Aiming to attract and facilitate foreign direct investment, the Greek development & investments ministry has announced plans to ease certain terms thus paving the way for simpler and more flexible investment procedures.
More specifically, under the revised regulatory framework, the ministry has proposed expanding the limits for investments to qualify as “strategic”; simplifying the procedure so that tourism investments can be identified as “strategic”; and including investments over 200 million euros in its “strategic investment” policy.
The draft bill, which also includes changes to rules covering the so-called condo hotels – paving the way for investors to seek funding under the development law, was tabled in parliament last week under the wider “Invest in Greece” bill, which is now giving priority to tourism as it has in the past to industry and advanced technologies.
Among others, tourism investments will also be eligible for the so-called “flagship investment” category, provided they generate at least 200 new annual work units (AWUs) (otherwise known as the full-time equivalent employment) and their total budget is greater than 200 million euros.
The amended bill also foresees new terms and conditions so that tourism investment plans can qualify as “strategic investments”. This category will now also include tourism ventures with a minimum budget of 30 million euros and a minimum of 75 AWUs.