Greece introduces an attractive Income Tax scheme for individuals
Following a recent legislation, Greece offers appealing tax privileges to individuals who are willing to transfer their tax residence in Greece.
A flat annual income tax of 100.000 is introduced, regardless of the height of the income which was acquired abroad.
The legal requirements are as follows;
- The individual was not a tax resident of Greece during the previous seven (7) of eight (8) years before the transfer of his tax residencyProven investment, by the individual or a legal entity he owns the majority shares in, of an amount of at least 500.000 euro. The investment shall be completed within three (3) years from the application submission date.The tax is to be collected each fiscal year in one (1) installment until last (working) day of July.
- Instead of requirement b, the individual may be in possession of residence permit for Investment activity in Greece, according to the provisions of article 16 L. 4251/2014, as it is currently in force.
- The tax scheme may be extended to the family members of the applicant, by depositing an extra amount of 20.000 euro per each family member.
For the first year of inclusion in the present scheme, the individual shall deposit the tax amount within thirty (30) days form the application approval.
The transfer application of tax residence and submission to the alternative taxation is submitted to the Fiscal Administration until 31st March of the fiscal year.