Greece’s tax exemption and advantageous tax structure aims to lure competent workers and investors from abroad.
This program is part of efforts to strengthen the economy and make Greece a desirable location for foreign companies and expatriates.
If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or WhatsApp (+44-7393-450-837).
This includes if you are looking for alternatives or a second opinion.
Some of the facts might change from the time of writing, and nothing written here is formal tax advice.
For updated guidance, please contact me.
Can you get exempt from taxes in Greece?
Yes, individuals can get breaks from some taxes, especially if they move to the nation and change their tax residency. It’s part of Greece’s tax incentives for foreigners.
Greece Tax Exemption Overview
For a seven-year period, those who move their tax residency to Greece are eligible for a 50% exemption on their job or company income received there.
When foreign investors move to Greece, they can choose to pay a flat yearly tax of 100,000 euros on all of their income from abroad, regardless of how much they actually make.
This is especially alluring for high-net-worth individuals or HNWIs trying to trim the aggregate taxes they owe.
One major financial benefit for expats is that non-resident HNWIs are excluded from inheritance and donation taxes on overseas assets, according to KPMG.
Meanwhile, a flat 7% tax rate on all income from overseas sources can be had by retirees.
Greece’s tax breaks for retirees is applicable for a maximum of 15 years after their move to the nation.
From January 1, 2023, the special solidarity contribution was reportedly eliminated. This used to apply to different income levels and was determined per a progressive tax scale of 0% to 10%.
The removal of such increased Greece’s appeal as a tax destination even further.
How to get exempt from Greece tax
The 50% and 7% exemptions apply to those who aren’t deemed tax residents in Greece for five of the six years before they relocated.
Applicants must state that they plan to remain in Greece for a minimum of two years and that they are rendering services in Greece through employment contracts or company ventures.
Investors must spend at least 500,000 euros in Greek real estate or other assets within three years after moving to Greece to be eligible for the flat tax rate.
The competent tax authorities must receive applications for such tax exemptions during the year when employment or company operations in Greece begin. The usual deadline for supporting documentation is May of the subsequent year.
Aside from proving compliance with the investment criteria, applicants must show documentation of their prior tax resident status.
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