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Legal Flash: Greece is Introducing an Alternative Non-Dom Tax Regime for Investors

By 05/01/2021 No Comments


In the 30th of December 2020, the Greek Government has issued its clarifying Ministerial Decision regarding the Non-Dom Tax Regime, as provided for by Article 5A of L.4172/2013, for nationals of third countries investing in Greece. This favourable regime provides for an annual flat tax of €100.000,00 upon income earned abroad for people who transfer their tax residence to Greece, as long as the interested person has invested at least €500.000 in the country.

This is the latest of a series of measures benefiting third-country nationals taken by the Greek Government in an effort to attract more and more foreign capital (see also and, ultimately aiming at further boosting investments in both company structures and the real estate market.

In view of the above, Ministerial Decision 147269 EX2020 provides clarifications as far as the qualifying categories of investments are concerned, their duration, the process of proof, as well as the beneficiaries.

Beneficiary persons

According to Article 2 par. 1 of the above, any taxpayer can be subject to the Alternative Tax Regime, as long as they have realized maximum three (3) distinct investments in Greece amounting to no less than €500.000 in one of the relevant categories of investments. These investments must have been carried out by the interested parties themselves or, in some cases, a family member (their spouse or parents or children) or via a legal person in which said party holds the majority of shares.

Investment Categories

In order for the taxpayer to benefit from the Non-Dom Tax Regime, they need to have made the abovementioned investments of at least €500.000 in one of the following categories:

1.   Real Estate Purchase.

For the calculation of the property’s value, the minimum amount between the property’s objective value increased by 10% and the value of purchase according to the Sale and Purchase Contract is taken into consideration. In case that is not possible or the taxpayer wishes to prove that the value is higher, they can submit a recent valuation report that will include any in-kind contributions.

2.   Construction of Immovable Property

For the calculation of the property’s value, the taxpayer must submit a recent valuation report that will include any in-kind contributions, describing the investment, certifying its completion and the value of expenditures, evidenced by relevant documentation, while also commenting on their reasonability.

In the two above-described cases, the taxpayer can also qualify for the Golden Visa Program, that will grant them and their immediate family a 5-year residence permit, that can be renewed. (For more information, you can visit

3.   Purchase or Construction of new stable infrastructure in Greece for the purpose of exercising business activity through an individual business in Greece.

The purchase or construction may include real estate property (buildings, lots, fields etc) and/or the relevant equipment. For the calculation of the investment’s value, the above-mentioned methods apply.

4.   Acquisition of participation titles in a company, not listed in a regulated market

In specific, the titles must involve a company (Société Anonyme not listed in a regulated market or a General Partnership Company or a Limited Liability Company or a Private Capital Company) established in Greece, that exercises its activities in Greece, as evidenced by the financial data and its personnel. It can involve the acquisition either of new or existing titles or bonds issued by the Greek Government.

a.    For New titles, the value of the investment is equal to the total contribution for the company’s capital increase.

b.   For Existing Titles, the value of the investment is defined by the lowest amount between the objective value of the titles, as attested by the audit report, and the price mentioned in the contract of their transfer. In case that is not possible or the taxpayer wishes to prove that the value is higher, they can submit a recent valuation report that will include any in-kind contributions.

c.    For Greek Governments Bonds, their remaining duration at the time of the purchase must be no less than three (3) years. They need to be issued by a Credit Institution established in Greece, that will also be their depositary. Their value is determined by the price paid for their purchase, as attested by the Credit Institution’s Certificate.

5.   Contribution of Capital in an Alternative Investments Organization

The Alternative Investments Organization must be established in Greece and overseen by the Capital Committee, otherwise their Director needs to be registered with the Capital Committee. If said Organization is listed in a regulated market operating in Greece, the investment must be conducted via an intermediary investment firm or a credit institution established in Greece. The investment amount is equal to the amount paid by the taxpayer for the acquisition of shares in the Alternative Investments Organization or the intermediary or credit institution.

6.   Purchase of titles that are negotiable in a regulated market

This includes shares or bonds of companies established in Greece, ETFS or/and Greek Government Bonds, that are listed in regulated markets or multilateral negotiation mechanisms. The investment must be conducted via an intermediary investment firm or a credit institution established in Greece. The investor is obliged to hold a unique and of exclusive use bank account in Greece for the completion of the investment and the following management of their portfolio acts, from which they can withdraw money only for the purpose of reinvesting in movable values, not exceeding the 20% of the original investment’s amount.

Effective Date of Investment

In order for the investment to fall within the scope of the favourable Tax Regime, it must have been conducted starting from the 12th of December 2019 onwards.

Procedure of proving the investment

The determination of the realisation of the investment, as well as its completion and maintenance are overseen by the Foreign Capitals Administration, Department of Companies, Intragroup Services and Direct Investments, of the General Administration of Private Investments of the Ministry of Development and Investments.

The request to be included in the favourable provisions is accompanied by the Documentation of Investment Annex, including a presentation of the investment and the stages of completion, the predicted amounts to be spent, the sources of funding, a timeframe for completion, as well as any supporting documentation necessary. In case the investment is carried out by a family member of the taxpayer or via a legal entity, an extra Annex is added describing the information of said family member or legal entity, their relationship to the taxpayer and the relevant supporting documents.

As soon as the material part is complete and all expenditures have been covered, the investment is deemed completed.

The Public Financial Service for Citizens residing abroad and Alternative Taxation of Tax Citizens in Greece will receive the relevant request for inclusion in the provision of Article 5A of L. 4172/2013 and, after verifying and completing, if possible, the information of the Documentation of Investment Annex, will transfer them along with an Information Note to the competent Authority of the Ministry of Development and Investments in order for the latter to form an opinion.

Duration of the Investment in Greece

The taxpayer or the investor, in the case of a family member to the taxpayer, are obliged to maintain their investment for the entire duration of their inclusion in the Non-Dom Tax Regime, which can last up to fifteen (15) fiscal years, starting from the tax year of the inclusion request.

If the taxpayer and the investor are not the same person, they must declare any changes to the investment or their relationship within two (2) months from the date they took place. The Department of Companies, Intragroup Services and Direct Investments of the Foreign Capitals Administration will then inform the above mentioned Public Financial Service and will deliver an opinion as far as the fulfilment of the relevant conditions.

Each year and until the 31st of May, as well as at any other time that is required, the taxpayer is obliged to submit to the Department of Companies, Intragroup Services and Direct Investments of the Foreign Capitals Administration an Annual Report regarding the Documentation required. Keep in mind that the documentation differs according to the type of investment realized. If said Report is not submitted on time or the investment is no longer held by the taxpayer, the Public Financial Service is informed accordingly.

At Amoiridis Law Services® we are dedicated at assisting our well-respected clients successfully complete any of their investment projects in Greece. Thanks to our longstanding experience, we are able to provide a full package of consultancy services to our almost exclusively international clientele, customized to their specific needs.

As a result, we have represented clients from all around the globe regarding their projects in Greece. Our network of associate experts, composed by both in-house and external solicitors, notaries, accountants, tax experts, civil engineers, topographers, realtors etc., enables us to provide an all-in-one package of consultancy services, guiding you throughout the entire procedure of transferring your tax residence to Greece and benefiting from the upcoming tax exemption package.

For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalised information tailored to your needs and your profile.

You can email us:  or call/text us directly at: +306908351705 (WhatsApp/Viber)

Athens, January 2021

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