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Enjoying retirement in Greece aboard your own boat? It is worth thinking about, because as of Sept. 30, the Hellenic Republic will become the new paradise for those who want to enjoy retirement with a fixed tax rate of 7 percent for ten years.
But not only that, this very favorable taxation will apply to the Social Security check but also to all other income, from rents to dividends. The only essential requirement: you must reside in Greece at least 183 days a year and come from a nation that has a double tax treaty with Greece, such as Italy.
The deadline for applications to take advantage of this very favorable condition will be on March 31 of each individual fiscal year, and payment of taxes due will be settled in a lump sum to minimize paperwork. Within 60 days after the application is submitted, the authorities give an answer.
“I am certain,” said Athina Kaliva, fiscal manager of the Hellenic Ministry of Finance, “that the legislation will be approved and become operational by the end of the year.
The opportunity is great for all retired boat owners, but not only. The decree being approved also mentions other “benefits” such as tax relief for the purchase of a house but also a boat if the property is elected as a residence.
Greece was not the first to flatter “baby boomers” over the age of retirement. Portugal has had similar legislation for a number of years, which currently has a 10% flat levy on pension income. Three thousand Italians have taken advantage of this benefit, some have moved or bought a boat and are keeping it in Portugal.
But the Greek initiative has far more appeal. It is one thing to live for 200 days on a boat in Portugal.. Outside the Mediterranean. Far more intriguing is the idea of keeping the boat on a Greek island and enjoying retirement income with almost twice the net income in your pocket that you would receive in Italy.
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