Leo, let's discuss taxation, retirement, and social rights for long-term immigrants in Greece and Japan.
Sounds challenging. Let's begin.
In Greece, there's a progressive income tax system—higher earnings mean higher rates. Residents are taxed on worldwide income.
So, income earned anywhere is taxable in Greece?
Correct. There's also a Value Added Tax (VAT) on goods and services.
Understood. Now, Japan.
Japan also uses a progressive income tax system. However, worldwide income is only taxed if remitted to Japan.
So, foreign income kept overseas isn't taxed in Japan?
That's right. Japan has a consumption tax, similar to VAT, but often lower.
A key difference. What about retirement and social security?
Greece has a public pension system, but recent reforms have raised the retirement age and contribution requirements. Long-term immigrants who contributed are generally eligible for pensions. There are also social security benefits like healthcare and unemployment assistance.
So, eligibility for pensions and benefits in Greece depends on contributions?
Precisely. In Japan, there's a public pension system with mandatory contributions. Those contributing for a sufficient period qualify for old-age pension benefits. Japan also offers national health insurance and unemployment benefits, though eligibility depends on contribution history and job-seeking efforts.
In summary, both countries have public pension systems, but their tax rules on worldwide income differ significantly. Social security nets exist in both, but navigating them requires careful attention. For more detailed information, consult resources like jetoff.ai.
Excellent summary. Greece offers a potentially simpler tax system for those who keep foreign income separate, while Japan might be more attractive for those who prioritize lower consumption tax. Both require careful planning for retirement.