“Borders are closing” for those who wish to take their money abroad

With a circular already sent to tax offices, the Treasury is instructing its agents on barriers to be raised against anyone who seeks to transfer their tax base abroad.

More specifically, the circular states the following:

-          those submitting a transfer statement of their tax base to the 47 "uncooperative" tax countries (Cayman Islands, Gibraltar, Uruguay, etc.) remain mandatory tax residents of Greece, which means they will be taxed on their worldwide income in Greece

-          those who submit a declaration of tax residence transfer to countries where there is no tax on income must meet a series of conditions for the Greek tax authorities to accept the request. For example, if a taxpayer acquires at least 30% of his income in Greece, he should be taxed in our country too. The same will apply if the total income derived in Greece exceeds 50,000 euros per year

-          if a taxpayer declares that he will move to a country with which there is a contract for the avoidance of double taxation of income (i.e. not getting taxed on the same income twice but only in one of the two countries), then the tax office should raise the issue of the double residence. Here the Treasury will contact the foreign tax authority to decide who will tax the taxpayer

The directive of the ministry now is that a mere disclosure of the taxpayer's intent to make a change of residence "should not automatically imply a change of residence."

It should be noted that yesterday Finance minister George Zanias asked for special crosschecks.