Greece will offer tax incentives to lure wealthy individuals to move their tax residence to the country by introducing a flat tax rate of 100,000 euros ($111,000) for qualified individuals willing to shift their residence to the country.
The former euro-area problem child is now focusing on re-branding itself as an investors' paradise. One of the requirements to qualify will be residing in the country for at least 183 days per year and making an investment of at least 500,000 euros within three years.
The non-dom programme will offer qualified wealthy investors who opt to shift their tax residence to the country a flat tax of 100,000 euros on global incomes earned outside Greece annually. "The tax incentive will run for a duration of up to 15-years and will include the benefit of no inheritance tax for assets outside Greece," a senior government official told Reuters.
The tax incentive will run for a duration of up to 15-years and will include the benefit of no inheritance tax for assets outside Greece"
"The investment can be in real estate, stocks or bonds. If the investment reaches €1.5m then the flat tax is cut by half," the official said.
Investments of €3m will reduce the flat tax to €25,000.
Similar systems are currently being implemented by a range of European Union member states, including Italy, Portugal, Malta, and Cyprus.
Greek officials also believe that the timing of such a decision is perfect, since scores of ultra-wealthy individuals and large companies which were residents and taxpayers of the UK for years, have now fled the country amid growing fears over Brexit and its unforeseen consequences.