Greece plans to offer tax incentives to lure wealthy foreigners to move their tax residence to the country. According to the draft tax bill published for public consultation last Thursday, the “non-dom” program will offer a flat tax rate to “non-doms” for an annual amount of 100,000 euros on global incomes earned outside the country.
The so-called non-dom programme will offer qualified wealthy investors who opt to shift their tax residence to the country a flat tax rate of 100,000 euros plus 20,000 euros for each family member.
The tax incentive will run for a duration of up to 15-years and will include the benefit of no inheritance tax for assets outside Greece.
One of the requirements to qualify will be residing in the country for at least 183 days per year and making an investment of at least 500,000 euros within three years.
The investment can be in real estate, stocks or bonds. If the investment reaches 1.5 million euros then the flat tax is cut by half.
Investments of 3 million euros will reduce the flat tax to just 25,000 euros. There will also be a grandfathering clause protecting investors from policy changes by future governments. Once you in your in!
The government’s rationale is that the tax incentive can entice deep-pocketed investors, including shipping magnates, to take up the offer and move to Greece, boosting investments.
Greece’s conservative government is keen on attracting investments to boost the recovering economy’s growth prospects.
Tax relief included in the draft legislation will include a cut in the corporate tax rate to 24% from 28% and lowering the tax rate on dividends to 5% from 10%.
Good news if you've got the money and want to live in Greece.