We propose two complementary voluntary long-term savings programs for the general public, with tax incentives, following international best practices. Firstly, an Individual Savings Account (APEL) for long-term investments in portfolios of securities that meet certain criteria. Secondly, a Children’s Savings Account (PAPEL) upon the birth of each child, allowing for regular contributions from parents that are proportionally subsidized by the government, with funds invested for the long term and available for use without any tax burden when the child reaches adulthood.

The implementation of targeted incentives for long-term savings can serve as a powerful growth driver for the Greek economy, mobilizing new investments, boosting income, and creating new jobs. Targeted incentives for long-term savings accounts are estimated to have significant positive effects, far exceeding the short-term fiscal costs they entail. According to the study, every €1 of fiscal cost for implementing the incentives can contribute to an average annual increase in real national income of up to €2 over a 5-year period. At the same time, over a 5-year period, with an average annual fiscal cost of approximately €100 million, net new investments in the economy are estimated to exceed €300 million annually.