The Greek Golden Visa has been flailing in 2020. The economy is severely impacted by the pandemic which has hacked at one of its key industries – tourism. So in efforts to attract both foreign talent and fiscal revenues – Greece has announced another tax initiative to lure foreign digital nomads and returning Greek Citizens.
Greek economic development
The Greek economy had been sprouting pre-Covid, its austerity measures were becoming part of ‘yesterday’ and the future looked promising – its Greek Golden Visa applications were soaring in 2019. Then 2020 happened bringing with it travel restrictions culling Greece’s key source of foreign investment – tourism and renewed economic woes.
To counter this, Greece has been implementing new tax initiatives to swim through these turbulent times and support its frail economy. Prime Minister Mitsotakis has announced that a 50% tax cut will be available to foreign citizens who wish to relocate to Greece as well as to expat Greeks who want to return home.
As many office buildings are switching off their lights thanks to the second wave of coronavirus that is seasonally growing – millions of professionals are making their library, kitchen table and bedroom – their new office. This renewed trend towards remote working is not going anywhere and the Greek authorities are taking the lead and paving the way to capitalize on this ‘work from home’ trend. How? by offering to make ‘home’ – Greece.
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‘Working From Home’ is the new normal.
As such almost all of us can be classed as ‘digital nomads’. Gone are the images of instagram influencers, TEFL teachers, travel bloggers and foodies today’s digital nomads – no, lawyers, accountants and investment bankers are all (travel and WiFi permitting) able to work remote. In 2020 – as we live through a historic pandemic – we all could organize our affairs to be ‘digital nomads’ and work from where we deem best.
Known for its impeccable hospitality, Greece is living up to its reputation by opening its doors in 2021 to digital nomads and offering a 50% tax break for up to 7 years. Greece aims to draw in not only a much-needed source of tax revenue but also talent. Senior professionals from across the globe will likely chose to make Greece their new basecamp during these trying times. With over 300 days of annual sunshine, beautiful Mediterranean landscapes, cuisine and folklore there is no doubt that many cabin-fever professionals and entrepreneurs, exhausted from the lockdowns and grey skies will take up Mitsotakis offer and make Greece their new home.
