The Greek IRS is preparing to sell, through an online auction, 1,500 villas in tourist resorts in the country, such as Santorini, Rhodes, Kos, Porto Heli, Paros, Mykonos and other, because their owners do not comply with their tax obligations. After having exhausted all relevant stages, from the notice to the seizure, the next step for the Operational Collection Unit and the Recovery Control Center for Taxpayers with Great Riches, is the auctions in order to enable the Greek government to collect taxes from the wealthy that are hiding from IRS. "The money might have gone abroad, real estate, however, have stayed in Greece", say the administrator staff of the Ministry of Finance, who is handling the case. The Finance Ministry plans to auction the said real estate through the electronic auction platform e-Auction that the Hellenic Republic Asset Development Fund's (HRADF) uses for the sale of public real estate. They believe that they will attract a strong interest from abroad (from wealthy Arabs, Russians, Americans, Chinese, Germans, etc.), because they are premium properties, as opposed to apartments and residential properties that have lost their value, or land without clear legal ownership status that scare investors, which results in their auctions proving infertile. The Finance Ministry bets that there will always be those financially strong who will seek to acquire a privileged or unique property with just a few clicks. The draft for the auction of such property has other advantages as well: Instead of the IRS chasing people with low incomes and create a humanitarian issue, they aim at owners with expensive and luxurious properties who can live in smaller houses, which they usually own. Moreover, the high value of property (hundreds of thousands or even millions of euro), is a guarantee that the government will find money to settle the debt in full, so that the debtors will not remain "captives" of the IRS.

According to Bloomberg, for last 14 months The Hellenic Republic Asset Development Fund completed almost US$ 6.88 billion of deals including US$ 2.5 billion of real estate deals. Now Greece is preparing a property portfolio valued at as much as US$ 688 million to offer to investors by the end of this year. The properties will include leased city buildings, homes and development land. The Hellenic Republic Asset Development Fund was created in 2011. Greece is selling everything from land to ports and airports as part of a US$ 331 billion bailout from Europe and the IMF. The asset fund has a mandate to raise US$ 15.2 billion by 2016. The original target after the first bailout in 2010 was for US$ 69 billion by 2015. Greece holds an extensive privatization program to increase revenue and reduce the budget deficit. In March 2013 Greece's cash-strapped government detailed its plans to sell 28 state-owned buildings on long-term lease, including tax offices, ministry buildings, and the main police headquarte's Hellenic Republic Asset Development Fund announced, that one of the best real estate properties - the Athens former airport in the coastal area of Athens Ellinikon will be sold. Earlier Greece HRADF has identified 40 uninhabited islands and islets that could be leased for as long as 50 years to reduce debt as pressure grows on the country to revive an asset-sales plan key to receiving international aid. At the beginning of 2012 Archaeological treasures including the temple of Delphi, the most popular site after the Acropolis, were available as backdrops for filming and photographic shoots.

At the end of last year Spain officials decided to offer foreigners residency permits if they buy houses worth more than 160 thousand euro - to try and reduce the country's bloated stock of unsold homes. Today the same decision made Greece. According to countries officials, Greece will offer residence to non-EU investors purchasing or renting property over 250,000 euro, in a bid to revive its moribund real estate industry. Non-EU foreign investors since may can buy tourist, commercial and residential real estate and get 5-year residence in Greece. The permits will enable the holders, their spouses and children under the age of 18 to freely travel - though not work - in the Schengen area for three consecutive months at a time. The initiative comes in response to strong demand from Arab, Chinese and Russian investors. In addition to controlling stakes in state enterprises, a large number of state real estate has been put up for lease or sale, including ministry buildings and consulate buildings abroad. Greece holds an extensive privatization program to increase revenue and reduce the budget deficit. At the end of last year Greece's Hellenic Republic Asset Development Fund announced, that one of the best real estate properties - the Athens former airport in the coastal area of Athens Ellinikon will be sold. Earlier Greece HRADF has identified 40 uninhabited islands and islets that could be leased for as long as 50 years to reduce debt as pressure grows on the country to revive an asset-sales plan key to receiving international aid. At the beginning of last year Archaeological treasures including the temple of Delphi, the most popular site after the Acropolis, were available as backdrops for filming and photographic shoots.

Greece's cash-strapped government detailed its plans to sell 28 state-owned buildings on long-term lease, including tax offices, ministry buildings, and the main police headquarters in Athens. A government privatization fund said it hoped to make US$ 39 million annually from the lease agreements lasting 20-25 years. Included on the list of buildings for sale are the main properties used by the ministries of justice, education and culture, 12 tax offices and the greater Athens police headquarters. Potential investors should express their interest by April 19, according to a statement by the Hellenic Republic Asset Development Fund. Greece is under pressure to speed up its privatization program by its rescue lenders, the other eurozone countries and the International Monetary Fund, who have been providing bailout funds since 2010 that are set to total US$ 312 billion. Greece holds an extensive privatization program to increase revenue and reduce the budget deficit. At the end of last year Greece's Hellenic Republic Asset Development Fund announced, that one of the best real estate properties - the Athens former airport in the coastal area of Athens Ellinikon will be sold. Earlier Greece HRADF has identified 40 uninhabited islands and islets that could be leased for as long as 50 years to reduce debt as pressure grows on the country to revive an asset-sales plan key to receiving international aid. At the beginning of last year Archaeological treasures including the temple of Delphi, the most popular site after the Acropolis, were available as backdrops for filming and photographic shoots.

Greece's Hellenic Republic Asset Development Fund announced, that one of the best real estate properties - the Athens former airport in the coastal area of Athens Ellinikon will be sold reported news agency Ria Novosti. Athens airport whole area is about 6.2 million square meters. It is three times bigger than the Principality of Monaco and two times bigger than the London's Hyde Park and New York's Central Park. There are 500 buildings in sold territory, including the former airport building, 2004 Olympic Games sport facilities, Greek army former barracks, sport center and a sea berth for 300 boats. Company's 100 percent stock to be sold to investor, but the cost of airport isn't announced. After sale, the investor must pay 30 percent of earnings to the Greece budget. Greece holds an extensive privatization program to increase revenue and reduce the budget deficit. Two months ago Greece Hellenic Republic Asset Development Fund has identified 40 uninhabited islands and islets that could be leased for as long as 50 years to reduce debt as pressure grows on the country to revive an asset-sales plan key to receiving international aid. At the beginning of the year Archaeological treasures including the temple of Delphi, the most popular site after the Acropolis, were available as backdrops for filming and photographic shoots.