Welcome to digital nomads! In Greece, from January 2021, they will benefit from a tax exemption on half of their salary.
A spectacular tax giveaway: this is the method chosen by the Greek government to attract remote workers and other digital nomads, ad Boomberg BusinessWeek. From January 2021, newcomers will be offered a tax exemption on half of their salary income.
Alex Patelis, chief economic adviser to Greek Prime Minister Kyriakos Mitsotakis, specifies that a law to this effect will be submitted to Parliament by the end of the year:
Technology means we can now choose where we want to live and work – and in addition to the sun Greece can offer tax incentives. A foreign worker who settles in Greece will be exempt from tax on 50% of the income he earns here. ”
Attract skilled workers
After a decade-long debt crisis, Greece now faces the consequences of the global health crisis. Mitsotakis’ center-right government is trying to both attract investment and fight brain drain, says Bloomberg.
Relatively spared by the pandemic last spring, the country is currently hit by a second wave of contaminations. Schools, colleges and lysees had to be closed and general confinement was decreed on November 7. According to the European Commission, the year 2020 should end with a further drop in its gross domestic product estimated at 9% and the unemployment rate should reach 18% – a rate well below the 30% observed at the height of the crisis, but which remains one of the highest in Europe.
Greece is already offering tax breaks to foreign investors and retirees, notes Bloomberg. With these new provisions favorable to remote workers, the government is targeting in particular employees and self-employed workers who might be forced to leave the United Kingdom because of Brexit.