Greek’s Non-Dom Flat Rate Tax for Individual Comes into Effect

You can now apply for tax residency in Greece as a foreigner after the law that makes it possible came into effect in December 2019.

You can now apply for tax residency in Greece as a foreigner after the law that makes it possible came into effect in December 2019.  Those who meet the stipulated requirements as per this law are granted the non-domicile status that charges a flat tax, the amount of income notwithstanding.

The annual flat tax is €100 000 and is paid before the end of July. If this payment is not paid within this time, then late payment charges are imposed. And if the delay extends beyond December 31st, then one loses their non-domicile status, and they are subjected to the general tax regimes.

Qualify for Tax Residency in Greece

To qualify, one needs to meet the following requirements:

  • To have never been a Greek tax resident within the last eight years.
  • Be in a position to acquire an investment in Greece in the form of stocks, real estate, or other assets, in the amount exceeding €500 000 within three years of making the application.
  • Make the application by March 31st of the year you need approval.
  • Provide all critical documents related to your income and assets within 60 days of making the application.

For those who qualify for the Golden Visa program, as stipulated in the new law, do not need to prove the acquisition of any investment.

Benefits of Tax Residency in Greece

The benefits that one gets after qualifying for these tax regime include:

  • You pay an annual flat tax of €100 000 for all revenue you generate from anywhere on the globe.
  • A reduced flat tax for family members. Any member of the initial applicant who decides to apple for the tax residency gets to pay an annual tax of €20 000.
  • You are not required to declare all your revenue streams from outside Greece.

When you make an application, the Greek tax authority informs the country where you are moving your residency. And after your a non-domicile status is granted, it remains valid for a period of up to 15 years.

 

HighWorthCitizen.com is not intended to provide legal, tax or investment advice, and nothing on HighWorthCitizen.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by HighWorthCitizen.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.


About us

High Worth Citizen is all about delivering the latest business news on finance, investment, real estate and wealth. Our readers are the rich and powerful, their associates and business partners, the global High Net Worth Individuals.


CONTACT US