Like many young Greeks, he moved abroad in search of better opportunities. Between 2010 and 2021, approximately 600,000 mostly educated Greeks left the country, according to the finance ministry, which is now offering tax incentives to lure them back.
A study conducted by an Athens-based think tank showed that despite years of economic recovery, Greece still has a “brain drain,” or emigration problem.
The study carried out by the Institute for Alternative Policies (ENA) reported that between 2010 and 2022, 1.08 million working-age people left the country, of which 234,058 were aged 15-24, 633,680 were aged 25-44, and 212,254 were aged 45-64.
Of this total, more than 796,000 emigrated during the years of the economic crisis (2010-2018) and over 283,000 did so after the crisis had ended between 2019 and 2022. In both time frames, almost 60 per cent of those who emigrated from Greece were from the 25-44 age cohort, the most productive group.
The report said, “These young people continue to leave the country at a somewhat lower rate compared to the crisis period but a distinctly greater rate compared to the pre-crisis period.”
According to the study, “Their departure not only deprives the Greek economy of valuable human capital but constitutes another proof that the losses suffered by the Greek economy during the period of the crisis had long-lasting consequences.”
Despite these efforts, young Greeks continue to emigrate, although at a slower pace than before. Greece has a long history of brain drain, with many Greeks seeking brighter futures in the United States, Canada, and Australia in the late 19th and early 20th centuries, creating a thriving Greek diaspora.
The current wave of emigration is significant for a country of 11 million, particularly after Greece’s economy was severely hit by austerity measures between 2009 and 2018, leading to major cuts in wages and pensions. During that period, up to half of Greeks under 25 faced unemployment.
For Tsanis, a return to Greece was driven by a desire to settle down and start a family after years of instability abroad. Now 39, Tsanis has moved back to Athens to launch a startup, a decision he couldn’t have considered a decade ago.
The Greek government, led by Prime Minister Kyriakos Mitsotakis, remains focused on reversing this trend. Mitsotakis, who won re-election last year, has emphasized the country’s progress. Unemployment, which peaked at 27 per cent in 2013, dropped to below 11 per cent in April, although this figure is still nearly double the EU average.
According to the finance ministry, around 350,000 people who left during the crisis have returned. However, economist Panos Tsakloglou, deputy minister for social insurance, notes that convincing others to come back, especially those who have started families abroad, remains challenging.
To address this, Greece is offering a 50 per cent tax rebate for the first seven years of relocation. Despite this, only about 10,000 people have utilized the offer, as living standards in Greece continue to lag.
According to Eurostat, the minimum wage in Greece is 830 euros ($900), significantly lower than in France, and the average annual income is half the European average.
Eirini Kapogianni, an orthodontist who returned from Germany in 2019, found it difficult to reestablish herself in Greece but has since created a network called Back to Greece to support others in similar situations. Her network has about 10,000 members and aims to help expatriates reintegrate into Greek society.