Elina Nikaki, Assistant General Manager and Head of Specialized Segments & Customer Excellence, Retail Banking at Eurobank, joined Dimitris Kontogiannis on the Voice of Greece program “Our Global Voice” to discuss the tax incentives and mortgage financing options available to Greeks living abroad, foreign retirees, digital nomads, and investors interested in relocating their tax residence to Greece or purchasing property in the country.
Nikaki highlighted Greece’s competitive tax and investment framework for individuals relocating to the country or seeking a residence permit. Greeks abroad who have been tax residents outside Greece for at least five of the previous six years may qualify for a 50% income tax reduction for seven years, provided their country of residence has a double taxation agreement with Greece. Foreign retirees who transfer their tax residence to Greece may benefit from a 7% flat tax rate on foreign-source income, subject to the same residency requirement. She also referred to residence permit opportunities for third- and fourth-generation members of the Greek diaspora who do not hold Greek passports and wish to invest in Greece, granting them free movement within the Schengen Area, although without the associated tax incentives.
Nikaki noted the growing interest among both Greeks abroad and foreign nationals in investing in Greek real estate. Eurobank offers financing for the purchase, construction, renovation, and repair of residential property in Greece. Loans can cover up to 80% of the property’s value for purchases or construction and up to 100% of renovation costs, with repayment terms of up to 30 years and a choice of fixed or variable interest rates.
She also explained that applicants living abroad are assessed using the same criteria as residents of Greece, taking into account factors such as income and collateral. This applies to borrowers earning in strong currencies, including the U.S. dollar, Canadian dollar, Australian dollar, New Zealand dollar, and British pound. Physical presence in Greece is not required during the application process, although supporting documents must be translated into English. If a property has already been identified, the entire process can be completed in approximately four months.