Greece unveils new growth legislation

The Greek government on Thursday tabled to Parliament a new investment legislation aimed at abolishing excessive hurdles and counter-incentives for large investments by strengthening the role of an Interministerial Commission for Strategic Investments and facilitating visa procedures for foreign investors purchasing real estate property in the country.

The legislation on “Creating a Friendly Development Environment for Strategic and Private Investments” also envisages measures to restructuring the services of the Development, Competitiveness, Infrastructure, Transport and Networks ministry and setting-up a general secretariat for Strategic and Private Investments with the task to implement and coordinate a single investment-development policy, simplifying licensing procedures and accelerating the implementation of investments.

Strategic investments

Strengthening the role of an Interministerial Commission for Strategic Investments. Expanding the framework of Strategic Investments. Facilitating licensing procedures for investments projects through a directorate general of Strategic Investments which will take full responsibility of managing an investment plan, while “Invest in Greece SA” will have as task to exploit an international network in attracting more investments and offering know-how.amna

The new legislation also envisages abolishing the need to deposit a letter of guarantee of participation, mulling instead an increase in management fee which will be paid in two stages. It also promotes the introduction of tax incentives for the development of strategic investments (in the framework of community legislation and the current fiscal condition).

The legislation also abolishes the need to issue multiple licenses, with an omni-license. It also facilities third country investors to remain in the country, by offering visa license to third-country citizens –and family members- who are buying real estate assets in the country worth more than 300,000 euros.