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Tax incentives for pensioners to shift their tax residency in Greece.

The Greek government is drafting a bill that would create a favorable tax regime for foreign pensioners who decide to settle in Greece, it was revealed on Wednesday.

According to the measures being drafted, Greece will provide a single tax rate of 7 percent in an effort to attract this category of foreign citizens to the country.

The favorable provisions will apply to retirees who wish to live in Greece, transferring their tax residence in the country in an effort to turn Greece “the Florida of Europe.”

According to daily Kathimerini, the regulations on foreign retirees are included in a bill drafted by the Ministry of Finance, which was discussed in the cabinet on Tuesday.

The favorable tax regime will apply to pensioners in the private sector, as public pensioners are usually taxed in their home country. In any case, government sources say, double tax avoidance agreements will be observed.