Maximizing Wealth:
How Real Estate Investments Unlock Greece's ‘‘Non-Dom’’ Tax Benefits
Alternative taxation for foreign individuals transferring their tax residency in Greece.
Following several countries’ practices (i.e. Cyprus, Italy, Malta, Portugal, United Kingdom), Greece introduced a “non-domicile” tax regime for foreign individuals who wish to transfer their tax residency to Greece, by paying an annual flat tax for their income obtained abroad, regardless of the amount of such income and with no obligation to declare their foreign income in Greece.
Greece's "non-dom" tax regime, introduced in 2019, offers a flat annual tax of €100,000 on global income for foreign high-net-worth individuals who become tax residents in Greece. The regime includes exemptions from inheritance and gift taxes on foreign assets and does not require foreign income to be remitted to Greece. To qualify, individuals must invest at least €500,000 in Greece and must not have been tax residents for at least seven of the previous eight years. The regime is designed to attract wealthy foreigners and boost investment in Greece.
Article 5A law 4172/2013 (effective from 12.12.2019)
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As real estate consultant, we provide a range of services to assist clients interested in taking advantage of Greece's "Non-Dom" Tax regime.
1. Initial Consultation and Education
- Advisory Services: Educate clients about the benefits and requirements of the Greek "non-dom" tax regime, including the specific real estate investment requirements.
- Personalized Consultations: Offer one-on-one consultations to assess the client's eligibility and discuss the most suitable investment options tailored to their needs and financial situation.
2. Property Search and Acquisition
- Property Sourcing: Help clients identify and source qualifying real estate investments, such as luxury homes, commercial properties, or land for development, that meet the minimum €500,000 investment requirement.
- Due Diligence: Conduct thorough due diligence on potential properties, including legal checks, valuation, and title searches, to ensure compliance with Greek laws and the non-dom regime requirements.
- Negotiation and Purchase: Assist in negotiating favorable terms and facilitating the purchase of property, ensuring a smooth transaction process.
3. Investment Strategy Development
- Investment Planning: Develop a tailored real estate investment strategy that aligns with the client's goals, whether for personal use, rental income, or long-term capital appreciation.
- Portfolio Management: For clients looking to invest in multiple properties, offer services to manage and optimize their real estate portfolio.
4. Legal and Regulatory Assistance
- Legal Coordination: We coordinate with the best legal professionals to handle the legal aspects of the property acquisition, including contract drafting and ensuring compliance with Greek real estate and tax laws.
- Tax Compliance Support: Work with tax advisors to ensure that the client's investment is structured to maximize the benefits of the non-dom regime, including proper documentation and filing with Greek tax authorities.
5. Property Management and Maintenance
- Property Management Services: Offer property management services, including tenant management, maintenance, and upkeep, to ensure the client's investment remains in good condition and continues to generate income if rented out.
- Renovation and Development: For clients interested in development projects, we provide project management services for renovations, new builds, or improvements to increase the property's value.
6. Ongoing Support and Compliance
- Annual Review and Reporting: Assist clients with the ongoing requirements of the non-dom regime, including annual reporting, tax payments, and ensuring continued compliance with the investment criteria.
- Exit Strategies: Advise clients on exit strategies, whether they wish to sell their property, re-invest, or terminate their non-dom status.
7. Relocation and Lifestyle Services
- Relocation Assistance: Provide relocation services, including finding suitable residential properties, helping with settling into the new environment, and connecting clients with local services.
- Concierge Services: Offer high-end concierge services, such as arranging property viewings, managing travel logistics, and providing introductions to local luxury services and amenities.
*The listed price serves as a deposit for future services, with the total cost determined by the specific needs and requirements of both the individual and the property.
Guidance on the tax implications of obtaining residency or citizenship.
Investment Income: Advice on how different types of investment income (e.g., dividends, interest, capital gains) are taxed in the new country.
Real Estate Taxes: Guidance on property taxes, including any taxes due upon the purchase, sale, or transfer of real estate, and ongoing property tax obligations.
Asset Disposal: Strategies for disposing of assets in a tax-efficient manner, considering the tax implications both in the home country and the new country.
Local Income Tax Rates: Guidance on the income tax rates in the new country, including any special tax regimes for expatriates or new residents.
Tax Deductions and Credits: Identifying potential deductions, credits, and allowances that can reduce taxable income in the new country.
Tax Filing Requirements: Explaining the tax filing requirements in the new country, including deadlines, necessary documentation, and penalties for non-compliance.
Business Ownership: Guidance for business owners on the tax implications of relocating, including how their business income will be taxed in the new country.
Corporate Structure: Advice on structuring or restructuring business entities to optimize tax efficiency in the new jurisdiction.
Transfer Pricing: Ensuring compliance with transfer pricing regulations if the applicant owns a business that operates across multiple countries.
*The listed price serves as a deposit for future services, with the total cost determined by the specific needs and requirements of both the individual and the property.
