Greek businesses move abroad just to escape austerity

Greek businessman Prokopis Makris is assured that moving to Bulgaria three years ago turned to be the best decision he ever made.

The accountant had to shut his failing furniture company in Greece and started a business helping other entrepreneurs to move to Bulgaria for the purpose of escaping a 29% tax rate, that has leapt since Athens imposed austerity as part of an international bailout.

Greek businessmen are literary bombarded with taxes, their businesses are being totally annihilated, as he states.

The debt crises experienced by Greece as well as several other European countries provoked drastic spending cuts as well as tax increases to improve government finances. However, the higher taxes punished businesses, thus making many shut or even move to lower tax jurisdictions, including Bulgaria or Cyprus, assisting those economies, but also undermining the recovery required to balance the books at home.

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