Turning Elliniko into a Greek Monaco

Turning Elliniko into a Greek Monaco

Greece aspires to turn the new development at Elliniko into a Monaco-like magnet for wealthy entrepreneurs and businesses from abroad, not just for pensioners permanent relocating to Greece.

That is the target of the government's recent moves through laws already voted on or soon to be tabled in Parliament concerning incentives for enterprises and their owners to relocate from places such as the City of London.

Already the ministers of finance, Christos Staikouras, and development, Adonis Georgiadis, are heading in that direction: Sources say changes are about to be made to legislation concerning the relocation of foreign companies to Greece, which will provide tax incentives for businesses moving to this country. The two ministries' agencies have already begun the necessary preparations.

A total of three laws are expected to change the image of Greece for those wishing to invest here: The first is already in force, concerning wealthy foreigners shifting their tax residence to Greece; the second pertains to family offices; and the third has to do with the amendment of the investment incentives rules so as to offer additional motivation to companies relocating to Greece, possibly along with their employees.

The creation of family offices may be a necessary addition to the changes introduced to date: This is because the management needs of wealthy families tend to exceed the capacity of one accountant and one notary, requiring a complex corporate structure. Family offices are corporations managing the entire living of individuals with very large estates, ranging from the investment of their assets to their charity activities and even to the transfer of their wealth to the next generation.

Perhaps more important is the change in the law regarding moving foreign enterprises to Greece: The government's objective is to win over businesses wishing to leave London after Brexit from countries such as the Netherlands. In fact the Dutch have acted swiftly and already managed to attract many of those companies.

One of the measures that the chief economic adviser to Prime Minister Kyriakos Mitsotakis, Alex Patelis, recently announced concerns a 50% reduction in the taxation on employees that move to Greece for the first seven years.

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