According to the Greek newspaper Kathimerini, the Greek government recently officially released an announcement detailing the requirements for applying for Greek tax residency. It proposes three tax incentives, inviting overseas pensioners to spend their retirement years in Greece, and indicated that the Greek government has introduced further preferential policies.
The following three criteria will apply to pensioners from abroad to ensure they can reside in Greece and pay taxes at a flat income tax rate of 7% for the next 10 years:
1) The applicant must not have been a tax resident of Greece in the past six years.
2) The applicant must transfer their tax residence from a country that has a tax cooperation agreement with Greece.
3) To prove their status as an overseas pension recipient, the applicant must provide relevant documents issued by their social security fund, other public institutions, professional funds, or insurance companies to verify their tax status abroad.
It is worth noting that any individual who meets the policy criteria and has transferred their tax residence to Greece since 2019 must submit their 2019 fiscal year income tax declaration by October 31, 2020. In this case, the 7% tax must be paid in a lump sum within one month after their application is accepted, i.e., by November 26.
The tax payable by foreign pensioners must be settled within each tax year, i.e., paid in a lump sum by the last working day of July.
When retirees choose a place to retire, they consider various factors such as pension systems, lifestyle, culture, and healthcare. Greece, a habitat for longevity, is a country in the European Union that is particularly generous in distributing pensions; the average pension received by Greeks is even higher than their salaries at the time of retirement. The statutory retirement age in Greece is 65 for men and 60 for women; the actual average retirement age is 61 (61.6 for men, 60.5 for women). In 2010, the life expectancy for newborns in Greece was 79.7 years, and total pension payments accounted for 11.9% of GDP. Furthermore, Greece is a nation of longevity, with an average life expectancy of 80.3 years, which is higher than the global average and ranks among the top in the world. The generous pension distribution and high average life expectancy all indicate that Greece is a country very suitable for retirement and enjoying family life, thereby attracting the attention of retirees from all over the world.
It is worth noting that it is not only retirees who are paying attention to Greece; a report titled "2020 Greece Attractiveness Survey" shows that global investors' interest in investing in Greece is becoming very strong.
To attract more investors, the Greek government has introduced a number of favorable policies this year, including various tax cuts and economic stimulus policies. The "2020 Greece Attractiveness Survey" report shows that 62% of investors believe that the current Greek investment policy is very attractive and friendly, and 28% of companies stated they intend to invest in Greece next year, while for France and Belgium, these figures are 16% and 10% respectively, significantly lower than Greece. Whether compared with previous years or other European countries, Greece's attractiveness has a significant advantage.
Currently, through the Greece Golden Visa program, by investing in properties starting from 250,000 Euros, one can not only apply for permanent residence visas for three generations of the family and travel freely through 26 Schengen countries, but also enjoy social welfare benefits in Greece such as retirement, education, and healthcare. Additionally, one can acquire properties with permanent property rights in Greece and establish a second home overseas, which can be described as achieving multiple goals at once.
In 2020, the Greek government also brought a number of investment immigration preferential policies to investors, such as simplifying the application process, shortening waiting times, extending the validity of residence permits, etc., which has strengthened the confidence of investors in handling Greek immigration. If you have needs for health planning, education, retirement, or asset allocation, you must act in advance. Now is the best time to invest in Greece! October is the preferential period for buying property for immigration in Greece; the opportunity is rare. Purchase a property and receive a gift package. Those interested must seize the opportunity in time!
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