Greece – Low taxation for foreign pensioners

Greece is adored for it’s idyllic island lifestyle and natural beauty with glorious beaches. Greece should become even more attractive when generous new tax rules kick in for foreign retirees.

Greece is on course to becoming one of Europe’s most appealing retirement destinations, thanks to a new scheme that will see foreign pensioners enjoy very low taxation. In July, the Greek government tabled a draft initiative that will see the introduction of a flat income tax rate of just seven per cent for foreign pensioners who transfer their tax residence to Greece. The favorable rate will apply to whatever income the applicant receives, including pensions, rental income and dividends, and the benefit will last for 10 years.

Greece is already popular for its stunning beaches and pretty fishing towns, both on the mainland as well as the islands, not to mention its laid-back culture and affordable Mediterranean lifestyle. Enabling retirees to pay In order to qualify for the scheme, overseas retirees will need to come from a country that has a double-taxation treaty with Greece, such as the UK, prove their pension status and agree to spend more than six months in the country each year. In addition, they should not have been a tax resident of Greece over at least five out of the six financial years before their tax relocation. To benefit from the scheme this year, the expected deadline for applications is September 30th.

Even without this new tax initiative, Greece is a very desirable place to own a second home or retire to.

The information supplied above by Home Search Overseas is for guidelines only – you must always do your own research and seek advice from qualified overseas professionals.