The expanded incentives allow family members of a non-dom in Greece to join the special tax scheme within the first 15 years by paying EUR 20,000 in personal income tax each.

Greece has announced new tax incentives to attract wealthy foreign nationals who want to move their tax residency to the country under the non-domiciled (non-dom) regime on 23 June 2025.

The updated rules allow family members of a non-dom individual to join the special tax scheme at any point during the first 15 years of the main applicant’s stay in Greece, by paying EUR 20,000 in personal income tax per person.

In addition, the main applicant is fully exempt from Greek gift and inheritance tax on foreign assets passed on to third parties. These assets will also not be taxed for heirs in Greece.

Since the regime began in 2020, 213 out of 214 applications have been approved, bringing in EUR 277 million in foreign investment. To promote the scheme further, the government plans international events this autumn and will include related provisions in a new draft law on the Customs Code.

Other Economic Updates

Geopolitical developments and economic impact

On the situation in the Middle East, the Minister stated:

“We are closely monitoring developments. Energy, fuel, and inflation are areas requiring attention, but markets have responded calmly, without panic.”

As of this morning, the price of Brent crude stood at USD 77–78 per barrel, showing less than a 1% increase. The Minister reminded that when the war in Ukraine broke out in 2022, the price soared to $115 and remained high for some time.

“In the first half of 2025, oil prices were at USD 65,” he noted, assuring that the government has the expertise and tools for intervention if necessary, though such a step is not currently required.

EU–US zero-tariff talks

Mr Pierrakakis expressed optimism about a positive outcome in the ongoing EU–US tariff negotiations, conveying the general sentiment among Finance Ministers following the recent Eurogroup meeting.

He reaffirmed Greece’s consistent support for the zero-tariff initiative in bilateral trade. However, should the negotiations fail, Greece will request exemptions for specific products.

Internal barriers within the EU

Referring to the Draghi and Letta reports, Mr Pierrakakis highlighted the need to tackle regulatory barriers among the EU’s 27 member states — especially in the services sector, where such barriers equate to tariffs of 110%.

He remained optimistic about progress, noting that EU crises often act as catalysts for positive change.

Foreign direct Investment and bureaucracy

Greece has surpassed Italy in foreign direct investment as a percentage of GDP, reaching 2.5%.

“We are aiming even higher,” the Minister said, noting that total investments over the past six years are equal to those from the early euro era up to 2019.

He made special mention of the MITOS programme for reducing public sector bureaucracy and highlighted the reduction of over 70 taxes as incentives to improve the investment climate.

Mergers and acquisitions

The Minister referenced foreign investment in the financial sector, praising the recent Unicredit–Alpha Bank cooperation agreement. “We are open to such foreign investments,” he said, emphasising the pivotal role and outward focus of Greek banks before the financial crisis.

Addressing the banking sector, he underlined the need to restore its strong role, especially now that Greece enjoys investment-grade status. “We must pick up the positive thread and move forward.”

Privatisation and real estate supply boost

Mr Pierrakakis spoke on optimising the use of public assets held by the Hellenic Corporation of Assets and Participations (HCAP), which are valued at EUR 11.7 billion. He noted that HCAP now operates under corporate governance rules and could become a development driver for the country.

The Minister referred to a new generation of investments — including the development of Alykes, the port of Lavrio, regional airports, and properties managed by the Public Properties Company (ETAD). He focused on the pending documentation of ETAD’s 36,000 properties, which will be strategically used to address the housing shortage.

“ETAD properties, along with those held by banks and servicers, will help address housing needs,” Mr Pierrakakis said, aiming to create a “positive shock in property supply.”

Thessaloniki international fair (TIF) – middle class support

“The Prime Minister will announce the full package of measures at the TIF,” said the Minister. When asked about businesses, he said the main focus is on the middle class but added:

“Of course, there will be measures for businesses as well, which are a driving force in the ongoing economic growth process.”