Greece to facilitate long-term visa issue for investors from May

Speakers at the event noted strong interest from Russian, Chinese, American and Arab nationals in the purchase of property in the country, either as a tourism investment or for use as a holiday home, and that the new visas extending to an investor’s spouse and children would be a powerful incentive for such purchases.

On the basis of ministerial decisions and circulars going into effect

The minister clarified that the aim of the special residence permits was to encourage longer-term investments in Greece and that they did not give the holder the right to work in the country, nor would they count toward the years of permanent residence needed to acquire Greek nationality.

Mitarakis noted that changes are continuing in the macroeconomic environment, proving wrong predictions that Greece will exit the euro, adding that investors should take this into account. He pointed to changes such as reforms, recapitalisation, structural changes and attracting investments until the end of the year, that he said will bring a significant rise in fast-track investments.

He announced that a Central Licensing Authority will begin operating within 2013 to speed up implementation of major investments, while privatisations and Public Private-sector Partnerships will continue, with the cruise ship dock at Piraeus and waste management the top priorities.

Interior ministry general secretary Angelos Sirigos explained that the first reply to a visa application was usually issued in 15 days but, since these were Schengen visas and liable to re-examination, the ministry was looking into the possibility of also asking for the relevant deeds office document among the supporting documentation, allowing the issue of a 90-day permit until the bureaucracy was completed.

Sirigos noted that under the previous system, for direct foreign investments exceeding 300,000 euros, only the investor was given a residence permit in the country. The modifications broadened the regulatory application of the law and allowed 10-year residence permits to also be given to third-country nationals essential for carrying out strategic investments, along with their spouses, minor children and even assistant staff if they were persons with special needs.

For small to medium-sized investments exceeding 250,000 euros, those carrying out such an investment will be eligible to receive a five-year visa for themselves and their family, and a right to repeatedly renew this as long as they continue to own the property. These will be classed as type C visas giving right of abode and travel within the EU but not the right to work.

Invest in Greece SA CEO Stephanos Issaias pointed to the massive interest that exists, especially in Russia and China, saying the measures came to “answer market demands”.

Union of Hellenic Chambers (UHC) and Athens Chamber of Commerce and Industry (ACCI) President Konstantinos Michalos, on his part, said the country’s credibility abroad had been largely restored and that this will help investments.

“Additional actions will definitely be needed, so that this climate that has started to form can become established and more favourable conditions formed for exploiting opportunities; and assisting third-country nationals that want to invest in real estate is a goal of critical importance,” he added.

Michalos noted that this will help the development of tourist complexes such as condo hotels, in which foreign visitors and can buy apartments and lease these for the period when they are not in Greece.

He also noted that the new measures will greatly facilitate potential investors from Russia, China, the United States and Arab countries, lifting bureaucratic obstacles and allowing them to avail themselves of opportunities in the Greek market and invest in high-value real estate. This will raise Greece’s competitiveness relative to other EU countries offering similar incentives, such as Hungary, Spain and Portugal, he added.

Source: ΑΜΝΑ