Across the Ionian Sea, Greece boasts a lower cost of living than Italy — though that may be of negligible importance to the very rich — and a similar system. Introduced in 2019, its regime offers a flat annual tax of €100,000 on foreign income for 15 years for individuals who meet residency requirements and invest at least €500,000 in real estate, businesses, or securities.
So far the regime has attracted more than 230 millionaires to the country.
Vassilis Vizas, leader of tax and legal services at PwC Greece, said he had seen a surge in interest in Greece from UK non-doms in recent months, but noted that most of them were rich individuals of Greek descent.
The durability of Greece’s fiscal regime is one issue on the minds of potential residents.
Although Vizas sees no signs of reforms on the horizon, he said “one common question is whether the favourable tax policies will remain unchanged”.
Additional reporting by Sérgio Aníbal in Lisbon
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Publish date : 2024-09-21 21:01:00
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