New Greece Tax Residence Non-Dom Regime

. Magdalena Velkovska | Published on 23 Mar 2020

Greece Real Estate Tax IMG

In January 2020, the Greek Parliament had ratified the Tax Bill 4646/12.12.2019, by virtue of which certain amendments to the existing Tax Acts will apply.  Most significant changes represent the introduction of the Non-Dom regime for Greek tax residents who may benefit from an exemption of taxation on their foreign income, subject to a lump sum payment of €100,000 in tax and subject to not being tax residents of Greece in seven of the last eight years. 

One may qualify for this favourable tax regime, subject to making an investment of a minimum €500,000 in Greek real estate or business, or through purchasing shares or transferrable securities in Greek entities.  Qualifying investment made by a close relative will also qualify an individual to grant from this incentive.  Persons who have invested in Greece in virtue of the Golden Visa Program are exempt from the investment criteria of this fiscal regime. 

As a reminder, Malta, Portugal and Spain already have such fiscal concepts in place, attracting foreign investors to their jurisdictions.  

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