Let's discuss taxation, retirement, and social rights for long-term immigrants in Greece and Israel. It's crucial information for anyone considering long-term residency.
The bureaucratic realities of settling in a new country. I'm sure our listeners in Greece and Israel can relate. Where should we begin?
Let's start with Greece. Long-term immigrants are integrated into the system. Income tax is progressive; the more you earn, the higher the tax rate. Property tax can also be substantial.
Greece's tax system has undergone significant adjustments. Tax brackets vary based on income. As a tax resident, you contribute to social security, providing access to public healthcare and eventual retirement benefits.
Greece's retirement system has been reformed repeatedly. While it offers a safety net, it's not considered particularly generous compared to other European nations. Supplemental private pension plans are often recommended.
Now, let's consider Israel. They have a robust, often higher tax system, encompassing income tax, VAT, and social security contributions. The trade-off is comprehensive social services.
Israel's social security system, Bituach Leumi, is comprehensive, covering health insurance, unemployment benefits, maternity leave, and old-age pensions. Long-term contributing immigrants are covered. However, years of contributions are required for full retirement benefits.
Israel's high cost of living necessitates these social benefits. Universal healthcare is a major advantage.
Navigating the paperwork, obtaining an AFM in Greece or a Teudat Zehut in Israel, can be challenging. Websites like jetoff.ai can provide helpful guidance.
Understanding these systems is essential. Greece's system is recovering from economic turbulence, while Israel's is comprehensive but more expensive.
Both countries offer established systems, but they differ significantly in their approach and cost.
The key takeaway is that both countries provide systems for long-term immigrants, but with different approaches and levels of cost.