Imagine waking up to the breathtaking beauty of the Greek landscape, steeped in rich history and vibrant culture. Greece is quickly becoming the destination of choice for discerning individuals who value quality of life and an exceptional lifestyle.
Tourist numbers are increasing, prime property prices are climbing, and with quality of life and lifestyle becoming ever more important, Greece seems to offer everything one could desire.
Beyond its picturesque charm, it is Greece’s favourable tax policies that have particularly attracted the world’s wealthy, who are increasingly drawn to the country’s enticing Non-Dom tax regime.
In 2019, Greece introduced a flat tax of €100,000 per year on global income for foreign high-net-worth individuals. This flat tax is available to individuals who transfer their tax residence to Greece, provided they invest in Greek assets with a minimum value of €500,000. This compelling tax incentive has positioned Greece as an attractive haven for Ultra High Net-Worth Individuals (UHNWIs) seeking to relocate. The allure of Greece is further magnified by the global trend of wealth migration driven by geopolitical tensions, economic uncertainties, and potential tax policy shifts. Recent developments in the UK indicate significant changes to the Non-Dom regime. Proposed reforms will likely increase tax liabilities for Non-Doms prompting them to seek more favourable tax jurisdictions. Greece is set to become a key player in this shifting political and tax landscape.
In light of the above, approximately 1,100 millionaire foreigners relocated to Greece last year, with another 1,200 expected to do so this year. Greece currently hosts 64,700 millionaires, 105 individuals with wealth over 100 million dollars, and eight billionaires, with their preferred locations being Attica, Mykonos and Crete. Over the past decade, the number of millionaires in Greece has increased by 14%.
Furthermore, third country nationals who are eligible for the Greek Non-Dom Tax Regime may also qualify for a residence permit by investment (Golden Visa). The criterion for this provision allows the same investment used for qualifying under the Non-Dom Tax Regime to also meet the requirements for a residence permit. This dual qualification simplifies the process, ensuring that the initial investment of €500,000 serves multiple regulatory purposes.
On top of this, Greece launched its digital nomad visa in October 2021. The scheme is open to a range of skilled employees/freelancers from beyond the EU’s borders widening the door further for other foreigners keen to live the Greek lifestyle.
Greece’s luxury property prices
From the glamorous villas of Mykonos to countryside estates in the Peloponnese, coastal retreats on the shores of Crete or Rhodes, cosmopolitan residences in cities such as Athens and Thessaloniki, without forgetting the array of luxury island homes in the Cyclades as well as in lesser-known parts of the country, the prime property market is incredibly diverse and appealing.
Demand is always higher than supply, making real estate an attractive asset for capital appreciation.
Greece is having a renaissance and aims to attract the world’s wealthiest individuals.
