Greece provides 50% tax deductions to foreigners and Greeks abroad

25 November 2020
427 Views

The Greek Finance Ministry is introducing a series of tax incentives with the aim of attracting foreign workers and the self-employed, as well as Greeks who left the country during the financial crisis, in order to transfer their tax residence to Greece and work in the country.

It is estimated that the measure concerns around 400,000 Greeks abroad.

Among the incentives included are:

  • A 7-year exemption from paying income tax and the special solidarity contribution of 50% of their earnings in Greece.
  • They will be exempt from the annual objective expenses for housing and passenger cars for private use.

The above provisions and exemptions are applicable, as laid out in the relevant regulation contained in a bill submitted to Parliament, under the following conditions:

a) was not a tax resident of Greece for the previous 7 of the 8 years prior to the transfer of his tax residence to Greece;

b) transfers his tax residence from an EU or EEA (European Economic Area) Member State or from a country with which Greece has a bilateral administrative cooperation agreement on tax matters;

c) provides services in Greece in the context of an employment relationship within the meaning of paragraph 2 of Article 12, which is exercised either in a domestic legal entity or legal entity or in a permanent establishment of a foreign company in Greece; and

d) declares that they will remain in Greece for at least two years.

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