Greece, Cyprus among the most attractive destinations for French retirees

Kefalonia Greece

With the number of French pensioners choosing to live abroad has doubled in the last ten years to over 1 million, France's Figaro reports that Greece and Cyprus are among the countries that have put in place attractive tax measures to attract foreign pensioners. These countries also include Portugal, Italy, Tunisia, Morocco and Malta.

What Figaro writes about Greece and Cyprus

As for Greece, the French newspaper comments that it "makes sweet eyes" to pensioners, with the uniform tax rate of 7% offered for 15 years to those who establish their tax residence there.

"The logic is very simple. We want retirees to settle here; we have a beautiful country and a very good climate, so why not?" Athena Kalyva, head of tax policy at the Greek Ministry of Finance, explained to the French newspaper.

She added that one does not need to acquire real estate in Greece to benefit from this system and it is enough that they reside there 183 days a year and belongs to a country that has signed a bilateral tax treaty with Greece, as with France.

In the case of Cyprus, it is stated that according to the French-Cypriot tax convention of December 18, 1981, French pensioners are not taxed in France but in Cyprus if they decide to establish residence there.

Taxation benefits them, reports the French newspaper, noting that their pensions are exempt up to 3,420 euros per tax year and from then on, they are taxed at only 5%.

In addition, there is no property or inheritance tax in Cyprus, concludes Figaro.

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