Mitsotakis luring diaspora Greeks to return with generous tax breaks

Prime Minister Kyriakos Mitsotakis.

Prime Minister Kyriakos Mitsotakis announced tax incentives for Greeks abroad but also for citizens of other countries who will choose to work based in Greece in the coming years.

The provision of tax and other incentives was announced by the Prime Minister during a teleconference he had on Friday with Greeks living and working abroad.

Mitsotakis stated that “the image of Greece is changing. Maybe it is changing – I dare say – even faster than we imagined it could happen” and then analyzed the government’s legislative initiative to reverse the “brain drain.”

The Prime Minister wants to attract investments and invite foreign nationals to settle and work from Greece.

Among other things, the legislative initiative provides for a 50% reduction in income tax for the next 7 years, either if the job is transferred to Greece or if the interested parties settle as self-employed or as employees in another professional employment in Greece.

“I think it’s an important incentive to be able to do this crucial year – which I think after the COVID-19 pandemic we will make a big development leap – to attract to our homeland and human capital, which we so much need,” pointed out Mitsotakis.

He also referred to his personal example and the decision of him and his wife to return to Greece after some years of work and residence abroad. At the end of the discussion, he even stressed that financial motivation alone is never enough to make the decision to return to the country.

“What many of you have said is much more important: the long-term prospects of the country, if we have left the crisis behind us permanently, if there is political stability, if there is ultimately meritocracy, an effective state and an economy that can offer more employment opportunities from those offered today,” he said.

Greek Prime Minister Kyriakos Mitsotakis.
Greek Prime Minister Kyriakos Mitsotakis.

On this issue, Mitsotakis noted that “this is where all the energy of me and the government is focused, to create this new reality. In terms of development, the country is currently facing a coronavirus pandemic.”

“We did very well before the coronavirus and I believe that we will do very well after the coronavirus and we will be one of the countries that will come out stronger after the coronavirus.” he continued.

“But if you take a look at the Pissaridis Exhibition, which we have published in the last few days, you will find that it essentially forms a coherent plan of great, very bold changes that must be made in our homeland in order to reach where we are, where we want to be,” Mitsotakis concluded.