The Greek ministry of Finances presented the results of the four initiatives to attract capital from abroad.

The four initiatives are:

  • the “non- dom scheme”

  • the 7% flat tax rate for retirees

  • the “brain gain” scheme for employees and self employed

  • the “family offices”.

Of the four, the last one, “family offices” has not yet been put in force, since the legislative framework is still missing.

From the other three, the most successful is by far the “non- dom scheme”.

In 2020, 20 foreigners applied for it. 18 applications were approved bringing 1.9 million euros into Greece’s state coffers.

In 2021, applications rose to 58 of which 57 were approved. They brought 7.5 million euros in taxes to the country.

Investors come from 21 countries: Australia, Argentina, Belgium, Venezuela, France, Germany, Switzerland, USA, United Arab Emirates, United Kingdom, Israel, Canada, Cyprus, Lebanon, Malta, Monaco, Oman, Panama, Russia, Senegal, Czech Republic. Most of them (14) come from the United Kingdom and 10 come from Switzerland.

This year, the retirees’ program took off. From just 8 applications in 2020, there were 206 in 2021. So far 150 retirees from 21 countries (Austria, Belgium, Bulgaria, France, Germany, Switzerland, United Kingdom, USA, Spain, Italy, Cyprus, Malta, South Africa, Netherlands, Ukraine, Portugal, Romania, Russia, Sweden, Turkey, Hong Kong) were given tax residency in Greece. 46 of them come from Italy.

The amount of taxes due by the foreigner retirees has not been finalized yet.

Same is the case for the “brain gain” scheme.

The Greek authorities process 1,000 applications for the program and results will be announced in the future.

As for the “family offices”, legislation is expected in the coming months to make them operational in Greece.