Flat tax 7% on all foreign-source income retiree scheme.

@JohnNicholls

Hi guys, I would also be interested in this matter !

Best

P

I am interested as well to the reply

Thanks for your answer

Matoureveur

Google: What is the 7% tax in Greece?

Here is one result (there many others offering to be the "processing organisation" . I would certainly not attempt to do it myself knowing the Greek bureaucracy. Some charge a lot more than others, so worth shopping around.

https://www.astrantia-consulting.ch/res … %20from%20(iv)%20the

@JohnNicholls

the link did not come through but here is a good explanation of different schemes around from KPMG:

https://assets.kpmg.com/content/dam/kpm … s-2023.pdf

Wow, they only want 10K Euro to apply. Perhaps, better try a Greek lawyer? This for example:

https://www.convertinilawservices.com/e … in-greece/

It is not a recommendation, I did not talk to them.

It says [link under review], hopefully, it will appear, it is for a good article.

Or, you may just google "laura convertini"

A friend sent me some good links. Passing it on, hope it helps others :-)

https://www.gov.gr/en/sdg/work-and-reti … om-another

For those without EU residency:

https://www.keeptalkinggreece.com/2024/ … rbnb-size/

For those interested in Medical insurance: [link moderated]

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Hi John, I retired under the 7% tax regime 1 1/2 years ago; what can I help you with? Regards, Marcelo

@Fine Athenian Estates

Hi Marcelo, Thank you for responding to my inquiry. It is much appreciated. I am finding it very difficult to find anyone (you are the only one so far) who has taken this 7% Flat Tax option.

You stated in another post: "...you do actually need pension (social security) income.". This is my primary concern.

We are eligible for Australian pension/social but we have been away from Australia for over 23 years.

We would need to reside in Australian for two years in order to be able to claim our Australian Pension and social sec benefits. This we do not want to do as it would make us endure living costs of in excess of 130,000 euro (Australia is a very expensive country to live in), plus two wasted years …which we would prefer to spend in Greece.

We will be self-funded retirees on a Australian Superannuation (a compulsory system of placing a percentage of your income into a fund to support your financial needs in retirement).

There lies our conundrum, super is a private and not a government pension fund system, so I am trying to find out how we can get around that stumbling block.

So far I have not found any accountants or other person in Greece that may help in this regard.

Still looking! So if you, or you know of an English speaking accountant/lawyer that has experience in this area, I am all ears!

Cheers, John. 

@pchristeas

Will post here when I have clarity on my question :-)

@matoureveur

Will post here when I have clarity on my question :-)

@ipolishchuk

Have contacted her. Will post here when I have clarity on my question :-)

@ipolishchuk

Yes, 10K is ridiculous.

@JohnNicholls

Hi, just curious, as I'm from the UK, and may be in a similar position. Did you ever find a good person to help you with this?

Ideally, I would like someone who can help me with the detail of the planning, and then with the submission of forms/taxes etc in both countries.

Cheers

To answer your question on finding a reliable, English speaking, and hopefully not crazy expensive lawyer in Greece to assist you, I would strongly suggest you do a search in your Facebook account. Search: "Greece Groups" (many will pop up., and join the ones that interest you, then ask questions. They will be more up to date than anyone else and you can obtain personal endorsements etc..

Found out that if you are an Australian, you can apply for your Australian Pension in Greece. The Aust gov did not make this info readily available. No two year penalty in crazy overpriced Australia!

I am stuck in Vanuatu for the present as I need to sell our business first ([link moderated]) first to cash up. The country's economy is in the gutter for now, so might get away in a year or two. Meanwhile stuck in "Paradise".  Rather be having Ouzo along the shores of Greece. Prob will not qualify for the Aust Pension, but we (wife & I) paid for it in collectively 50+ year of taxes in Aust, so will still apply when the time comes...

Anyway, I have looked at other options before ending in Greece. Found Kampot (or Siem Reap) Cambodia.

Super easy visa, no income tax, great base to explore South East Asia for a couple of years before more permanent (and becoming more expensive by the day) Greece. I collect my info and share it here: [link moderated] ... if anyone is interested.

Cheers, John

@JohnNicholls

Thanks for the reply and advice. Unfortunately, I think the links given have been moderated, but worth a try!

Britain is swirling down the pan, so looking for a good escape too. I was in Thailand, and a short spell in Cambodia last winter, and this winter in the Philippines. Although all three have their advantages, I did struggle a little with the pollution, and all those Jeepneys belching out smoke.  I thought Bangkok was a fantastic place, but walking around, even just a few blocks to the underground was starting to get to my throat. Same with a lot of the Philippines. Visas were good though, even staying there under a tourist visa.

One thing I did learn with those SE Asia countries, the zero tax options aren't such an advantage. In effect, the UK says “they don't tax you, so we will”. It's impossible to get a UK NT (No Tax) Tax Code signed off. So I'd finish up paying UK tax on pension withdrawals, and no recovery. In fact, just the same high taxes, as if I was living in the UK. Greece seems to have the 7% option, and Bulgaria the 10% option, and the UK accepts those, and as I understand, doesn't tax any further. Both are in effect less than the UK, especially for higher levels of pension. Even after taking into account the UK has a tax-free allowance, and both BG and GR tax the UK ISA (Tax free savings) dividends and gains, the UK tax would be higher.

In any case, even if the taxes were exactly the same, I'd rather pay them to just about any other country than the UK with our current government.

Hear you on going down the gurgle, Australia and New Zealand have become too expensive to even contemplate. It would cost over four times more to live in those countries than Cambodia for example and have travelled / worked in both extensively. Both with zero appeal.

Odd about Expat admin deleting the links as they are not promo or solicitation, only relevant to our conversation :-(

The links were to my Facebook: "Australians Retiring Overseas" and my business: Rockwater Resort, Tanna Island, Vanuatu.

Anyway, my situation is vastly different to yours. You see I live in a country where there is no income tax. That is not an issue I am running from, but more trying to not run into.

Yep great to live in tropical paradise with no income tax, but it is 'developing" country, so you are on your own with little essential infrastructure.

For me to pay tax (we are citizens of Vanuatu) on income will be hard to swallow when I have not done so in 25 years. Hence, Kampot Cambodia which has negligible pollution; on a river; close to the ocean with the super friendly Cambodia visa and great people is a no brainer to set up base camp for exploring SE Asia. Not interested in the polluted places (visits only), as I live 30kms from Mt Yasur, an active volcano filing my lungs with fine ash 24hrs a day.

One other advantage will be improved health medical facilities (or flight to Bangkok for serious stuff) that this country does not have. Another thing, no medical insurance here, so we pay for our own as we need. We will save 80% on medical treatment/pharma in Cambodia. Good thing we are both healthy!

@JohnNicholls

I found the links, thanks, I'll have a follow and look at the pages. Vanuatu looks like a paradise, for a holiday at least! Good luck with Cambodia and Kampot 👍

Hope to make it to Greece one day though (Kalamata area) as it is our ultimate destination. My daughter lives up the road in Vienna.

Drop a post here the day you have jumped all the hurdles and settled in Greece!

Good luck :-)