More than 4,500 workers went abroad to work in Greeceseveral of whom are Greeks who left during the memorandum years.

According to him Ministry of Finance, the number of workers who choose to come to Greece to work, as the legal framework is now particularly favorable, has quadrupled since June 2022, while there are thousands of pending applications. However, not only employees decide to become Greek tax residents. There are 124 wealthy investors who came to Greece and they will have to invest a total of 62 million euros over three years. Some have opened and are preparing family offices, that is, family wealth management companies. In fact, one of them, a Greek by origin, moved his tax residence to Greece and “opened” the first one. Family Asset Management Special Purpose Company (EESDOP).

As for pensioners, the pandemic seems to have played a decisive role, as new applications have been “frozen”.

Staff

More than 4,500 applications of individuals wishing to work in Greece have been approved by the competent authorities, and more than 1,500 are under consideration.

These are mostly Greeks who left the country during the memorandum years and return to Greece in a new job, while they are taxed at a very low rate. Interest in the new provisions is growing, given that they provide for exemption from income tax and from a special solidarity levy for individuals who change their place of residence and will be employed in a new job or start as self-employed. 50% of the income they will receive in Greece for seven years. According to the decision, those who “move” to Greece for tax purposes will receive a 50% tax rebate on their income, as well as an exemption from the presumption of owning and using a vehicle.

Terms

The relevant decision determines, after all, under what conditions someone can ask to be included in this context:

• He had not been a Greek tax resident for the previous five of the six years prior to transferring his tax residence to Greece.

Many Greeks who left during the great economic crisis are returning.

• Transfers his tax residence from an EU member state. or the EEA, or from a country with which there is an agreement on administrative cooperation in the field of taxation with Greece.

• Provides services in Greece in the context of an employment relationship carried out either in a local legal entity or in a permanent establishment of a foreign company in Greece. The same privileges apply and apply accordingly to natural persons who transfer their tax residency to Greece in order to carry out self-employment activities in Greece.

• He declares that he will stay in Greece for at least two years.

Investors

During the three years of the provision on tax incentives aimed at attracting new foreign tax residents – investors, 124 individuals changed their tax domicile. Investments in real estate or business or securities or shares or shares in companies based in Greece (based on estimates and for new branches) will amount to at least 62 million euros over three years.

A sleep mode was introduced. Greek tax law in December 2019 and applies to individuals who intend to become Greek tax residents by investing in Greece. There are two conditions – requirements that must be met in order for a person to become a Greek tax resident:

• Must not have been a Greek tax resident for the previous 7 of the 8 years prior to transferring their tax residence to Greece and

• The person himself or through a legal entity or one of his relatives (ie spouse, direct ancestors or descendants) invest an amount of at least EUR 500,000 in Greece. Investments may relate to real estate, businesses, securities or shares of legal entities registered in Greece. The investment must be completed within three years from the date of application. Individuals eligible for this preferential tax regime will be taxed on their foreign source income, no matter how much, with an annual flat tax of €100,000.

pensioners

As for foreign pensioners, since 2020, 335 applications from at least 21 countries have been approved, and 120 are being processed. By law, pensioners pay a tax calculated at the rate of 7% on all income received abroad each tax year.