Tax emigres urged to invest

A joint decision by the ministries of Finance and Development paves the way for wealthy foreigners who have transferred their tax residence to Greece to invest in this country. They have three years after applying for a Greek tax number to invest at least 500,000 euros in real estate, stocks, bonds and fixed installations.

Those who invest and enjoy favorable terms from the tax authorities are obliged to maintain their investments throughout the period of their tax residence in this country, which can last up to 15 years.

The tax office responsible for taxpayers based abroad, "DOY Exoterikou," is responsible for monitoring these investments. By May 31 every year these foreign taxpayers must submit a report to the tax administration with the necessary documents showing the course of their investments.

Those bringing their tax residence to Greece have to pay a...