GREECE Trends and Developments Contributed by: Theodore Rakintzis, Panagiotis Pothos, Angeliki Miliakou and Petros Roumpis, Kyriakides Georgopoulos Law Firm
financing and foreign investment transactions initiated by international listed and non-listed corporations. Petros has been distinguished for his academic achievements, being among the top 1% of recipients of the “Think Big Scholarship” at the University of Bristol, where he was awarded a full scholarship and received an Academic Award from the University.
Kyriakides Georgopoulos Law Firm 28, Dimitriou Soutsou Str GR 115 21
Athens Greece Tel: +30 210 817 1500 Fax: +30 210 685 6657-8 Email: A.Matsouki@kglawfirm.gr Web: kglawfirm.gr
An Introduction to Estate Planning in Greece Moving to Greece Relocation to Greece has become a steadily grow- ing trend in recent years, gaining momentum with each passing year. The country is increasingly rec- ognised as a growing economy and an attractive hub for investment, particularly in real estate and tourism. This appeal is further enhanced by Greece’s signa- ture Mediterranean lifestyle, making it an ever-more compelling destination for professionals and inves- tors alike. Why Greece? Greece is popular for the following reasons: • it is a member of the European Union and the Eurozone; • it has a strategic location at the gateway between Europe, the Middle East and North Africa; • it offers a high quality of life and Mediterranean lifestyle; • it is a steadily developing country, offering signifi- cant investment opportunities, especially in the real estate and tourism sectors;
• it has investment-friendly policies, attracting global investors with innovative regimes; and • it has an extensive double tax treaty network. “Non-dom” tax regimes The Greek Income Tax Code provides for a set of spe- cial tax incentive regimes, which have steadily gained popularity since their enactment in 2019, as they offer favourable income tax treatment, long-term tax plan- ning and wealth structuring. The “5A tax regime” or “foreign investor’s regime” This flat-tax regime is tailored for foreign investors who move their tax residence to Greece and seek simplicity and certainty for their non-Greek income. To qualify, they must not have been a Greek tax resident for seven out of the last eight years prior to the trans- fer, and must invest at least EUR500,000 in Greece and pay a flat annual tax of EUR100,000 on all foreign- source income. This payment fully covers Greek tax liability on that income, while any income generated in Greece is taxed at standard Greek rates.
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