Let the tax wars begin: Greek TAX Incentives for Digital Nomads
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- เผยแพร่เมื่อ 30 มิ.ย. 2024
- Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships: clarity.fm/michaelrosmer
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I've noticed this bifurcation starting to happen in Europe. Northern Europe is all about taxing the rich, more socialism, more regulations, making it more ''poor people's friendly'' as opposed to a ''business-friendly'', environment.
Southern Europe also has high taxes: Italy, Spain, and Greece are all high tax countries. The difference is that these countries are not so productive, as their Northern neighbors.
Greece has been suffering financially over a long period of time, and people have been leaving the country. Clearly, they can't increase their taxes even further. It is predicted that the GDP of Greece will decrease by 9% this year.
They decided to break the spell and introduced the Digital nomad residency program. Today we are talking about this residency program in Greece.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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Author: Michael Rosmer
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Hi Michael, I hope you are right and others will follow. We need some competition.
In the today's EU, taxes and costs are really high for entrepreneurs. On the other side, everything is overregulated, and get you stucked. The banks are a thread for startups and small businesses. I am very disappointed with this trend.
This is the point. The system begins to regulate itself. I am just astonished how fast it happens.
Your channel is the place to stay up-to-date! Thanks 👍
Yeah it's definitely a concerning trend and I don't see the situation with banking improving anytime soon.
Regulations I think are tough to get rid of they tend to just grow.
At least taxes are showing some ok signs. Banking I think will take a while to bank maybe crypto will help that a little.
Oh Greece is great! And it's certainly a good news that they are structuring their migration policies. Thank you for the update.
Yeah, they are being pretty aggressive we'll see what comes out of some other places as well over the next little bit.
Very good mindset. Your analytics is a gem. Greece is becoming a hot spot.
Thanks! Still not sure I trust them long term but it is interesting
damn it, google is becoming full of bs scams.
@@amir5593 youtube and Google both
Great video. Do you need to provide a tax residency certificate from your home country to get an AFM in greece
so it's 7 years with a 50% tax rate, but what about residency? do you get 7 years with the right to live there as well?
Residency is separate from tax treatment, you need to get a residency permit of some sort.
Yeah. My biggest interest is tax reduction when I choose a country to live in.
would be helpful if you could include the references
in the description.
Good feedback thanks!
Michael, my great grandparents are from Greece but my grandmother was born in the US. Are the great grandchildren of Greeks eligible for a Greek passport? I haven't been able to find this info. Thanks!
They should be able to, but everyone down the line needs to obtain citizenship before the next generation is able to get it. Your grandmother needs to obtain it first, then after she's been approved your mom or dad need to obtain it and be approved, and in the end you can qualify.
This process can take years to complete.
@@OffshoreCitizen , thank you. I am SOL, haha. My grandmother is long gone and she came to the US when they thought the streets were paved in gold. There was no way she was going to get Greek citizenship. I have my Panamanian residency and I am looking for a European one now. I will continue to research and then book a call with you to settle on a residency so that I can hire you to help me get the optimal one.
I am a northern European who wishes eventually to retire to a mediterranean climate, but I acknowledge that prospective retirees will have received tax breaks on our private pension contributions. Greek income tax breaks for retirees has the effect that those with the most lavish private pensions will pay least towards state-funded services in either the state they earned in, or the state they retire to. I expect that limitations on the portability of private pensions will be the eventual Northern European response. There is less justification to limit the tax-free transfer of other wealth or income.
Wished Spain would bring up some attracting digital nomad visa program
Agreed Spain should do a lot more to compete with Portugal, Greece, Italy, Cyprus and Malta
6:50 is where the video truly starts.
why nobody talks about the social insurance payments? i think in italy you can pay only 4 % tax..fine..but than you pay 30000 e social insurance
Yeah socials are an important part of the equation but if you're earning dividends and other investment income they aren't subject to socials. It's sometimes worth structuring your income accordingly.
Afaik, if you're sole-trader in Georgia you don't need to pay socials unless you have georgian employees.
Italy has the same situation?
So the suggestion is if you need workers in your online business then just hire some freelancers (digital employees)), thus you won't be paying any socials.
@@maverick5646 yeah that's definitely the way I do it as much as possible.
Italy you can pay 15% flat tax for new businesses or something like that
@@gu3sswh075 but what are the social costs? in slovenia you have to pay 400 e monthly no matter what you earn...
Just for Schengen residents right?
Thank you for this video! And greetings from Greece. I moved here and set up my business here and I am planning to make videos about how things work here actually. The laws sounds great but the struggle with Greek bureaucracy is a nightmare 😅 anyway, I love this country and with better laws and lower taxes the country could benefit a lot from the coming changes. For now, the Greek system does the opposite…
Looking forward to your videos! Best of luck! :)
Any idea on how much taxes are on stocks? I am a full time day trader
Do you know an account in greece that could sign me up to this, you have to apply for it for it and application is best with a greek speaker
Would seem that the Greek program could be structured to fit HNW business people that are not "Digital Nomads"
They've got another program for high earners that I'll also create a video on.
Hi can you please advise If Greece k ok implemented this tax incentive?
Yes they did
The juice must flow!
Which countries are the best for nomad workers? I think that without taxing foreign income is better.
Are you looking for a place to actually get a job or work remotely?
@@MichaelRosmer I am looking for a place to work remotely and manage my international finances legally optimizing tax structure. Nice climate would be a plus,
@@martg0 You should look a bit at how much your income is as that will make a difference. In some countries there's an exemption on the first XX dollars and you can end up in a pretty attractive position. For instance, in Slovenia, which I'm going to do a video on soon there's a way you can pay very little tax on the first 100k.
That being said the immediate ones that tend to be options are places like UAE, very easy to pay zero tax, Panama, Uruguay, Paraguay, Chile for 3 years, Thailand can offer some good deals, Malaysia as well depending how you structure your income, etc.
There's no one size fits all though and it depends on your goals so if you want to discuss it in more detail you can definitely book a call with us and we can go over how it might apply to you.
I recommend you call Michael. There's no substitute for knowledge. He will save you hours in research and costly mistakes.
@@i1pro thanks!
Will there be a minimum salary? I know many countries do this and it can vary quite dramatically.
Not that we're aware of at the moment
@@OffshoreCitizen Thanks for the reply 👍🏼
@@edwardplatten9220 You're welcome! If you have any suggestions, let us know
Is it the case that there is no tax on the sale of securities from overseas? And then only 5% tax on dividends from foreign companies? Many thanks
No that's not accurate
@@OffshoreCitizen
A capital gain by an individual in Greece is taxable at the rate of 15%. There is no tax in the case of capital gain from trading in the stock market as long as the individual owns less than 0.5% of the publicly listed company.[11][12]
@@OffshoreCitizen Dividends are subject to a 5% withholding tax rate except for foreign dividends received by a Greek tax resident which may be subject to a more favourable withholding tax rate based on an applicable double tax treaty.
Sorry for multiple replies. I found this info online, source seems reliable, so wondering how it is not the case? Thanks again
@@bamboozle999 you're misunderstanding some of the laws.
Let's look at dividends for example. Withholding taxes are for foreigners receiving dividends from Greek companies or Greeks receiving them from abroad. These are on the sender side. The receiver side is then also taxed based on the local rates.
Thanks Michael. Love your videos. (Don't agree with all your opnions, but that's ok :)
If we agreed on everything one of us would be redundant, sensible disagreement is great.
What are some things you think differently on?
@@MichaelRosmer Yes, I agree with that! Thanks for the informative videos. Really great~~ (About disagreement it's nothing too serious. Just that Finland is miserable weather wise. I loved living in Helsinki and St. Petersburg! :)
You were wrong on everythinhhg
What was wrong?