An amendment, further simplifying the process related to the Greek Non-Dom Tax Regime, was introduced on 23.02.2024; by addressing bureaucratic issues and enhancing procedural streaming, Greece solidifies its position as an enticing destination for individuals seeking alternative taxation options.
On February 23, 2024, an amendment, further simplifying the process related to the Greek Non-Dom Tax Regime, was introduced jointly by the Ministries of Finance, Development, and Investments [Ministerial Decision N. 30257 EΞ 2024, published in Government Gazette issue 1271/B/23.02.2024].
This amendment proves the Ministries’ resolution to provide a straightforward process, resolving every issue that could hinder the experience of the benefits of this special tax regime by the applicants.
The above provision amends Ministerial Decision No. 46834/2023 [Government Gazette issue 3393/B/19.05.2023] that stipulates the necessary supporting documents to be submitted to certify investments in Greek real estate that have been realized by the applicants (either prior or past their entry to the regime).
Specifically, it tackles the challenges related to potential delays in registering notarial deeds by Land Registries and Cadastral Offices, when the Non-Dom process reaches the point where registration certificates are required to be submitted to the competent fiscal authorities.
In that vein, according to the recent amendment in cases where the Real Estate Sale & Purchase Agreement has been duly filed for registration with the competent Land Registry/Cadastral Office, but the finalization of the registration is pending, the submission of the request for the certification of the completion of the investment may be complemented only by a copy of the application for registration addressed to the Land Registry/Cadastral Office.
The necessary certification of the completion of the investment is granted, subject to the finalization of the registration at a later stage, one year down the line (than what was provided by the Ministerial Decision before the amendment).
In parallel, discussions are underway for forthcoming legislation poised to further streamline procedures and broaden opportunities for prospective applicants, the most significant one being the provision granting family members the opportunity to join the scheme at a later stage, past the main applicant’s application.
For now, family members must apply for the regime simultaneously with the main applicant; however, we are expecting further amendments to rectify that, in the context of evolving dynamics of family structures and the significance of flexibility in taxation matters.
These updates underscore Greece’s commitment to nurturing an investor-friendly environment and facilitating the integration of individuals into the Non-Dom Tax Regime.
By addressing bureaucratic hurdles and enhancing procedural clarity, Greece solidifies its position as an enticing destination for individuals seeking alternative taxation options.
For those unfamiliar: The Greek Non-Dom Tax Regime is strategically crafted to offer incentives for establishing tax residency in Greece, attracting high net worth individuals with its benefits, namely the lump sum annual tax of €100,000 for all foreign income.
Added plus, the possibility to include family members with an extra flat tax of €20,000.
A minimum investment of €500,000 is required, either in real estate, bonds/securities or shares in Greek legal entities, to be materialized within three years from the application.
In the context of the Greek Non-Dom Tax Regime only income in Greece or of Greek sources must be declared; in addition, inheritance or gift tax does not apply for assets outside Greece – with the flexibility to maintain this tax advantage for up to 15 years.
Eleanna Karvouni and Vasileios Tsintzos, from our Private Clients team, dedicated to catering to HNWI, eagerly anticipate the enactment of these legislative changes and stand poised to guide our clients through the evolving landscape of tax regulations.
