Greece Tables Tax Break Plan to Attract Relocating Workers

Hellenic Parliament, Athens. Photo Source: GTP

As part of an action plan to stimulate growth and remedy brain-drain caused by the Greek debt crisis, Greek Finance Minister Christos Staikouras tabled in parliament a proposed series of significant tax breaks for foreigners or Greeks abroad who chose to return and work in Greece.

The measures are part of a series of incentives, including offering non-Greeks the chance under the “non-dom” program and by investing in Greece to avoid paying taxes in their home country as well as a proposed flat 7 percent income tax rate to apply for 10 years for foreign pensioners who transfer their tax residence to Greece. 

“We are now proceeding with the introduction of tax incentives with specific terms to invite foreign workers and the self-employed, but also Greeks who left the country during the financial crisis to move their tax residence and to operate professionally based in Greece,” Staikouras said.

The strategy is aimed attracting “digital migrants”, creating new jobs particularly in view of remote work options opened due to Covid-19, and reversing brain drain, and applies to individuals or relocating companies.

Greek Finance Minister Christos Staikouras. Photo source: @cstaikouras

The program, to be available only in 2021 and to apply to individuals who have not been Greek tax residents in the last seven years, foresees a 50 percent exemption on income earned in Greece for seven years for workers/employees from abroad who move to Greece.

The tax breaks also apply to Greeks living abroad who wish to return to the Greece.

There will be no restrictions on income levels or type of work.

Greek authorities are also looking to benefit from Brexit by tax breaks to those wishing to relocate their companies or jobs to Greece after the UK exits the European Union.