This week, we proudly announce the successful approval for inclusion into the Greek Non-Dom Tax Regime for several distinguished High Net Worth Individuals (HNWI), clients of Machas & Partners.
Smooth Application Process
Our private client team, Senior Associate Eleanna Karvouni and Associate Vasileios Tsintzos, navigated flawlessly the application process before the Greek fiscal authorities, under the provisions of Article 5A of L. 4172/2013, demonstrating our commitment to excellence and top-notch legal services.
Understanding the Non-Dom Tax Regime
For those unfamiliar, the Greek Non-Dom Tax Regime is strategically crafted to offer incentives for establishing tax residency in Greece; a game-changer, attracting high net worth individuals with its benefits, namely the lump sum annual tax of €100,000 for all foreign income. Added plus, the possibility to include family members with an extra flat tax of €20,000. A minimum investment of €500,000 is required, either in real estate, bonds/securities or shares in Greek legal entities, to be materialized within three years from the application.
Global Financial Flexibility
In the context of the Greek Non-Dom Tax Regime only income in Greece or of Greek sources must be declared; in addition inheritance or gift tax does not apply for assets outside Greece – with the flexibility to maintain this tax advantage for up to 15 years.
Anticipating a Growing Trend
Reflecting on this success, we foresee an upward trend in applications for the Non-Dom Tax Regime in the years to come. Eleanna and Vasileios express confidence that the regime’s strategic advantages will continue to attract HNWIs seeking a tax-friendly environment in Greece.