GREECE: BENEFITS FOR FOREIGN PENSIONERS
INFO LINE WHATSAPP: +393534501530
Greece benefits for foreign pensioners. Greece is gearing up to join the ranks of those particularly attractive countries to move to and live when it’s time to enjoy retirement. Its peaceful lifestyle, the Mediterranean climate, the beauty of the landscape, the millenary culture and a flat tax of 7% for 10 years contribute to making it a heavenly place for a well-deserved retirement.
Article by Dr. Gustavo Scriffignano, of Bertaggia International Law Firm
Greece benefits for foreign pensioners
Italians are always looking for a country where they can spend their retirement peacefully without spending too much money and paying less taxes.
Greece recently joined to the group of these countries since it proposed the 7% rate for the entire taxable income from abroad to foreigners who transfer their tax residence there.
The Greek Ministry of Finance has formulated this proposal, within a clause of the bill presented in July 2020 to Parliament. This is finally taking shape and the government laced eligibility requirements and conditions to become a resident in 2021.
This new subsidized tax regime was approved to compete with similar laws already in force in other southern European countries.
Greece benefits for foreign pensioners
What are the requirements for moving to Greece as a retiree?
There are three basic requirements:
You must not have been fiscally resident in Greece for at least 5 of the 6 tax years prior to change of residence;
You must move their tax domicile from a country with which Greece has an administrative cooperation agreement in tax matters;
You must also prove that you are a foreign pensioner through relevant documentation.
All pensioners who meet the required requirements and who have already transferred their tax residence to Greece in 2019, must have submitted the tax return for the financial year 2019 by 31 October 2020.
When the application for tax residency is accepted in Greece, the foreign retiree there will be able to enjoy the 7% flat tax on income from pensions, investments, commercial activities for the next 10 years.
Taxes can also be paid annually in a single solution.
The deadline for submitting the application for transfer of tax residence to Greece of 30 September 2020 appears to have been extended to December 2020.
In addition to preferential taxation, the main reasons that lead retirees to move to tax are the weather conditions of the country, lifestyle, culture, health care, cost of living and governance.
The main EU members that have so far introduced particular tax incentives for foreign pensioners are Portugal, Malta, Cyprus, Italy and to a lesser extent Romania and France.
The Southern regions of Italy also provide a reduced tax rate of 7% for foreign pensioners.
Greece offers significant benefits for foreign pensioners looking to relocate, making it an attractive destination due to its serene lifestyle, Mediterranean climate, cultural richness, and economic incentives. Here are some of the key advantages:
1. Flat Tax Rate
Greece offers a flat tax rate of 7% on all foreign income for pensioners who transfer their tax residence to the country. This tax incentive is applicable for a period of 10 years, making it financially beneficial for retirees seeking to maximize their pension funds.
2. Residency Requirements
To qualify for this tax regime, retirees must:
Not have been a fiscal resident in Greece for at least 5 out of the 6 years prior to their application.
Relocate their tax domicile from a country that has an administrative cooperation agreement in tax matters with Greece.
Provide documentation proving their status as a foreign pensioner.
3. Application Deadlines
Initially, the deadline for applying for a tax residence transfer was set for September 30, 2020, but it was extended to December 2020. This provides potential applicants more time to prepare and submit their applications.
4. Quality of Life
Greece is renowned for its pleasant weather, healthy Mediterranean diet, and relaxed pace of life. These factors contribute significantly to the quality of life and can be especially appealing to retirees.
5. Cultural and Natural Beauty
The rich history and cultural depth of Greece, combined with its stunning landscapes and coastlines, offer an enriching environment for retirees. Whether interested in exploring ancient ruins or enjoying scenic vistas, Greece provides a backdrop that enhances the retirement experience.
6. Comparison with Other Countries
Several other southern European countries such as Portugal, Malta, Cyprus, Italy, and even non-EU countries like Panama, Costa Rica, and Mexico offer similar incentives. However, Greece’s combination of low taxation, lifestyle, and cultural offerings makes it particularly appealing.
7. Additional Opportunities
For those interested in more than just residency, Greece also provides opportunities for investment and potentially acquiring citizenship through investment, similar to programs in Malta or Montenegro.
If you’re considering Greece as your retirement haven, it’s advisable to consult with legal and financial experts to navigate the application process and ensure compliance with all requirements. Bertaggia International Law Firm, mentioned in the article, could be a valuable resource in this regard. For further assistance or detailed queries, reaching out via the provided WhatsApp information line could be beneficial.
For foreign pensioners, who want to remain within the EU, favorable conditions are proposed for the transfer to Portugal, Bulgaria, Spain and Malta.
If, on the other hand, the choice is to go overseas, there are advantageous conditions in hugely attractive countries such as Panama, Costa Rica and Mexico, where the economic lifestyle and the favorable climate definitely determine a clear attractive.
INFO LINE WHATSAPP: +393534501530
Join our YouTube community to stay updated on international legal matters and much more!
Subscribe to Studio Legale Internazionale Bertaggia
Related articles
Copyright reserved
Mandatory notes for quoting or reproducing articles and documents published in www.avvocatobertaggia.com/blog
Only a link from your website to the page of www.avvocatobertaggia.com/blog that contains the article of interest is permitted.
It is prohibited to copy the entire article to another website. Even if a partial extract is published, the source must always be indicated and a direct link to the page of www.avvocatobertaggia.com/blog that contains the article must be inserted.
For quoting in books, journals, dissertations, and any other publication, online or in print, of articles (or extracts of articles) published in www.avvocatobertaggia.com/blog, it is mandatory to indicate the source as follows:
Author. International Law Firm Bertaggia – Title Cost Surge Italy 2023, in www.avvocatobertaggia.com/blog
