It is widely known that brain drain is the worst threat to a country’s prosperity. The Greek government announced legislative initiatives to reverse this phenomenon, to attract foreign investment and to invite foreign nationals to settle and work in Greece. The legislative initiatives provide for a 50% reduction in income tax for the next 7 years, either if the job is transferred to Greece or if the interested individuals settle as self-employed or even as employees in another professional employment in Greece.
Eligible to apply for this special non-dom regime are:
a) individuals who were not tax residents of Greece for the previous five (5) out of the six (6) years prior to the transfer of their tax residence to Greece;
b) individuals who transfer their tax residency from an EU member state or of the E.E.A. or by a state with which an administrative cooperation agreement in the field of taxation with Greece is in force,
c) individuals who provide services in Greece in the context of an employment relationship for a new job position or commence business activities as self-employed; and
d) individuals who declare that they will remain in Greece for at least two years.
It is well known that financial motivation alone is never enough to decide upon one’s return to a country or even to move to another employer. The excellent lifestyle, the mild climate, along with the favouring working conditions (since white collar personnel can work remotely) play a vital role in such decision making. Moreover, with the crisis now behind Greece and the long-term prospects at the forefront of the country, hand-in-hand with political stability, will eventually result in an effective state and an economy that can offer more employment opportunities. Greece is one of the safest countries in the world for the expat and his family.
At Eurofast, with our vast experience in promoting such incentives and attracting physical persons with a high net worth in numerous countries, we believe that Greece currently presents the boldest alternative to these individuals. We should never forget that Greece is a Schengen-zone country therefore an individual from a non-Schengen country automatically receives access to the Schengen zone as well (For example, the UK, the USA, the Arab World, the CIS countries)
Eurofast is a regional business advisory organisation employing local advisors in over 23 cities in South East Europe & Middle East (SEEME). The Organisation is uniquely positioned as one stop shop for investors and companies looking for professional services in South East Europe & Middle East.
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