The decision of many German pensioners to spend the last part of their lives away from Greece, by moving their residence to other places with a better quality of life, sunshine and of course tax and financial advantages[/B], according to a report in the financial newspaper Handelsblatt.
The report among other things states: 'Greece, the Florida of Europe. Perhaps the pure lovers of Greece shudder at this vision. But the Greek government sees it as a viable business model. Prime Minister Kyriakos Mitsotakis sees the country as a retirement paradise. He wants to attract retirees for relocation from the cold north to the sunny south."
As Handelsblatt reports. Retirees who move their tax residence to Greece are only taxed at 7% income tax (...) Despite the low tax rate, the relocation of retirees should be worthwhile for the Greek tax authorities and economy as well, since retirees are expected to spend a large part of their income in Greece and perhaps buy a house. Additional incentive: anyone who buys a newly built property in Greece by 2024 is exempt from VAT. Greece is also an attraction thanks to its low cost of living. According to calculations by the German Statistical Office, in September 2021 the price level was 23% lower than in Germany. According to a study by the think tank DiaNEOsis, Greece could earn up to €5 billion a year and create 60,000 new jobs thanks to the so-called 'silver economy', the settlement of foreign senior citizens in the country."
Source: Deutsche Welle
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