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Understanding Greece's Market Pass Support Scheme: A Financial Lifeline for the Vulnerable

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BNN Correspondents
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Understanding Greece's Market Pass Support Scheme: A Financial Lifeline for the Vulnerable

What is the Market Pass Support Scheme?

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The Greek government's Market Pass support scheme is a financial aid program designed to provide economic relief to the country's tax residents who are within specific income limits. The scheme, applicable for the months of August, September, and October 2023, ensures that eligible beneficiaries receive their aid by the end of September 2023. However, for applications submitted after the 25th of September and up until the 31st of October, as well as those whose tax declarations are cleared post the 25th of September, the aid will be received by the 5th of November 2023.

Who are the beneficiaries?

The beneficiaries of the Market Pass are all tax residents of Greece who have filed their tax return for 2022 on time. There are specific income limits to be eligible. For single or widowed taxpayers, or those in separation, the total annual income should not exceed 16,000 euros. For married taxpayers or those in civil partnerships filing separate tax returns without children, the limit is 24,000 euros, which increases by 5,000 euros for each dependent child or other dependent member. The same income limits apply to single-parent families, with an increase of 5,000 euros for each dependent child or other dependent member, beyond the first.

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Additional Eligibility Criteria

Additional criteria for eligibility include a cap on the total value of real estate owned. For unmarried, widowed, or separated taxpayers, the total value of real estate should not exceed 250,000 euros. For married taxpayers, civil partnership members, and single-parent families, the limit stands at 400,000 euros.

How is the Aid Received?

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Beneficiaries of the Market Pass aid can choose to receive it either through a digital card, which they can store on their smartphones and show at the point of purchase, or by direct deposit into a bank account. If the latter option is chosen, beneficiaries will receive 80% of their entitled amount.

Calculation of the Market Pass Aid

The Market Pass aid is calculated at 10% of the monthly purchase amount up to 1,000 euros. The aid starts at 22 euros per month for single-member households and increases by 10 euros for each additional household member. The purchase limit does not apply to beneficiaries with more than six dependent children.

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Bank Processing Times

It is important to note that due to bank processing times, beneficiaries may see the amounts credited to their accounts one to two days later than the aforementioned dates.

The Impact of the Market Pass Support Scheme

With the implementation of the Market Pass Support Scheme, the Greek government is making a significant effort to provide financial relief to its vulnerable citizens. This program not only supports those with lower incomes but also encourages economic activity by incentivizing purchases. As Greece continues to recover from its financial challenges, the Market Pass Support Scheme represents a crucial step towards supporting its residents and stabilizing its economy.

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