Greece to offer tax cuts for workers who want to move their tax base

Greece encourages people to move to the country and promises that half of their income will be tax-exempt, Bloomberg reports.

Greece currently applies a 44% tax rate for earnings in excess of € 40,000.

The new facilities will be valid for a maximum period of seven years for workers who want to move their tax base to Greece, regardless of nationality and type of work.

The offer will also be valid for Greeks living abroad if they return home.

Greece wants to get investors back after four years of less business friendly policies adopted by the previous left-wing government.

Through its new incentive plan, the Greek government is simultaneously focusing on the UK and employees or freelancers who may be forced to leave the UK due to Brexit.

Attracting foreigners and reversing the brain drain is seen as crucial to boosting economic performance after a decade of debt crisis that wiped out about 25 percent of Greece’s GDP.

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