Are you dreaming of a retirement in the Greek sunshine? Then you’re in luck because the Greek government really wants you! Read on to find out why…
Although travel and foreign holidays are resuming, the Covid-19 pandemic has hit the Greek tourism industry hard. So, to help the country recover and boost the economy, the government has launched a new tax scheme for overseas pensioners to retire in Greece.
The scheme applies to anyone of retirement age from a country that Greece has a double taxation agreement with. All you need to do when you retire to Greece is transfer your tax residence there. The incentive is a flat rate of income tax at 7%, which would be in place for ten years.
And it gets even better – this flat rate of 7% applies to all foreign income a pensioner may have, including investments, pensions, rents, business activities and dividends.
It will, however, only apply to those who spend more than six months of the year in Greece.
Athina Kalyva, head of tax policy at Greece’s Ministry of Finance explains, “The logic is very simple: we want pensioners to relocate here, we have a beautiful country, a very good climate, so why not? We hope that pensioners benefiting from this attractive rate will spend most of their time in Greece, that would mean investing a bit – renting or buying a home.”
Other reasons to retire to Greece
So, if you’ve been thinking of retiring to an overseas destination, could this scheme sway your decision? Still not convinced? Here are three other reasons why Greece would make a fantastic retirement destination…
The Greek weather is glorious, with luxuriously long, stretched out days and warm evenings. Wherever you choose to live in Greece, you’ll enjoy the scorching summers and warm winters.
Greece enjoys over 1000 more hours of sunshine than the UK and around half of the annual rainfall. It is no wonder this fabulous climate is attractive to overseas buyers.
The Greeks are known for their laidback lifestyle and taking the time to really enjoy life. After all, why does everything always have to be so rushed?
A retirement in Greece would no doubt be a welcome break from the fast-paced nature of life in the UK.
Of course, the cost of living varies depending on where you choose to settle in Greece. Nonetheless, even in the larger cities you will notice life is considerably cheaper than in many other European cities.
For example, the overall cost of living in Athens is considerably lower than in Rome or Paris, especially when it comes to rent. Food prices are also affordable and produce is fresh, delicious and often locally sourced.
If you would like further advice on the selling process in Greece, download your free Greece Guide.
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