New Greek Res Non-Dom Tax Regime introduced

. Magdalena Velkovska | Published on 28 Jan 2021

Greece Real Estate Tax IMG

In January 2020, the Greek Parliament ratified Tax Bill 4646/12.12.2019, by virtue of which certain amendments to the existing Tax Acts will enter into force.  Most significant changes represent the introduction of a Greek Res 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. 

Malta, Portugal, Italy and Cyprus have similar res non dom regimes in place to attracting foreign investment into their economies.  Malta has been particularly successful with the Malta res non dom tax regime that it has enjoyed since 1943 during British colonial times.

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