10 reforms transforming Greece into a Tech-Hub

Alex Patelis, Chief Economic Adviser to the Prime Minister of Greece, shares 10 reforms taken by the government to incentivise talent and investments in Greece.

The past year has demonstrated to global-level executives that work can continue across national boundaries and in particular that there is now a higher value placed on being in a locale with greater lifestyle options. Recently, Endeavor launched Work in Tech, a portal that aims to give the opportunity to anyone who wants to work at one of the most innovative Greek tech companies, to become part of the fast-rising tech ecosystem in Greece. After filling out one simple application form, any talented Greek or foreigner, living in Greece or abroad, can now make the next step in pursuing a successful career in our country. 

WorkInTech.gr is not the only initiative within the Greek tech ecosystem to attract talent and reverse brain drain. “The launch of this centralized registry of international executives in tech looking to move to Greece comes at an opportune time for the country’s fastest-growing startups, while aiding savvy tech executives who are increasingly putting location and lifestyle first and looking to contribute to the country’s digital transformation.” Says Alex Patelis, Chief Economic Adviser to the Greek Prime Minister Kyriakos Mitsotakis, and points out the main incentives the Greek government has taken to this direction: 

• More than 160 bills have already been legislated through Parliament and will continue to reform.
• Any Greek who has been a tax resident outside of Greece for 5 over the past 6 years and decides to either relocate his job to Greece, or create a new job in Greece, will have ½ of his income tax free for 7 years. This is also applicable to self-employed professionals.
• For any Greek or foreigner who is not a Greek resident, there is: 
  • The Non-Dom tax regime; 100k flat tax on global income
  • A new framework for family offices, which creates the legal framework and offers a solid tax framework. 
  • A pension regime: Those who relocate their pension to Greece, whether it’s a private or a public one, are taxed uniformly at a 7% tax rate. 
• In order to lower the taxation rate within the country, the government has: 
  • Introduced cuts in social security taxes by nearly 4% points
  • Suspended and plan on abolishing the solidarity income tax surcharge, which was a surcharge levied on high levels of income. 
  • Introduced incentives for companies: The corporate tax rate in Greece stands at 24% now, the dividend tax rate stands at 5%. 
• There are tax credits and depreciation for CapEx expenditures; on digital, on green and on R&D for enterprises. 
• There is a series of incentives for angel investors and startups, as well as the platform Elevate Greece. 

“We do want to draw you in, we very much want to welcome you back. I, myself, lived abroad for 18 years.” Says Alex Patelis, who shares that this government believes in the secret weapon that the country has, and that is Greeks abroad.