Greek government offers incentives to attract the world’s super-rich

Α Decrease font Enlarge font
Greek government offers incentives to attract the world’s super-richTiming is right with the scheduled Oct. 31 departure of the United Kingdom from the European Union

ATHENS – After Greek workers, pensioners and the poor have been buried with harsh austerity measures and big taxes the last 9 ½ years, and rich Greeks are hiding their money in secret foreign bank accounts, the new New Democracy government is readying to invite the world’s super-rich to bring their money and will give them incentives to do it.

Using an Italian model, a clause will be included in next month’s tax bill aimed at individuals and corporations with large deposits with schemes to lure them to register with tax authorities in Greece, said Kathimerini, with no apparent plans to do the same for weary Greeks and offering significant incentives for registering with the Greek tax authorities.

Finance Ministry officials are said to believe the timing is right with the scheduled Oct. 31 departure of the United Kingdom from the European Union, barring another extension, and with the rich in London perhaps looking for other places to put their money.

It wasn’t explained how Greece, still coming out of a long economic and austerity crisis and with sky-high taxes – the new government cut the corporate rate from 29 to 24 percent and plan to lower it to 20 percent to aid business but no income tax cuts reported coming – could be attractive as a tax haven given the country’s volatile tax laws that change frequently.

Thousands of businesses during the crisis moved their headquarters outside the country, including some of Greece’s biggest names and many wealthy Greeks don’t use Greek banks with laws allowing the government to confiscate bank accounts and safe deposit boxes holdings.

The ministry examined the models applied in other countries, such as Malta, Cyprus, and Portugal, before picking one from Italy, the paper said, which provides for a fixed payment of annual tax of 100,000 euros ($110,257) on the global income of taxpayers, plus 25,000 euros ($27,564) per dependent family member for incomes earned outside the country.

In Italy that meant they had to take up tax residency in the country and have been paying taxes in another country for at least nine of the previous 10 years before applying. They would also have to take up permanent residence at least 183 days a year, non-consecutive.

The status will expire after 15 years without the option of renewal and can be revoked if the beneficiary asks, without the option of renewal later on.

Read more at thenationalherald.com

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinationsGreek travel marketGreek tourism statisticsGreek tourism report

 

Tornos
  1. 18/02 02:25

    World Bank: Cyprus reunification would boost national income by 7% in a decade

  2. 18/02 02:18

    Greek FM hails EU Foreign Affairs Council's decision to enforce Libya arms embargo

  3. 18/02 02:14

    Greek government pulls back migrant detention plans following backlash

  4. 18/02 02:11

    Social insurance bill tabled by government in Greek Parliament on Monday

  5. 18/02 01:58

    Australia’s daily Greek newspaper "The Greek Herald" celebrates 94 years

  6. 18/02 01:49

    Two new permits for hotels in Chania and Corfu issued in Greece

  7. 18/02 01:44

    Greece and Turkey commence talks on confidence-building measures

  8. 18/02 01:35

    German ambassador hails HELPE-Juwi solar power park in Kozani of Greece

  9. 17/02 22:12

    US authorities renew tariff exemptions for Greek olive oil and cheese

  10. 17/02 20:30

    Tourist arrivals in Cyprus this January rise by 4.5% annually

  11. 17/02 15:00

    Greek chefs win bronze medal in culinary Olympics 2020

  12. 17/02 14:48

    Athens transport and public services affected by Tuesday strike in Greece

  13. 17/02 10:28

    2nd Athens Fashion Film Festival concludes at Technopolis on Sunday

  14. 16/02 15:01

    Obama invites Giannis Antetokounmpo in Chicago event (video)

  15. 16/02 14:56

    Turkey to reopen Varosha ghost town on divided island of Cyprus

  16. 16/02 14:50

    Mobile app could offer solution to Motorways’ electronic tolling in Greece

  17. 16/02 14:45

    American Hellenic Institute protests Turkey turning church museum to mosque

  18. 16/02 14:40

    Sea route between Greece and Cyprus discussed at ministers’ meeting

  19. 16/02 14:37

    New President of the Greece’s Council of State announced

  20. 16/02 14:33

    Piraeus port to Athens city tram service gets another setback

  21. 16/02 14:19

    Reuters: Greek islanders protest against plans to construct new migrant camps

  22. 16/02 12:14

    Greek Health Minister proposes e-platform on coronavirus at EU ministers’ meeting

  23. 16/02 10:09

    Greek banks will place more than €7 billion in the bond market

  24. 15/02 21:28

    Hollywood stars describe Greece as their absolute favorite to visit

  25. 15/02 21:23

    Greek Foreign Minister in Munich for 56th Security Conference

  26. 15/02 21:00

    Rising interest in e-platform for primary residence protection in Greece

  27. 15/02 17:11

    Minister: New decisions on asylum ready within 24 days in Greece

  28. 15/02 15:54

    In France the first dead Chinese from the Coronavirus outbreak in Europe

  29. 15/02 15:46

    No buses, trolleys, tram and metro in Athens due to strike on Tuesday

  30. 15/02 15:04

    Greece still has one of the highest numbers of radio stations in Europe

  31. 15/02 13:40

    Greek students create smartphone application to fight sea pollution

  32. 15/02 12:39

    Greek tennis star Maria Sakkari wins through to St. Petersburg semi-final

  33. 15/02 11:30

    United States government offices in Greece to close on February 17

  34. 14/02 21:14

    St. Valentine's: Crete has its own Patron Saint of Love, the Martyr Yakinthos

  35. 14/02 20:37

    Cyprus’ building permits rise sharply between January-November 2019

  36. 14/02 20:28

    European Investment Bank head: Greek economy's prospects are excellent

  37. 14/02 20:12

    Energy Minister: Greece to launch tender for 49% of HEDNO in September

  38. 14/02 18:41

    Strong Belgian interest in Greek destinations for 2020

  39. 14/02 18:05

    Greek government aims at the dynamic development of cycling tourism

  40. 14/02 16:12

    Greek Prime Minister: The creation of well paid jobs is a government priority

  41. 14/02 12:19

    Reuters: Air China cancels flights to Greece due to public safety concerns

  42. 14/02 01:20

    Media report: Affluent Chinese cash in on Greek golden passports

  43. 14/02 01:17

    Hollywood actor Gerard Butler to attend Battle of Thermopylae anniversary

  44. 14/02 01:13

    GNTO records strong interest for early bookings from Italy

  45. 14/02 01:08

    Ancient Greek Art Exhibition at Museum of Cycladic Art in Athens

  46. 14/02 00:48

    Municipality report: Wood borer insect threatens Athens' mulberry trees

  47. 13/02 23:45

    Chinese Cosco's new online platform for Greek port of Piraeus meets opposition

  48. 13/02 22:45

    Minister: Feasibility study on e-mobility soon to be finalised in Greece

  49. 13/02 22:09

    Greece and Algeria united against any foreign intervention in Libya

  50. 13/02 21:47

    Sales of new cars kept growing in Greece during January

  51. 13/02 21:40

    Piraeus Bank successfully completes €500 million bond issue in Greece

  52. 13/02 21:26

    Research: Over 4,700 infected people have recovered from the coronavirus

  53. 13/02 21:03

    Cyprus signs deal with Israeli consortium for Larnaka port and marina

  54. 13/02 19:52

    European Commissioner Gentiloni: Greek economy well on track

  55. 13/02 19:16

    Greece's Council of State to announced ruling on Athens Metro Line 4 tender

  56. 13/02 18:53

    Scandinavian airlines removed advertising following online criticism (video)

  57. 13/02 18:24

    AP: How COVID-19 virus is impacting Asia’s cruises and passengers

  58. 13/02 16:37

    British Airways breaks fastest subsonic New York-London flight record

  59. 13/02 16:31

    Tourism Minister: Nearly 1 million Israelis elect Greece for their vacations

  60. 13/02 14:11

    European Commission: Greek economy to grow by 2.4% during 2020

  61. 13/02 13:26

    ForwardKeys: Fewer Chinese tourists in Europe due to Coronavirus outbreak

  62. 13/02 12:18

    The world’s first floating city to be built within the next decade (video)

  63. 13/02 10:37

    Increased chances of European Central Bank purchasing Greek bonds

  64. 12/02 23:42

    Orthodox Archbishop makes first official visit to Consulate General of Greece in Sydney

  65. 12/02 23:36

    Stavros Niarchos Foundation “Health Initiative” grants €400 million in Greece

  66. 12/02 23:28

    Cypriot Diaspora Youth Conference takes place in Canberra of Australia

  67. 12/02 23:23

    The growth rate of arrears to the Greek government has eased

  68. 12/02 23:14

    Religious Tourism report: The doors of Halki Seminary will open again

  69. 12/02 22:47

    Submerged buildings found in ancient city and modern luxury resort of Crete

  70. 12/02 22:37

    PM welcomes arrival of first of Aegean's 46 new planes

  71. 12/02 22:15

    Tourism report: Tripadvisor assumes greater pricing control over tours and activities

  72. 12/02 22:04

    Minister: Greek government has a comprehensive plan on migration

  73. 12/02 21:46

    Guardian: Nea Smyrni neighbourhood in Athens among top-10 in Europe

  74. 12/02 21:39

    Greek parties express consensus on national issues at Council of Foreign Policy

  75. 12/02 21:32

    Closed hosting structures for immigrants will be ready in Greece by summer

  76. 12/02 21:00

    Greek Health Minister in Brussels for extraordinary meeting on coronavirus

  77. 12/02 20:49

    2nd Athens Fashion Film Festival at Technopolis on February 14-16 (video)

  78. 12/02 16:44

    Use of plastic bags plunged 98.6% in Greece between 2017 and 2019

  79. 12/02 14:39

    New Swiss hotel management education courses open to Greek citizens

  80. 12/02 14:21

    Greek 10-year bond yield drops below 1.0%

  81. 12/02 12:52

    New elected head of European Committee of the Regions

  82. 12/02 10:13

    Greek exports achieve new historic record in 2019

  83. 12/02 00:35

    Pipes to connect Greek island of Aegina with mainland water supply damaged

  84. 12/02 00:22

    Greek government is proceeding with the reduction of VAT on drugs

  85. 12/02 00:16

    Crown Prince Pavlos of Greece and Wife buy Southampton Estate, NY

  86. 11/02 23:29

    Pasteur Institute: Suspect case for coronavirus in Greece tests negative

  87. 11/02 23:27

    Greece's National Council on Foreign Policy meets on Wednesday

  88. 11/02 23:18

    Greek students protest with flag at British Museum over Elgin marbles (video)

  89. 11/02 23:14

    “Greek Freak” Giannis Antetokounmpo announces birth of baby on Twitter

  90. 11/02 23:06

    11th World Congress on Snow and Mountain Tourism in Andorra

  91. 11/02 22:53

    Parliament greenlights plan to construct new hospital in Komotini

  92. 11/02 21:18

    Greek PM on seven months of achievements: What we promise, happens

  93. 11/02 18:46

    Travellers to and from Cyprus reach 5.8 million during 2019

  94. 11/02 17:07

    Elon Musk’s Tesla plans “electric highway” constructed across Greece

  95. 11/02 15:40

    Procedures on distribution diagram of property assets in Hellinikon concluded

  96. 11/02 15:22

    Wine show 'Oenorama 2020' at Zappeion Mansion in Athens

  97. 11/02 14:03

    Ryan Air launches new flights from Budapest to Mykonos in S2020

  98. 11/02 12:28

    2nd Gastronomy Tourism Start-Up competition launched

  99. 11/02 10:41

    Greek shooting champion first torchbearer of Tokyo 2020 Olympic torch relay

  100. 10/02 01:07

    Minister: Provision for the weak on new Bankruptcy Code in Greece