Greek deputy Development Minister submitted the new investment draft bill to the Parliament, aiming to attract foreign capital and create jobs in Greece and thus in fast track procedures. The mammoth bill will speed up the issuing of permits for strategic investments, provide some tax exemptions and tax incentives. However ‘tax incentives’ will need the approval of Brussels.
Among others, the bill foresees the establishment of a general directorate that will operate as central licensing authority and the appointment of an investors’ ombudsman.
“Furthermore, the draft law has a provision that will allow investors whose projects have entered the fast-track process to stay in the country for 10 years, while conceding five-year licenses to non-European Union citizens who have obtained a visa to enter Greece and own properties in Greece that exceed 300,000 euros.
Banks will also be able to survey and evaluate the investment plans. If an investor supplies a letter of guarantee equal to the state subsidy for his project plus 10 percent, he will be able to get up to 100 percent of the subsidy in advance. However, the supply of tax exemptions to investments enjoying the benefits of the law will depend on the country’s fiscal conditions and should not be taken for granted.
A company named Seacoast Front SA will be set up to administer, operate and utilize the public and private estates along the Attica coastline from Neo Faliro to Sounio, lasting for 99 years, against an original plan for 50 years.” (ekathimerini)
Seacoast Front SA will be controlled by the Privatization Authority (TAIPED) that will approve any transfer of ownership of real estate.
A special clause will allow Greek Orthodox Church to proceed to strategic investment.
More bill details in Capital.gr in Greek.