Greece offers Tax Relief to attract Work-from-Anywhere crowd

Greece is promising that half of the income, of those who choose to live in the country, will be tax free.

"Technology means we can now choose where we live and work," said Alex Patelis, chief economic adviser to the Prime Minister Kyriakos Mitsotakis, said in comments to Bloomberg. Greece "can now offer tax incentives as well as the sun," he said.

During the first pandemic crisis of March, Greece turned from the “black sheep” into the bright example of Europe. The country is now going through a second lockdown, in order to stop the spread of the virus.

The greek Prime Minister, Kyriakos Mitsotakis, has put his plan into action: attract investment back to the country after more than four years of business-unfriendly governments. 

At the moment, Greece is facing a 9% loss in GDP due to the pandemic, according to the European Commission. Unemployment is expected to reach around 18%, still one of the highest readings in Europe.

Two giant companies, Microsoft Corp. and Volkswagen AG, have already announced investment plans to the country. Greece however, needs much more help in order to counter the pandemic's effects on the economy. Mitsotakis is also meeting with Sheikh Mohammed bin Zayed, the Crown Prince of the Emirate of Abu Dhabi, with the aim of strengthening relations and attracting investments.

As it is clear, Greece already has a plan to attract wealthy investors through a flat tax rate for those who qualify and are willing to shift residence.

Greece is promising that half of the income, of those who choose to live in the country, will be tax free. This incentive will apply for a maximum of seven years to people who want to move their tax base to Greece, no matter the nationality or job type. 

It should be noted that the above will only concern positions created in Greece in 2021. Greeks of Diaspora will also be included in case they decide to come back. Finally, the country already offers a reduced rate for foreign pensioners.

Discover the latest trend of the pandemic here!

Source: Bloomberg

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