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Moving to Greece from the UK in 2023: Your Ultimate Guide
Dreaming of a life under the Greek sun? A move from the UK to Greece in 2023 can offer many advantages but also comes with some challenges. Find out how to simplify the moving process and which tax benefits you can take advantage of. Need professional support for your move? Contact us for personalised advice.
The topic short and concise
Dreaming of a life under the Greek sun? A move from the UK to Greece in 2023 can offer many advantages but also comes with some challenges. Find out how to simplify the moving process and which tax benefits you can take advantage of. Need professional support for your move? Contact us for personalised advice.
Dreaming of a life under the Greek sun? A move from the UK to Greece in 2023 can offer many advantages but also comes with some challenges. Find out how to simplify the moving process and which tax benefits you can take advantage of. Need professional support for your move? Contact us for personalised advice.
Dreaming of a life under the Greek sun? A move from the UK to Greece in 2023 can offer many advantages but also comes with some challenges. Find out how to simplify the moving process and which tax benefits you can take advantage of. Need professional support for your move? Contact us for personalised advice.
Are you planning your move from the UK to Greece in 2023? Discover everything about tax benefits, costs, residence permits, and how GoMovin can assist you.
Overview of the key aspects of relocating from the UK to Greece in 2023.
Planning a move to Greece from the UK in 2023? This article provides you with a comprehensive overview of the financial, tax, legal, and practical aspects you should consider with this move. At GoMovin, we aim to provide you with an informed basis for decision-making so that your new start in Greece goes smoothly.
Target Audience:
This guide is aimed at entrepreneurs, freelancers, investors, retirees, and professionals considering a move to Greece from the UK. We explore the specific challenges and opportunities arising from Brexit and show you how to make the most of living in Greece.
At GoMovin, we understand that an international move is a complex matter. That's why we offer you a tailored relocation service that covers all aspects of your move – from planning to logistics.
Maximize tax advantages: How to save in Greece
Special tax regulations for certain groups of people.
Greece attracts foreign investments and relocations with attractive tax incentives. Here are some of the key regulations that might be relevant for you:
Non-residents: Are only taxed on income from Greek sources. This can be particularly advantageous if your main source of income is outside Greece.
High-Net-Worth Individuals: Can benefit from an annual lump-sum tax of €100,000 on foreign income if they invest at least €500,000 in Greek assets or already hold a residency permit through investment.
Foreign Retirees: Benefit from a flat tax rate of 7% on all foreign income, provided they have not been tax residents in Greece for more than five years in the last six years and relocate from a country with a tax agreement with Greece.
Qualified foreign professionals: Can enjoy a 50% tax exemption on income tax and solidarity levy for up to seven years if they have not been tax residents in Greece in the last six years, are employed by a Greek company and intend to stay for at least two years.
These incentives make Greece an attractive destination for anyone looking to optimise their tax liabilities.
Important notes on maintaining non-resident status.
The Greek tax authorities may require proof of your tax residency in the United Kingdom. Therefore, it is important to document your situation carefully and seek tax advice if necessary. An actual relocation of your main residence is crucial. Significant ties to the United Kingdom could nullify the tax benefits.
More information about the tax benefits for entrepreneurs, freelancers, investors, and retirees can be found on wohnsitzausland.com.
Secure residence rights: How to navigate the bureaucracy
Required Documents and Procedures for EU Citizens.
As an EU citizen, you only need a valid identity card or passport to enter Greece. However, for stays longer than three months, a registration certificate ('Βεβαίωση εγγραφής πολίτη κράτους μέλους της Ευρωπαϊκής Ένωσης') is required.
Required Proofs: Employment contract/self-employment, health insurance, and sufficient financial means.
Permanent Residence Permit: After five years of continuous legal residence, you can apply for a permanent residence permit ('Έγγραφο πιστοποίησης μόνιμης διαμονής πολίτη κράτους μέλους της Ευρωπαϊκής Ένωσης').
It is advisable to take care of these formalities early to avoid unnecessary stress.
Requirements for Non-EU Citizens.
Non-EU citizens must prove a monthly income of 3500 USD, plus 20% for a spouse and 15% per child, to obtain a two-year residence permit. This serves as proof that you can support yourself in Greece without relying on state assistance.
Other Important Registrations.
The AMKA social security number is essential for accessing the Greek healthcare system and other social benefits. Employees need an AFM tax number to work legally and pay taxes in Greece. Tenants should register with the Dimotologio (local registry office) to officially register their residence.
You can find more information on the necessary steps and documents at perspektiveausland.com.
Reducing the Cost of Living: Budget Planning for Greece
Mietpreise und Nebenkosten in Athen.
Living costs in Greece can vary depending on the region and lifestyle. Athens tends to be more expensive than rural areas. Renters should budget an additional €100-200 per month for utilities.
Rental prices in Athens:
€400-600 for a one-bedroom apartment in the city centre.
€700-1000 for a three-bedroom apartment.
It is worthwhile to compare different neighbourhoods to find the option that suits your budget.
General living costs.
An adequate income is indicated at around €1000-1200 per person. This covers basic needs such as food, transport, and leisure activities. If you desire a higher standard of living, you should plan accordingly.
Remember that living expenses also depend on your personal habits. For example, if you enjoy dining out or travelling a lot, your expenses will be higher.
Financial Security: Insurance and Bank Accounts in Focus
Recommendations for Bank Accounts and SEPA Payments.
It is advisable to temporarily keep your German current account for important transactions during the transition. This facilitates the payment process and gives you time to get used to the Greek banking system. Understand SEPA for Euro transactions to ensure smooth transfers.
Review Existing Contracts.
Review consumer credit agreements for termination conditions to avoid unexpected costs. Riester pension: Assess penalties for early termination. Building society savings contract: Note early repayment penalties and the loss of government benefits. Always cancel contracts in writing via registered mail to have proof.
It is important to address these financial aspects early to avoid unpleasant surprises.
Health Insurance and Other Insurances.
Health insurance is based on residence, not nationality. Private health insurance can be continued within the EU, but only for services covered in Germany. British residents should consider local liability insurance. Check household insurance for international coverage. Car insurance must be switched to a Greek provider. Term life insurance may offer worldwide protection.
You'll find more information on insurance issues when moving abroad within the EU on evz.de.
Minimise Moving Costs: How to Save on Transport
Factors Affecting the Costs of an International Move.
The costs for a move to Greece from the United Kingdom are not standardized and depend on a variety of factors. These include the volume of goods, the distance, the timing (summer is peak season, winter is cheaper), the mode of transport (truck, sea, or air), as well as additional services (customs formalities, special transportation, packing services) and routes.
Cost Savings Through Partial Load.
Using partial load (Shared Container) can reduce costs. On average, €120-190 per m³ within Europe. This is a good option if you do not need to take your entire household.
At GoMovin, we offer you a transparent cost breakdown and help you find the best option for your budget. We take all relevant factors into account and ensure that your move is as cost-efficient as possible.
For more information on the costs of an international move, visit sirelo.at.
Overcoming Brexit Hurdles: Tips for British Citizens
Adjustment to New Immigration Regulations.
British citizens must pay attention to the changed entry requirements post-Brexit. This particularly affects residence permits and visa regulations. It is important to inform yourself early about the current requirements and to take the necessary steps.
Healthcare and Social Security.
It is important to understand the impact of Brexit on healthcare and social security. Clarify how you are insured in Greece and what benefits you are entitled to. Also, familiarize yourself with the social security regulations, especially if you continue to work in the UK or receive a pension.
Although the Foreign Office information primarily relates to the UK-Germany relations, you can find general advice on the effects of Brexit there.
Seize investment opportunities: Business potential in Greece
Investment Opportunities in Greece.
Greece offers attractive investment opportunities in real estate and tourism (hotels, restaurants, Airbnbs). The increasing number of tourists and attractive property prices make Greece an interesting market for investors.
Company Formation for EU Citizens.
EU citizens can easily set up a business in Greece. The I.K.E. is a popular option with low capital requirements. The corporate tax rate is 22%, making Greece an attractive location for entrepreneurs.
Tax Aspects for Digital Nomads.
Digital nomads are subject to Greek income tax on their worldwide income if they become tax residents. They can also qualify for the 50% tax exemption. This makes Greece an appealing destination for digital nomads looking to benefit from tax advantages.
You can find more information about business opportunities and tax aspects for digital nomads in Greece at perspektiveausland.com.
New Start in Greece: Success with GoMovin
Summary of Key Points for a Successful Move.
A move to Greece from the United Kingdom in 2023 requires careful planning and consideration of various factors. Tax incentives, cost of living, and bureaucratic hurdles should be thoroughly reviewed in advance. With the right preparation and support, you can make your dream of living in Greece a reality.
Outlook on Future Developments.
Greece remains an attractive destination for emigrants, particularly for retirees, investors, and professionals. The Greek government is continuously working to make the country more appealing to foreign investors and immigrants.
We at GoMovin are here to support you every step of your move. From planning to execution, we offer our expertise to assist you. Contact us today for a personalised consultation and let's make your move to Greece from the UK in 2023 a success! Get in touch now!
Further useful links
The Federal Ministry for Economic Affairs and Climate Action provides information on the trade and economic relations between Germany and Greece.
The European Commission offers information for EU citizens who wish to move to Greece.
The German Society for International Cooperation (GIZ) presents projects and development policy aspects in Greece.
Destatis offers statistics and analyses on migration.
Wikipedia offers information about the country, its history, culture, and economy.
FAQ
What tax advantages does Greece offer for retirees from the UK?
Foreign retirees benefit from a fixed tax rate of 7% on all foreign income, provided they haven't been tax residents in Greece for more than five years in the last six years and are moving from a country with a tax treaty with Greece. This can significantly reduce the annual tax burden.
What documents do I need as an EU citizen for an extended stay in Greece?
For stays longer than three months, you need a Registration Certificate (“Βεβαίωση εγγραφής πολίτη κράτους μέλους της Ευρωπαϊκής Ένωσης”). Required evidence includes a job contract/self-employment, health insurance, and sufficient financial means.
What are the average rental prices in Athens?
Rental prices in Athens vary depending on location and apartment size. Expect to pay €400-600 for a one-bedroom apartment in the city centre and €700-1000 for a three-bedroom apartment. Additional utilities should be budgeted at €100-200 per month.
What financial aspects should I consider when moving from the UK to Greece?
It is advisable to temporarily keep your German bank account open for important transactions. Review consumer credit agreements for cancellation terms and evaluate existing insurance contracts (such as Riester pension, building savings contract) regarding the impact of your move.
How can I reduce the costs of my international move?
Shared container (Beiladung) can reduce costs. On average, €120-190 per m³ within Europe. Compare offers from different moving companies and consider the timing of your move (winter is cheaper than summer).
What impact does Brexit have on my move to Greece?
British citizens must be aware of the changed entry requirements post-Brexit. This particularly affects residence permits and visa regulations. Make sure to inform yourself early about current regulations and initiate necessary steps.
What investment opportunities are there in Greece?
Greece offers attractive investment opportunities in real estate and tourism (hotels, restaurants, Airbnbs). EU citizens can easily set up a business in Greece, with the I.K.E. being a popular option due to its low capital requirements.
What tax advantages apply for qualified foreign professionals?
Qualified foreign professionals can enjoy a 50% tax exemption on income tax and solidarity surcharge for up to seven years, if they meet certain criteria (not tax residents in Greece in the last six years, employment with a Greek company, minimum stay of two years).
