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New Investment Bill submitted to Greek Parliament

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.

 

 

 

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3 comments

  1. Oh I really love this one!
    There will be a new Directorate and no mention abolishing of old ones.
    There will be a new SA, that is controlled 100% by certain people within the state.
    The Church is officially entering the ‘game’. Although Vatopedi has shown they were already way ahead of everybody.
    There will be 10-year and 5-year residence permits for investors. Hope that 10-year license is not meant to stimulate EU-investors, as they already have (under EU-law) the right to stay in Greece indefinitely…
    And last but not least:

    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.

    That’s a beauty! I see a whole new fraud opportunity opening up! Bank provides, of course against a nice percentage, a letter of guarantee (bit in the same sense they were doing with the LoG when you wanted to buy a house). ‘Investor’ will get his 100% from the state. Does his/her ‘investment’ with that subsidy, inflates all prices so he comes to 220% and says “Thank you very much, Greek taxpayers!” Bit like the fraud with hotel subsidies that were being massively used to build or rebuild private homes…
    Yes, but what if that last sentence comes into play and the country’s fiscal conditions are such that the state will not grant the subsidy? Well, let me put it this way: if you want to become rich the coming couple of years, try hard to get into that new Directorate, as those civil servants are the ones you, as investor, need to ‘convince’…
    Who dared to whisper about “change”? Or those foreigners invested Troika-guys who press those nice and gullible Greek officials into coming up with schemes like these??? Greek officials have shown to be very well able to screw their own, thank you very much…