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Non-domiciled regime in the Greek tax bill

Non-domiciled regime in the Greek tax bill

Non-domiciled regime in the Greek tax bill

What is non-dom?

The non-domiciled regime has been adopted by a multitude of countries and aims to attract high-income individuals/ millionaires.

A few months ago, Greece joined the number of countries implementing the regime, amending its Law 4646/2019. According to the new provisions, high income individuals who live abroad, are provided with high motivation to transfer their tax residence to Greece.

What does non-dom mean to the investor?

The non-dom dictates that the investor will pay a fixed tax equal to 100,000 euros / per tax year, regardless of the total income he has abroad. The regime can be applied for a maximum period of 15 years. In addition, the taxpayer has the right to extend it and in this case he have to pay an additional tax of € 20,000 / per relative. In these cases, the provisions regarding donations, inheritances and parental benefits are not applicable.

What conditions must the investor meet in order to join the scheme?

The taxpayer must not have been a tax resident of Greece for the last years prior to the transfer of his tax residence to Greece.

The taxpayer must prove that either he or a relative have invested a minimum of 500,000 euros in real estate, in business or in shares of legal entities based in Greece.

How has the adoption of the regime in Greece evolved?

As soon as it was decided to implement the non-dom (non-resident), 21 residents abroad with high net income, applied to join the regime. 18 of the applications have already been approved. Of course, as one can easily see, this tax regime has as one of its main objectives, the increase in domestic investment. As interest seems high, the results can be significant!

 

Sources:

capital.gr

mondaq.com

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