ECONOMY

Inflow of non-doms continues

inflow-of-non-doms-continues

Wealthy foreigners who have relocated their tax domicile to Greece – mostly diaspora Greeks involved in shipping – invest in real estate and non-listed companies.

Kathimerini understands that last year more than 100 wealthy people from abroad expressed their interest in the new tax legislation and the favorable “non-dom” status applying in Greece to a major law firm in the country, with five families among them (10 individuals plus their children) becoming Greek residents.

Most of those who have already received approval from the tax office (DOY) of residents abroad had left Greece in 2010 and obtained United Kingdom tax residence by utilizing a similar law in Britain. The expiry of the period provided, as well as Brexit, has brought them back to Greece, as they prefer to be tax residents of Greece and the European Union.

In the first couple of months of 2021 the same firm also submitted five applications by diaspora Greeks, which the DOY for residents abroad has already approved.

Out of all the wealthy non-doms who relocated in 2020 and 2021, the majority originate from the United Kingdom, the United Arab Emirates as well as Latin America, and most invest in real estate.

Officials at the same law firm note that last month a special online event offered information to some 40 Greek Australians wishing to find out more about the attractive tax status in Greece. Interest has also been recorded from Turkey, as well as several other third countries, in the form of wealthy individuals wishing to have a presence in the EU. So far over 60 non-dom applications have been approved and another 50 applications are being examined.

Greeks in the US and Canada appear more reluctant about relocating their tax domicile to Greece. Although they want to get up to date on the range of laws introduced, they fear that next year or in case of a government change the privileges offered might be lost, forcing them to seek a new tax domicile. They argue that it would be better to have the law operate for a couple of years first and then take action.