‘Non Dom’ Scheme: Greece Offers Big Tax Breaks to Rich Foreigners


After the success of Golden Visa program that gives residency permits and European Union passports to wealthy foreigners who invest 250.000 Euros in Greece, a new initiative is taken by the Greek government called the Non Dom Scheme. Greece now offers tax incentives to lure wealthy individuals to move their tax residence to the country.

The so-called “Non-dom” program is aimed at shipowners, successful entrepreneurs and the retired, said The Financial Times in a feature, setting the flat tax for 15 years for those who qualify.

Non-Dom tax regime provides the exhaustion of tax liability for any foreign-sourced income by paying an annual flat tax of €100.000, regardless of the amount of income earned abroad and with no obligation to declare any foreign income in Greece. The special regime provides also for an exemption from any inheritance or donation tax, as regards any property abroad. The taxes, that may have been already paid abroad, do not decrease tax liability arising in Greece under the special Non-Dom regime. The special scheme may be also extended to family members of the individual by contributing for each member annually an additional flat tax of €20.000.

On the flip side, the European Union Tax Observatory has recently regarded Greece’s non-domicile scheme as a particularly harmful form of tax competition, in a report that has provoked a reaction from the Greek Finance Ministry.

 

Please rate our article
0 / 5 0

Your page rank: