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Greece Approves Tax Breaks For Foreign Pensioners

Friday, August 7, 2020

Greece has published in its Official Gazette a law to introduce a special tax regime for foreign pensioners relocating to the country.

Under the special tax scheme, designed to attract foreign retirees to take up Greek residency, a flat seven percent rate of tax will apply to the foreign income of qualifying taxpayers.

To qualify for the flat tax, individuals must not have been tax resident in Greece in at least five of the previous six years prior to applying for the scheme. The individual's home country must also have an agreement for administrative tax cooperation with Greece.

Applicants wishing to apply for the scheme for the 2020 tax year must do so by September 30, 2020.

The legal provisions for the regime were published in Article 1 of Law 4714/2020, which was published in Greece's Official Gazette on July 31, 2020.