Greece keeps on reducing taxes to attract even more international investors to the Greek residency scheme. After years of stagnation, the new government performed high-scale reforms to revive the economy and bring more funds into the country.
The cabinet of Mitsotakis has already unveiled a three-year VAT exemption for developers, a 22% property tax decrease and 50% deductions for renovation. Greece is also considering its own citizenship by investment program (CIP) that would compete with those of Cyprus and Malta. In the meantime, the government facilitates the existing residency by investment program by allowing previously banned credit card payments.
The Mitsotakis government has suggested legislation for a flat EUR 100,000 tax (plus an extra of EUR 20,000 per dependent) on external earnings for investors who input EUR 500,000 over the course of three years. Besides, the cabinet agreed to transfer such investors’ tax residency to Greece. The new programme would have an initial horizon of fifteen years.
In the same vein, those who invest EUR 1.5 million will only be subject to EUR 50,000 per annum in taxes. EUR 25,000 if you invest EUR 3 million. The bill is scheduled for a vote later in November.
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