Greece’s Appeal to Wealthy Individuals

Greece is presenting a unique opportunity for wealthy individuals looking to relocate, giving it an edge over other European nations. Many affluent people are choosing to settle here, invest in real estate, and contribute to economic growth through their spending.

Recently, competition among European countries to attract these individuals has intensified. According to Henley & Partners, it’s predicted that around 1,200 foreign billionaires could make Greece their home by 2025, largely due to favorable tax conditions on international earnings.

Following recent changes introduced by Kiriakos Pierakakis, Greece expects a notable influx of tax immigrants. This new approach, known as the non-Dom regime, specifically targets investors who permanently relocate to Greece. During its initial rollout from 2020 to 2025, this regime attracted 213 investors, generating around 277 million euros in foreign investment.

Now, the regime has been updated to enhance its appeal. A new bill is on the table, and Pierakakis plans to start promotional activities abroad in the fall, which will involve presentations and events aimed at potential migrants.

“We aim to reach out to entrepreneurs, specialists, and researchers who are contemplating moving for various tax benefits. Our main focus will be on highlighting the incentives Greece has to offer, the latest favorable regulations, and quick resolutions for any challenges they may encounter,” he stated.

To qualify for this attractive tax system, individuals must not have been Greek tax residents for at least seven of the past eight years and must show proof of a minimum investment of 500,000 euros within the first three years. Those who participate will be subjected to a fixed annual tax of 100,000 euros on Greek income, along with regular taxation on their foreign earnings. There is also a possibility that these alternative taxes may extend to family members, including spouses and children.