system of the taxpayer that would be due by such person in Greece and the actual corporate tax paid on its profits by the entity or permanent establishment; and
c) if more than thirty percent (30%) of net income before tax realized by the legal person or legal entity falls into one or more certain categories as defined in paragraph 3 of the same article (ITC). 

A CFC is a legal person or entity which is resident for tax purposes in another country if the following conditions are met cumulatively:    a) if the taxpayer alone or jointly with the associated persons directly or indirectly holds shares, stakes, voting rights or participations in the capital exceeding fifty percent (50%) or is entitled to over fifty percent (50%) of the profit of that legal person or entity,    b) if the above legal person or entity is subject to taxation in a non-cooperating state or a country with a preferential tax regime, i.e. a special regime allowing for a substantially lower taxation level than that under the general regime,    c) if more than thirty percent (30%) of net income before tax realized by the legal person or entity falls into one or more certain categories defined in the very same article,    d) the legal person or entity is not a company of which the main class of shares of which are traded on a regulated market.