Greece-Singapore DTAA: Double Tax Avoidance Agreement

This article offers insights into the Greece-Singapore Double Tax Treaty, offering a valuable resource for individuals and companies engaged in business activities spanning both Greece and Singapore. Delving into the treaty's scope, covered taxes, taxation rules for various income types, and provisions for mitigating double taxation, it equips readers with essential knowledge for optimizing tax strategies in cross-border operations.
Contact Our Experts
Read Guide
Greece-Singapore DTAA review
Greece-Singapore Double Taxation Avoidance Agreement

Introduction to Singapore-Greece Business Relations

Singapore and Greece enjoy robust and enduring relations characterized by strong trade and investment flows. The bilateral economic ties between Singapore and Greece are particularly prominent in the merchant shipping sector, offering substantial potential for attracting investment and further growth. Both nations also exhibit satisfactory cooperation, supporting each other's candidacies in international organizations and reflecting the depth of their mutual collaboration.

Diplomatic engagements, such as the visit of the Greek Minister of Foreign Affairs to Singapore on November 29, 2017, have reaffirmed a commitment to strengthening Greece-Singapore relations, with a focus on advancing bilateral economic cooperation.

Singapore serves as an ideal and natural partner for Greek companies seeking to access burgeoning markets in ASEAN. Situated at the nexus of a rapidly developing region, Singapore offers an attractive base for global companies to establish their regional operations. Its conducive business environment, characterized by sound legal and regulatory frameworks, coupled with its consistent ranking as one of the easiest countries in the world to conduct business, makes Singapore an appealing destination for global enterprises.

Singapore currently hosts a significant number of Greek companies across various sectors, including information technology, energy, chemicals, construction, and infrastructure. These Greek firms have contributed their expertise and technological capabilities to Singapore's economy, forging successful partnerships with local enterprises.

The deep integration of businesses between Singapore and Greece is facilitated by relevant legal instruments that enhance cooperation. As a member of the European Union, Greece shares numerous international agreements with Singapore, including the EU-Singapore Free Trade Agreement, EU-Singapore Investment Protection Agreement, and EU-Singapore Partnership and Cooperation Agreement. Among these agreements, the Greece-Singapore Double Tax Treaty stands out as a vital mechanism for fostering cooperation in the tax domain, which will be the focus of our further discussion in this article.

understanding key points of Singapore-Greece DTA

What is the Greece-Singapore Double Tax Treaty?

The Greece-Singapore Double Taxation Agreement (DTA) is a bilateral agreement established between the two nations with the following objectives:

  • Preventing Double Taxation: The DTA aims to safeguard residents of both countries against double taxation, ensuring that the same income is not taxed twice by both states.
  • Ensuring Certainty: It provides certainty of treatment for cross-border trade and investment activities, offering clarity and predictability to taxpayers.
  • Preventing Tax Discrimination: The agreement seeks to prevent excessive foreign taxation and discriminatory practices against business interests abroad.

Key Details of the Greece-Singapore DTAA

  • Signing and Effective Date: Signed on 30 May 2019, the DTA between Singapore and Greece became effective on 1 January 2023.
  • Access to Full Text: The complete text of the Greece-Singapore DTA is available at IRAS website.

We Have Helped Thousands Incorporate In Singapore

Contact Our Experts

Scope of Greece-Singapore DTAA

The Greece-Singapore Double Taxation Agreement (DTA) applies to residents of both contracting states, encompassing legal entities and individuals who reside in Greece, Singapore, or both countries.

Key Provisions of the Greece-Singapore DTA

Residency-Based Taxation

The Greece-Singapore Double Taxation Agreement follows a residency-based taxation system. This means that individuals and corporate entities are considered residents for tax purposes in one of the two contracting states. Taxes are then charged only by the country of residence, rather than the country where the income originates.

Taxation of Income

Avoidance of Double Taxation under Singapore-Greece DTA

The primary objective of any Double Taxation Agreement is to alleviate the tax burden on individuals and businesses by eliminating the risk of being taxed twice on the same income. The cornerstone of achieving this goal is the provision of a foreign tax credit.

The foreign tax credit serves as a mechanism to offset income tax paid in the country where the income was generated. For instance, if you paid S$1000 in taxes to Greece and are obligated to pay S$1500 on the same income in Singapore, the foreign tax credit will amount to S$1000. Consequently, you would only need to pay S$500 in taxes to Singapore, resulting in a reduction of your overall tax liability.

Greece-Singapore DTA - At a Glance

The Greece-Singapore double taxation avoidance agreement specifically states where different types of income are subject to tax. Essentially, the place of taxation determines the rate of tax applicable to each type of income as follows:

Type of income or payment

Where it is taxed

Income from immovable property

Taxed in the state where the property is situated

Profits from business

Taxed in the state where a company is managed and controlled — typically, the country of the company's Board of Directors meetings

Profits from shipping and air transport

Taxed in the state where a company is managed and controlled


May be taxed in the state where the recipient resides and in the state where dividends arise


May be taxed in the state where the recipient resides and in the state where interest arises


May be taxed in the state where the recipient resides and in the state where royalties arise

Capital gains

Taxed in the state where the seller is a resident.

Professional services

Taxed in the state where the person is a resident and in certain cases in the state where the work is performed

Salaries and wages

Taxed in the worker’s state of residency and in certain cases in the state where the work is performed

Directors’ fees

Taxed in the state where the company (paying the directors’ fees) resides

Income of artists and sportspersons

Taxed in the state where activities are performed


Taxed in the state where the recipient resides

Government payments

Taxed in the state that pays the remuneration

Payments to students and trainees

Tax exempted

Permanent Establishment profits

Taxed in the state where it carries on business activities, but only in the amount attributable to that PE.

Protect Your Income From Excessive Taxation

To effectively grow your business and maximize profits, it’s essential to understand the tax benefits available to you and your business. If you’re considering registering your company in Singapore, can help you navigate the process by helping select the correct corporate structure that will minimize your taxes while fully complying with all government laws, regulations, and DTAAs.
Get Started
Explore our Services


In conclusion, the Greece-Singapore Double Tax Treaty stands as a crucial instrument for individuals and businesses engaged in cross-border activities between Greece and Singapore. By delineating clear rules on taxation, preventing double taxation, and providing avenues for tax mitigation, the treaty fosters an environment conducive to bilateral trade and investment.

For those seeking seamless company incorporation services in Singapore, offers tailored solutions for navigating the complexities of establishing and managing businesses in the region. With expertise in company registration, compliance, and ongoing support, our company ensures a smooth and efficient process, empowering businesses to thrive in the dynamic economies of Greece and Singapore. Contact us today to learn more about our comprehensive range of services and how we can assist you in achieving your business goals in Singapore.

Related Articles


Is Singapore the Right Place to Incorporate?

Numerous international organizations have consistently ranked Singapore very highly for the ease of doing business. Learn about the key benefits of setting up a Singapore company.

How to Register a New Company in Singapore

Incorporating a Singapore company is fast, easy, and free from unnecessary red-tape. Find out the requirements and procedure to register a private limited company in Singapore.

Singapore's Tax System and Types of Taxes

This article is an overview of Singapore’s tax system, current tax rates, and benefits of Singapore’s tax regulations for companies and individuals.