Brain and tax gain picking up
More and more Greeks who left in the economic crisis are being lured back by incentives
Greece has become a magnet for billionaires, millionaires, pensioners and workers who enjoy the privileges of legislation for lower taxes as long as they maintain their tax residence in this country.
At the same time, the state’s investments and revenues are also increasing, as the rich have an obligation to invest at least 500,000 euros over a three-year period. Based on data from the Ministry of National Economy and Finance, the investments by the 213 rich people in this category correspond to €106.5 million (minimum investment). However, information indicates that the investments they have made exceed €500 million for now.
Of the above 213 people, five are billionaires, one of which is a Greek who invests in real estate as well as in shares of Greek companies. Most of the rich who moved their tax residence left other countries that offer similar incentives but found the Greek framework better.
However, the figures regarding the workers who have come to Greece are impressive and, as ministry sources report, they have particular momentum, after the activation of the particularly favorable provision that provides for a 50% tax reduction. According to the latest data, thousands of tax residents abroad, most of whom are Greeks who had left the country during the years of the economic crisis, and specifically the austerity programs, have applied for the transfer of their tax headquarters.
According to ministry data, 6,536 applications have been submitted and 3,687 of them have been approved. The chiefly concern Greeks who left the country during the bailout years and are returning to Greece in a new job, lured by the very low tax rate. It is noted that the number of applications has increased by 44% compared to October 2023.
Interest in the new provisions keeps increasing, since it is foreseen that individuals who transfer their tax residence and are employed in new jobs or start an activity as self-employed professionals have a discount of 50% on the tax of the income earned in Greece for seven years.
