Many greek residents, including those who transfer their tax residence to Greece, continue to earn income from abroad. As a Greek resident, it's important to understand how income from abroad is treated and taxed in Greece.
Treatment of Income from Abroad for Greek Residents
Greek residents are required to declare all their worldwide income on their annual tax return in Greece. This includes income earned from overseas. However, there are certain cases where Greek residents may be exempt from taxation on foreign income. For example, if you are a tax resident in another country with which Greece has a tax treaty, you may be able to avoid double taxation.
One example is America which has a double tax treat with Greece that clearly stipulates how different types of income are to be treated. Our team members have a comprehensive understanding of this tax treaty. Additionally, certain types of income from abroad may be exempt from Greek taxation, such as capital gains from the sale of shares in foreign companies.
Discussions have commenced between the Ausrtalian and Greek governments for the establishment for a double tax treaty, however, to date, nothing has been finalised.
As a Greek resident earning income from abroad, it's important to be aware of your tax obligations in Greece. While Greece has a progressive income tax system, there are certain cases where exemptions may apply, such as tax treaties with other countries. Additionally, property income and other forms of income may be subject to different tax rates. At Tsaks Consulting, our partner accountants are experienced in advising on taxation for expats and we can help you navigate the complexities of taxation in Greece and ensure that you are compliant with all applicable laws and regulations.