Greece Lures Expats Home with Tax Cuts: Half Income Taxable, Rates as Low as 6%
Greece is making tax changes to attract expats back home. A new provision reduces taxable income by half, leading to significantly lower tax burdens. The Greek tax authority, Ministry of Labor, DEPA, and Brain Regain are hosting a conference to discuss these changes and encourage Greek emigrants to return.
The Greek government is lowering tax rates to entice expats to return. At €75,000 per annum, the tax rate is below 10%. For incomes of €60,000, it drops to 6%. Even with an income of €100,000, the rate can be as low as 12-13%. The tax rate only exceeds 10% for incomes above €100,000.
The new tax provision reduces taxable income by 50%, leading to a substantial decrease in total tax burden. For example, with a taxable income of €50,000, the final tax amount to be paid is €3,683, or 7.36% in real terms.
The combination of lower taxation and cost of living in Greece can make it financially attractive for expats to return. The upcoming conference will focus dominantly on tax issues, aiming to persuade Greek emigrants with professional opportunities abroad to return to Greece.
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