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GREEK NEWS

Greece Courts Foreign Taxpayers with 50% Income Tax Discount

The Greek island of Santorini. Photo: pxfuel

In an attempt to convince foreign taxpayers and Greeks living abroad to move their tax bases to Greece, lawmakers have presented a new bill to Parliament on Tuesday that would offer foreign taxpayers a 50% discount on their income tax for a period of seven years.

On Tuesday, Greek Finance Minister Christos Staikouras stated that the framework for the new bill began after a different Law, 4646/2019, was introduced to create a non-dom tax plan for foreign taxpayers who invest in Greece to avoid paying taxes in their home country.

The latest bill provides tax benefits to foreign and self employed workers who are looking to relocate to Greece, while remaining employed by their current firms, along with Greeks who left their home country due to the economic crisis and who are hoping to return.

This is part of Greece’s wider plan to attract foreign investors and those who work remotely to move to or invest in the country, in hopes of remedying Greece’s notorious “brain drain,”  when skilled workers left the country en masse due to the poor economy during the last decade.

Officials hope that the tax breaks will entice the new generation of professionals who already work remotely to relocate to the country post-Covid, bringing a much-needed boost to the Greek economy.

There are no restrictions as to the type of work or level of income of those who can benefit from the latest tax law.

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