Greece is becoming an increasingly attractive destination for wealthy individuals, foreign retirees, and professionals looking to relocate - and the government is taking steps to make the move even easier. Responding to a surge in interest, the country’s Independent Authority for Public Revenue (AADE) is set to digitize and simplify the entire tax residency process.
Beginning in June, registering as a tax resident and obtaining a Greek tax identification number (AFM) will take just a few days, replacing a process that currently drags on for months. Applicants will be able to complete the procedure online, submitting a simple digital form. Those interested in working in Greece under a highly favorable tax regime - which allows for a 50% reduction in income tax for qualified individuals - will also benefit from a new system that automatically verifies eligibility through real-time integration with the Greek Ministry of Labor and the national employment registry, Ergani.
Beyond registration, the new digital platform will also serve as a monitoring tool to ensure participants in these tax residency programs remain compliant with the law. Authorities will be able to track whether wealthy newcomers have fulfilled their investment obligations - such as the legally mandated €500,000 investment in real estate, stocks, or bonds—and whether foreign workers continue to hold valid employment or have changed their job status.
Since the introduction of the law in 2020, which offers tax incentives to individuals transferring their tax residency to Greece, the country has seen a notable influx of high-net-worth applicants. A total of 233 applications have been submitted, with 213 already approved. Many of these new residents are millionaires and even billionaires who have relocated from cities like London, spurred by the UK’s departure from the European Union and the expiration of favorable tax arrangements there. Others have come from far-flung locations including the United States, Australia, Argentina, the United Arab Emirates, Russia, and Monaco.
To qualify for Greece’s favorable tax status, new residents in this category must invest a minimum of €500,000 within three years of their move and maintain that investment for at least 15 years. So far, these investors have poured a combined €277.38 million into the Greek economy, averaging about €1.3 million per person. In the first two months of this year alone, 25 new applications were submitted and are currently pending approval.
Retirees, too, are increasingly drawn to Greece. Interest in the program dipped during the COVID-19 pandemic, but has since rebounded. To date, 1,411 retirees have applied to transfer their tax residency to Greece, with 879 approvals. The first two months of this year saw 265 new applications. Many of these retirees are from Scandinavia and Germany, relocating from other countries with less favorable tax regimes, such as Portugal and Italy. Greece’s competitive 7% flat tax on foreign-sourced income, combined with its
Mediterranean climate, has proven a strong draw. Once that 7% tax is paid, retirees face no further tax obligations on that income in Greece.
The country is also witnessing the return of thousands of professionals, many of them Greeks who left during the financial crisis and are now coming back to take advantage of improved job prospects and tax incentives. According to government figures, 7,887 applications have been filed under the program for workers, with 4,915 approved so far. An additional 548 applications were submitted in the first two months of this year. These returning professionals benefit from a reduced tax rate, providing a strong incentive to bring their skills and income back to Greece. Another 1,379 applications are still pending, largely due to missing documentation.
