June's Tax Alert analyses the plan to make Greece more attractive as a Non-Domicile residence to High-Net-Worth individuals.
- A plan to make Greece more attractive to high-net-worth foreign citizens considering transferring their tax residency to Greece under the Non-Domicile (Non-Dom) regime, was recently presented by the Minister of National Economy and Finance.
- The Ministry of National Economy and Finance will address potential investors considering the possibility of relocating their tax residence to Greece. In line with attracting more Non-Dom investors, a new provision will be included in the draft bill for the new Customs Code which is due to be posted for public consultation.
- The proposed key changes to the Non-Dom Regime are:
- Family Inclusion: the ability to add family members in the Non-Dom regime at any time during the initial investor's 15-year residency at a cost of €20k per additional family member.
- Tax Exemptions: offered with the aim of addressing
disincentives in the existing Non-Dom regime:
- a full exemption from gift and inheritance tax on foreign assets transferred to third parties; and
- no inheritance tax payable on these assets in Greece.
- We expect the draft bill to be submitted to parliament for consultation soon.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
