Greek Residence For Foreign Investors
Source: http://www.scmp.com/news/world/article/1221073/greece-entices-non-eu-property-investors-residence-of
#greece #house #realestate #economy
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.
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.
