(Source: Xinhua News) Greece is stepping up efforts to attract foreign capital through a new legislation going into effect as of May which includes the easier issuance of long-term residence visas for foreign investors.
The new law aims to create a more business-friendly environment for strategic and private investments in the country through further reduction of red tape and fast-track licensing of projects, officials of the Greek national promotion agency for "Invest in Greece" added.Foreign nationals from non-EU countries who purchase or rent for a decade property of over 250,000 euros (325,000 U.S. dollars) in the debt-laden country will be offered five-year renewable residence permits for themselves and their families.
Greek officials expect that with the long-term residence visa incentive private investors from non- EU countries, such as China, Russia or the Arab world, interested in making large investments in Greece will now explore more opportunities in the ailing real estate market, as a tourism investment or a holiday home.
The new law aims to create a more business-friendly environment for strategic and private investments in the country through further reduction of red tape and fast-track licensing of projects, officials of the Greek national promotion agency for "Invest in Greece" added.Foreign nationals from non-EU countries who purchase or rent for a decade property of over 250,000 euros (325,000 U.S. dollars) in the debt-laden country will be offered five-year renewable residence permits for themselves and their families.
Greek officials expect that with the long-term residence visa incentive private investors from non- EU countries, such as China, Russia or the Arab world, interested in making large investments in Greece will now explore more opportunities in the ailing real estate market, as a tourism investment or a holiday home.
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