According to the Financial Times, members of the so-called Greek diaspora who come to the country almost every summer can make up the majority of users of the new system.
According to the Financial Times, Greece offers tax incentives for wealthy foreigners who wish to live in the country for at least six months a year on the basis of a program to change the tax residence aimed at attracting shipowners, businessmen and retirees.
The bill, which is expected to be passed on Friday, introduces a flat tax of € 100,000 per year on global income for people who meet the criteria for 15 years.
“We do not yet know how the system will work. We expect fluctuations in the beginning … In the first few years, perhaps we will have only a few hundred applications, ”commented adviser Megaro to Maxim (Greek government).
A spokesman for the ministry of finance said Greece’s lenders had no objection to the plan, and it also complied with OECD tax evasion guidelines due to housing criteria.
Mr. Mitsotakis ruled out the sale of Greek passports to non-EU residents, after a scandal last month in Cyprus with the sale of a passport for 5 million euros to Malaysian Joe Lowe, who is allegedly involved in several billion dollars in international fraud.
Foreigners who take advantage of the program will have to invest 500,000 euros in stocks, bonds or real estate for three years.
In Greece, the Golden Visa program is already in place, providing a 5-year residence permit to non-European citizens for real estate investments worth 250,000 euros. In this context, 5,000 visas have already been issued, mainly to Chinese and Russians. Nevertheless, the contribution to the economy is insignificant compared to the financial volume of the Greeks living abroad. The new program aims, in particular, to attract shipowners living in the UK, Monaco and Switzerland.
“We saw how shipowners living in Athens collected their belongings and went abroad during the crisis. Now there is political stability and tax incentives: two good reasons to return, ”says a ship insurer based in Piraeus.
According to Philip Stefanidis, a real estate consultant, members of the so-called Greek diaspora who come to the country almost every summer can make up the majority of users of the new structure.
“We already have requests from successful people close to retirement who want to spend time closer to their Greek roots. This program can change the conditions of the game, ”said Mr. Stefanidis.