What the Data Shows
Mr. Giorgos Gavriilidis, CEO of Elxis – At Home in Greece, states:
“As we can see from our data, 30.8% of demand comes from people, mainly retirees, who wish to acquire a permanent residence in Greece. This is a significant percentage, but also a particularly positive development, as these people’s investments have high added value, since they are not limited to the purchase of the property, but continue to contribute to the local economy as new residents.” According to him, this also explains the preference shown by 71.7% of buyers for newly built homes or properties that can be occupied immediately. In addition, 68.2% are looking for villas, while only 17.2% are interested in apartments. “As far as the average budget available to foreign buyers is concerned, we observe that the majority are looking at amounts ranging between €320,000 and €340,000,” Mr. Gavriilidis notes.
According to Elxis, the increased appeal of permanent residence is also explained by the program introduced in previous years, which offers tax incentives to retirees from abroad. Specifically, those who make use of the relevant provisions can transfer their tax residence to Greece and pay a very low income tax, at a rate of just 7%. This low tax rate applies for a period of 15 years. In addition to the existence of a double taxation avoidance agreement between Greece and the country where the pension is issued and paid, a prerequisite is that the retiree concerned resides in Greece for at least 183 days per year. They must also not have been a tax resident of Greece for five of the six years preceding the transfer of their tax residence to Greece.
