Based on the article 5A of the Income Tax Code L. 4172/2023 there are certain initiatives provided by the Greek government to attract foreign Investors. A recent amendment N. 30257/2024, (Ministerial decision, February, 23, 2024) was introduced jointly by the Ministry of Finance and the ministry of Development and Investments which further simplifies the procedure and eliminate red tape barriers for the applicants. The specific decision comes to tackle delays in registering notarial deeds by land registries and Cadastral Offices.
Tax Incentives for Investors
With effect from 12 December, 2019, a new Greek Non-Dom Tax Regime was introduced to offer incentives for investors who wish to transfer their tax residency in Greece. Under certain requirements and meeting specific eligibility criteria an investor can pay a lump-sum tax of €100,000 per tax year for all foreign income and by adding an extra flat tax of €20,000 per person, investors may also opt to include family members.
Moreover, in case the individuals who have opted for the non-Dom regime, earn taxable income that arises in Greece, this will be taxed in accordance with the general provisions of the Income Tax Code. In addition, inheritance or gift tax does not apply for assets outside Greece – with the flexibility to maintain this tax advantage for up to 15 years. A key element is, that it is not required by investors to declare any income earned abroad.
A minimum investment of €500,000 is required, either in real estate, bonds, securities or shares in Greek legal entities and this investment should have been completed within three years from the application. It is noted also that the applicant must not have been a tax resident of Greece for the previous seven (7) out of eight (8) years before the transfer of their tax residence to Greece.
Eligible Categories of Investments, procedures and monitoring of the retention of the investments.
The main ministerial decision N.46834/2023 is still valid and defines among others, the eligible categories of investments, the time of their retention in Greece, the granting of the possibility of changing the investment once within the three years, the procedure for the determination of the completion of the investment within the three years, the monitoring of the retention of the investment and any necessary detail for the implementation of the provisions of the Article 5A of the L. n.4172/2013.
For more information, please feel free to express your request at tax@privelpartners.gr
