Greek Tax Regime Attracting Foreign Buyers

The outlook for Greece’s property market looks buoyant following the government’s start of two new programmes to attract European pensioners and non-domestic residents to support the wider economy.

Greek agents forecast a strong Q4, as travel begins to reopen globally with a surge in enquiries from overseas buyers. Pantelis Leptos, Deputy President of Leptos Group of Companies, says: “The new government initiatives can potentially spark a new golden age of investment in Greece. The strong range of incentives, healthy outlook for the Greek real estate market, the exceptional lifestyle on offer and the government’s success at combatting Covid-19 will be a real draw across the globe.

“The success of the Golden Visa Programme has demonstrated there is a real appetite for Greek property, drawing approximately 10,000 investors to date and the new programmes will complement the existing offering.”

As lockdowns ease globally, purchasing power has also notably returned to Southeast Asian and Chinese and interest has been strong.

Looking ahead to Q4, the Greek government’s two new programmes are designed to champion investment in the country’s real estate market. The first programme offers European pensioners a flat tax rate of 7% across their global income if they choose Greece as their fiscal residence. The programme will allow residents to benefit from higher disposable incomes, for those looking to retire abroad and embrace all life has to offer in Greece. The only requirement is that Greece has a Double Taxation Avoidance Treaty with the country of origin of the pensioner.

In addition to the programme for European pensioners, the start of another programme launched for non-dom residents is going well. Those who invest EUR500,000 in property become eligible to move their fiscal residence to Greece and a flat maximum tax of EUR100,000 across global income.

Pantelis Leptos, adds: “Greece has also seen improvements in infrastructure across the board. The government's handling of Covid-19 has been impressive, amongst the best in the world, making Greece a not only appealing destination, but a safe environment. There have also been improvements to the application system, which is on track to be 99% online going forward to aid applicants in buying property."