Non-Dom Special Tax Resident in Greece
Greek Non-Dom Tax Regime
legislation
Sources and background
The conceptual model of residence is changing, where the primary residence may be in one country and the vacation home or second home may be in another. Even the residential patterns of families are changing. Traditionally, the model was that a couple and their children had a residence in the same country, but increasingly it is the case that the spouse works and lives permanently in another country, while he or she lives with the children or other family members. In Greece, a family may live in different municipalities in the summer and in the winter; even in Europe it may live in two different countries in a year; including employees working through technology and teleworking, not necessarily working and residing in the same country/region, thus giving rise to the concept of Non-dom (Non Domicile).
Special privileges for entrepreneurs
Non-Dom Creating a win-win situation for Greece and entrepreneurs
No less than the rest of the EU, Greece passed a new bill back after last year's election thatOpening up more access to Golden VisasIn order to achieve the goal of attracting more powerful entrepreneurs, the new government team promotes incentives on tax residents, expresses Greece's ambitions in the international arena and in the European Union countries, and strongly grants tax incentives in order to attract residents with high tax rates, with the expectation of increasing public revenues and obtaining various fringe benefits. Hence the creation of the Non-dom, a special tax resident.
Tax rates for Non-Dom tax residents
Income in Greece
The domestic tax rate for Non-dom special tax residents is the same as that for Greek tax residents, based on income from all types and sources received in Greece.
Income outside Greece
The most significant difference between Non-dom special tax residents and other tax residents in Greece is that theFor foreign income, only a one-time payment of Euro 100,000 per year is requiredNo foreign amounts need to be declared in Greece.
Conditions for entry into Non-dom
The Greek Income Tax Law (Law 4172/2014), as amended. There are three conditions that must be met in order to become a special tax resident of Non-dom in Greece:
- Natural persons.
- shall not have been a tax resident of Greece for the first seven (7) of the eight (8) years prior to the transfer of his tax residence to Greece.
- The amount invested must not be less than 500,000 euros. The investment must be made within three years from the date of submission of the application to transfer the tax residence to another mode of taxation.
processing process
- Applications submitted through March 31 of the tax year.
- The application is approved or rejected by the Hellenic Revenue Authority within 60 days.
- Submitting the application, Greece will be announced to the country where the tax domicile is held, informing the tax authorities.
- Payment of €100,000 annual income tax within 30 days of approval.
Advantages of Non-Dom Tax Resident
Addressing CRS
existCRS protocol implementationUnder the terms of the program, countries automatically exchange account information on how much money is in a financial account for the same identity, and most members of the United Nations are already in the process of doing so.List of signatories to CRSThe Non-dom tax resident status legally solves the problem of opening a bank account where it is mandatory for the account holder to provide a tax identification number and to prove his tax status. Refer to the article:What is a tax ID number? Tax resident?
No worries about automatic exchange of financial accounts
Automatic Exchmage of Information (AEI) is a program that meets the requirements of theCRSunder the tax standards used to regulate how the tax authorities of countries exchange with each other accounts or deposits held in accounts or deposits in which the taxpayers residefinancial assetand information relating to the income derived therefrom, as determined under the internal tax laws of each jurisdiction (State Administration of Taxation (SAT)), banks must ensure that account holders (or controllers) disclose all tax domicileIn other words.State Administration of Taxation (SAT)Have on hand a copy of the identity and information of all account holders registered with overseas banks at the time of account opening. AEI can be avoided by using NON-DOM tax resident status.
You can open an account with an island passport
Island passports, or countries that offer CBI (Passport Immigration, Citizenship by Investment) including Dominica, St. Kitts, Antigua, Grenada, Turkey, St. Lucia, European countries: Cyprus, Malta, Montenegro, Moldova, Vanuatu are all in theWithin the OECD Organization for Economic Cooperation and Development's Tips ListOne of the main reasons why opening an account in Hong Kong, Singapore, or Dubai is no longer so easy is that these countries are tax-free, and bank managers need to do more due diligence. No bank wants to commit money laundering.
Open an account with Daikoku Passport
High-asset individuals have acquired Maltese or Cypriot status in the last five years, joining the ranks of EU citizens, but in theOECD (Organization for Economic Cooperation and Development)voidCBI (Citizenship By Investment) Tips ListAfter revealing to global financial institutions all the high-asset communities that may be using second country passports to evade taxes, the Non-dom can now legitimize these offshore bank accounts
Offshore income
Non-dom tax residents are not required to pay tax on foreign income.
non-zero tax
Dual citizenship is safer, no need to account for overseas income, bring family members with you.
Special Tax Resident Non-dom undoubtedly brings more space and freedom to Greece and the high net worth community, the Greek tax office only cares for a flat tax of 100,000 euros per year, and high net worth families don't need to bother submitting information about their accounts abroad, which is more confidential and safer.
Conclusion
Comparison with upgraded Dominica passport
utilizationCBI Projectin additionFIP Greece,Greece Golden VisaorNON-DOMThey are all of a higher order. For high net worth individuals, it is not a case of not paying any tax at all, but of paying a reasonable amount of tax.Upgraded DominionutilizationDominica Gold Statusin additionFIPIt solves the nationality problem of account opening status, but there is no advantage of NON-DOM's exemption from declaration in global offshore tax. Families with higher capital can consider Dominica + NON-DOM.
Comparison with Golden Visa
Golden VisaProvides foreigners with one-step access to the status of permanent residence, but this status does not have the advantage of tax, as a permanent resident of Greece you can obtain a local tax ID number, but if offshore asset allocation, according to the CRS agreement, the use of the passport of the original nationality is still categorized as a tax resident of the original country, and become the counterpart of the automatic exchange of financial accounts. Refer to the article:Transferring money to an overseas bank account? How can I do it safely?
Comparison with other tax resident statuses
Greek Non-dom is the newest and most direct of the mainstream EU markets.tax residentIdentity, excellent national reputation than the previous zero-tax heaven (Tax Heaven) is more accepted by the OECD, for the rich can be fair and square to hide overseas assets, exempt from the disclosure of the trouble, to reach the actual control, wealth inheritance, can be furtherLearn about our servicesThe
Applicable persons
Families with a household income of more than $2 million or annual tax payments of more than $350,000 can consider applying for a Greek Non-dom; if annual tax payments already exceed $600,000, a Dominican passport plus Non-dom status is the best configuration; people with high cash assets can also apply. Families in need can contact us, we have rich experience in local tax planning and asset planning in Greece, and also provide local legal and residency services.
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