George Kachmazov

Based on all these factors, I consider Greece to be one of the most promising European destinations for investment, and Athens to be the most attractive location in the country. Since 2017, our company has been carrying out development and renovation projects in Greece, as well as assisting with other processes: obtaining residence permits and managing properties.

Source: «Invest in Greece Real Estate in 2026», 09 June 2025

When staying in Athens on business, I like to dine in the city centre at two restaurants: Ατίταμος (I think it is pronounced as «atítamos») and Mani Mani. These restaurants are not too expensive, but they serve delicious traditional Greek cuisine.

And although they are not too close to Monastiraki (but rather to the south of the Acropolis and the historical hills), they are close to the municipal offices with which we often have to interact and perhaps you, too, if you are engaged in obtaining a residence permit or real estate in Greece.

Source: «Where to stay in Athens», 03 Apr. 2023

As the outflow of foreign buyers in 2020–2021 was primarily connected with the COVID-19 restrictions, cross-border activities by buyers might be expected not just to bounce back but also to exceed the pre-pandemic level as the restrictions are lifted — the pent-up demand will revive the market.

Source: «Transnational real estate investment: 2021 year-end results of Tranio’s survey», 30 June 2022

During the COVID-19 pandemic, many found it difficult to adapt to the mandatory travel restrictions, so investors showed more interest in the programmes and products allowing for freer international travel.

Source: «Transnational real estate investment: 2021 year-end results of Tranio’s survey», 30 June 2022

I believe the online transaction trend is here to stay for the long term. Many investors acquired investing know-how to choose counterparties and make major investment decisions and will be keeping up this business acumen after the COVID-19 pandemic.

Source: «Transnational real estate investment: 2021 year-end results of Tranio’s survey», 30 June 2022

Over the ten years that Tranio have been conducting market expert surveys, cross-border investors have gained more experience and developed stronger acumen.

Many of our clients already understand the rules of the investing game in the target market where they buy property, keep their yield expectations realistic, get surrounded by a team of advisors, and are on equal footing with local investors as a result. It was a rare case just a decade ago.

Source: «Transnational real estate investment: 2021 year-end results of Tranio’s survey», 30 June 2022

Many investors structure capital "entry" into German companies through founder loans with the assistance of qualified tax advisors, which helps to decrease the tax base significantly.

In practice, this reduces the tax burden on rental income almost to zero in the first 10–15 years of investment.

Source: «Property tax in Germany», 04 March 2021

I think that Malta is on the list due to its popular ‘golden passports.’ The demand for other countries is explained by a combination of historical interest, the quality of location, low taxes for non-residents, the availability of inexpensive Russian-speaking consultants, and convenient logistics.”

A total of 32% of respondents say that the UK is losing its popularity as a jurisdiction for changing tax residency faster than any other country. This decline is not only linked to Brexit, but also to changes in tax legislation, which is forcing foreigners permanently to pay tax on income received outside of the country.

For example, many foreigners who permanently resided in the UK were previously exempt from paying tax on income earned outside of the country, and since 2017 there have been fewer reasons for exemption from these taxes.

Source: «Overseas financial activity of Russian HWNIs — a Tranio and EY joint survey, 2019», 01 May 2020

In 2018, the Federal Tax Service of Russia received the first data on the foreign bank accounts of Russian tax residents. I don’t think the tax authorities have enough resources to process all the information they’ve received, however, as the skills, practices, and instruments of automation of Russia’s tax authorities improve, they will gradually use this data more effectively in order to increase the volume of tax collected from Russians’ foreign incomes.

Naturally, Russia’s tax authorities will primarily be interested in cases involving larger amounts of money, but eventually they will also focus on less high profile cases.

The steady rise of the number of Russians reporting both foreign accounts and CFCs can be explained by the fact that more HNWIs understand that if they want to remain a tax resident of Russia, they need to notify the authorities. There’s only one legal alternative: stay in Russia for no longer than 183 days a year and cease to be a tax resident.

Source: «Overseas financial activity of Russian HWNIs — a Tranio and EY joint survey, 2019», 01 May 2020

Foreign banks, including those in the Baltic states, are tightening compliance and now handle money from Russia incredibly carefully in line with anti-money laundering procedures. 

Even if someone tries to deposit money that was earned legally and provides all the necessary documents to prove its origin, the banks will examine them top to bottom to observe strict protocols.

Foreign banks are looking for any reason to reject applications for loans or deposits – they are protecting themselves from possible sanctions by regulators.

Source: «Overseas financial activity of Russian HWNIs — a Tranio and EY joint survey, 2019», 01 May 2020