Greeks around the world that live outside of Greece didn’t “escape” from the new tax bill passed in the Greek parliament, entitled “Restoring tax fairness and tackle tax evasion”.
The changes that Greek Expats should be concerned about are:
Taxation for companies:
1. Increased tax rate to 25% on fees paid to foreign entities that develop studies in Greece.
2. Quintupled to 15% from 3% tax rate, on property owned by offshore companies. Rent will not be recognized as an expense paid if paid to off shores. Also, the cost of receiving services from a foreign firm which represents an off shore or works as a subcontractor for an offshore won’t be recognized a s an expense.
3. A 10% tax will be deducted from foreign bond interest, as well as accrued interest when Greek government bonds are transferred before the w of the title.
4. 5% tax on repatriated funds or money with 8% tax if they remain abroad, and interest free return of 50% of the tax paid if the funds are invested in Greece.
Discharge first home:
1. The exemptions on the purchase of first homes apply to foreigners living in Greece as ethnic Greeks from Albania, Turkey and former Soviet Union, citizens of EU Member States, recognized refugees and foreigners.
2. The tax exemption of Greek expatriates and foreign residents who have worked for at least six years (abroad) and were exempt is being repealed, if not being a resident of Greece at the time of purchase.
Note that the exemption is granted on condition that the buyer resides in Greece for at least one year.
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