5,000 Greeks who fled due to the crisis are returning to their homeland

Many citizens, including students, who left Greece during the years of the memorandum are returning to Greece.

Already more than 5,000 people have applied for the favorable provisions of the legislation, which halve tax rates if they move to the country and work in a new job with a company. Of these, 3,500 have been approved and the rest are under review, according to the ministry.

The “interesting proposal” provides for an exemption from income tax in the amount of 50% of the income that will be received in Greece by individuals who transfer their tax residence and are employed in a new job or start activities as an individual entrepreneur in for seven years. According to the decision, those who “move” to Greece for tax purposes will receive a 50 percent tax discount on their income, as well as an exemption from vehicle ownership and use tax.

Wealthy taxpayers submitted 124 applications, of which 94 were approved and 21 are pending. Many millionaires or billionaires have left London due to Brexit and other reasons. Applications were received from businessmen from Australia, the USA, Argentina, the UAE, Russia and even Monaco. New tax residents, according to the law, must invest an amount of 500,000 euros in real estate, shares, bonds, etc. within three years. In fact, they will have to maintain the investment for 15 years.

Resumed and interest of retirees to settle in Greece. The number of applications fell sharply during the health crisis (Covid), but since then 831 applications have already been submitted, of which 520 have been approved and 227 are pending. Many Scandinavians and Germans came to Greecehaving moved from other countries.

The legislation for pensioners stipulates that those who apply will, if accepted, pay an independent tax rate of 7% each year on all income earned abroad. By paying this tax, all their tax liability on that income will be considered satisfied.

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