ATHENS: Greece will be offering residence to non-EU investors purchasing or renting property over ¤250,000 ($326,000), in a bid to revive its moribund real estate industry, officials said yesterday.
The initiative, voted into law by parliament last week, comes in response to strong demand from Arab, Chinese and Russian investors, the officials from the interior ministry and property groups said.
Valid for five years and open to renewal, the residence plan follows similar measures adopted by Hungary, Spain and Portugal in the past. 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 recession gripping Greece for a sixth straight year and heavy taxation has crippled the country’s construction industry. The Greek crisis has put half a million sector staff out of work and sidelined 12,000 companies, Dimitris Kapsimalis, chairman of the confederation of construction firms, said.
Under the terms of the multi-billion EU-IMF bailout that saved its economy from bankruptcy, the Greek state itself must raise 2.6 billion euros through asset sales this year. In addition to controlling stakes in state entreprises, a large number of state real estate has been put up for lease or sale, including ministry buildings and consulate buildings abroad.
AFP
