GREECE PLANS TO PROVIDE SUBSTANTIAL INCENTIVES TO FOREIGN INVESTORS

The Greek government has prepared a relevant package of tax incentives, including ones for foreign investors who wish to obtain the residency in this country. The Greeks intend to attract wealthy foreigners by introducing a flat tax rate of 100,000 euros for qualified individuals who wish to transfer their place of residence to the country. It also should be stressed that such persons will have to pay extra 20,000 euros for each family member.
To receive the above benefits, investors have to be in the country at least 183 days a year. They will also have to invest 500,000 euros in the national economy during the first three years as a resident. For investors who have invested 1.5 million euros in Greek assets, the fixed tax burden will be halved (to 50,000 euros), and investments of 3 million euros will reduce the burden to 25,000 euros. The program will exist for 15 years.
Greece is also on the verge of other important changes in the field of taxation, namely:

corporate tax will be reduced to 24% from 28%;
taxation of dividends will be reduced to 5% (currently - 10%);
one-time tax on stock options exercising will be established in the amount of 15%.

According to media reports, the relevant amendments will be put to a vote at the end of this month.