Nearly a half million Greek citizens, a large portion of which are young adults and skilled professionals, reportedly emigrated from Greece over the course of a decade of economic depression and three consecutive memorandum bailouts.
According to available figures, however, out of roughly 467,000 Greek citizens that emigrated during that period, some 275,000 returned.
Other European countries attracted most of the expats, although far-off permanent immigration destinations of previous decades, such as North America and Australia, saw a resurgent number of Greeks join extended family and friends.
Nevertheless, with Greece facing a demographic crisis and, by all accounts, a shortage of skilled professionals in some cutting-edge sectors – such as programmers in specific languages and other IT specialists – the emphasis now is for the pro-market and pro-reform Mitsotakis government to unveil a package of substantive incentives to lure back “crisis-emigres” and even experienced Greeks that left in previous years.
Recently, Greece’s finance minister unveiled a series of tax breaks for returning expatriates, although the latter are judged as insufficient, in themselves, to create conditions for a mass return.
According to a top ministry official who spoke to “OT”, the ministry will follow with more incentives to repatriate young Greeks.
The same source said that after the end of the pandemic, and a hoped for robust economic recovery, the goal is for 20 percent of those that emigrated during the previous decade due to the economic crisis – and who have not returned – to repatriate.
An initial, albeit necessary first step came in 2019, after the July general election, with a law (4646) that allows for an alternative form of taxation of incomes derived overseas by new taxpayers to the country who make a significant investment in Greece.
In 2020, another law (4714) expands this regime to beneficiaries of social security payments allocated by other countries who transfer their tax base to Greece.
Still yet another law (4758) offers tax incentives to foreign professionals – with one popular term of late referring to “digital nomads” – as well as expatriate Greeks to work from Greece, regardless of whether their employment and production is based abroad.
Moreover, last month’s announcement of tax breaks and reductions in social security contributions, including another partial suspension of the vilified “solidarity” tax” for private sector wage-earners – one of the more ominous taxes heaped upon Greece’s middle classes by the previous leftist SYRIZA government – firmly placed Greece back on the global “map” of progressives economies who reduce tax burdens for businesses and professionals.
Profile of ‘brain drain’ immigrants
According to a study by the Hellenic Federation of Enterprises (SEV), 467,765 Greek citizens departed the country between 2008-2017 to seek employment opportunities abroad. Of this group, nearly 193,000 have not returned – a figure corresponding to 1.9 percent of Greece’s average population between 2008-2017.
The study, completed just before the advent of the Covid-19 pandemic, shows that most “crisis-emigres” are university educated and possess job skills in demand.
More than half of this group, 51.4 percent, are between the ages of 25 and 44, amongst the most active portions of the population.
Latest News
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%
Store Hours Change Today in Observation of Orthodox Easter
The President of the Athens Chamber of Commerce hopes the Easter period will provide a much-needed boost to retail traffic in the capital
Athens-area Mass Transit Systems Set to Finally Install Contact-less Fare Payment
Paying fares via bank cards, smartphones and smartwatches in all mass transit systems in the Greek capital, namely, buses, trolleys, the metro and tram lines, is scheduled by the end of the year
Council of State Rejects Motion Against Thessaloniki Motorway Project
The motion was filed earlier this month by three local citizens’ and environmental groups and generated a high court decision for a temporary stay in construction
Greek 30Y Bond Issue Oversubscribed by 11 Times
Very high demand pushed down the coupon's interest rate to 4.125%
Athens Int’l Airport Wins Top Prize at Routes Europe Awards
The Routes business is focused entirely on aviation route development and the company's portfolio includes events, media and online businesses
IOBE: Income Gap Between Poor and Wealthy Greeks Widens
The findings in the analysis, entitled “Progressivity in Income Taxation in Greece, 2012-2021", paint a bleak picture for Greeks in the bottom half of the income bracket, warning that income inequality is growing