23 Oct 2020 23Oct 2020 AUSPICIOUS SIGN AND GREATER INCENTIVES FOR INVESTMENTS IN GREECE The very positive results of the EY Attractiveness Survey Greece 2020 indicates that the country still remain in the center of interest for international investors. Even with the attitude of “Let’s wait and see” that the corona virus has imposed on them, it is still widely recognized that the methods implemented by the Greek government confronted the pandemic in an extremely effective manner, and as a result, that has affected the perception of investment among international investors in a positive way. Therefore, in accordance with for this year‘s survey results, the number of Foreign Direct Investment (FDI) in Greece rose by 69% placing the country at the 29th place instead of 35th in 2018 (1). No less important is the fact that the 15% of this foreign investment is being invested in the promising faculty of the digital technology. Recently, the Deputy Head of the Organization Invest in Greece Childa Alisandratou mentioned that the 35% of the total international investments in Greece are tightly connected with real estate purposes reacting 1.45 billion (2). Fundamental pillar of this amount is the provision of the Greek Golden Visa, which grants a five-year residency permission in return for a minimum investment of €250.000 in Greek property (3). In other words, this concerns a lifetime privilege provided to international citizens and their families in order to have a valid residence permit in Greece as well as freedom of movement all over the Schengen zone. This means that Golden Visa holders can write a new life chapter by investing in Greece. The Greek Net of Real Estate (?) mentions, Chinese investors are those who occupy the first place of the Greek Golden Visa acquisition (4). As it to be expected, the pandemic outbreak is directly affecting the Real Estate industry. Nevertheless, Alisandratou stated a 35% reduction of the property prices in comparison with those within the financial crisis, allows the Greek properties to be regarded as a magnet for international investors (2). Thus, Greece, despite the COVID-19 presence has managed to create a strong “brand name” in the Investment industry, putting Greek properties in international spotlight. The steady social-political situation as well as the positive performance of sustainable development missions in Greece are direct factors of the current attractiveness of Greece as a place of investment (5). More specifically, some tax exemptions and the imposition of horizontal tax rate on all international incomes are also main incentives for international investors to make the move. The “non-domiciled” regime that the current Greek government established is focus on the direct aid of the state revenue through the attractiveness of ultra high-net-worth individuals (UHNWI) (4) .In the same vein, it should be noted that in accordance with the Knight Frank company, the 26% of the UHNWI are discussing to move their tax residence somewhere else (5). Furthermore, Tasos Kotzanastis the Founder and Chief Executive of 8G Capital Partners highlighted that this period is a suitable time for investing in Greece (2). He added that after a transitional/disappointing period of ten years, there has been considerable and sustained efforts to prevent tax avoidance and at the same time there is the political interest for the opening of markers. The results of the survey come to support Kotzanastis as the 28% out of the people who have been asked about their intention of investing money to Greece were positive, and the other 69% of existing investors believe that the economic growth of the country will be continuing the coming years (6). Undoubtedly, we are living through difficult times, however, Greece has set the bar high and offered new challenges for global investment hubs. Now, let us see what the future holds for us, for more info regarding properties in Greece for investment or relocation purposes, you can contact JP & Partners through our website gojppartners.com. SOURCES: 1. https://www.ey.com/en_gr/attractiveness/20/ey-attractiveness-survey-2020 2. https://www.capital.gr/agora-akiniton/3486314/giati-oi-eidikoi-blepoun-prooptikes-stin-agora-akiniton 3. https://www.enterprisegreece.gov.gr/en/greece-today/living-in-greece/residence-permits 4. https://www.pagenews.gr/2019/10/17/oikonomia/ti-symbainei-me-tin-xrysi-biza-stin-ellada-analytika-oi-times/ 5. https://www.capital.gr/oikonomia/3368814/ti-einai-to-non-dom-pou-problepei-to-programma-tis-neas-dimokratias 6. https://www.capital.gr/oikonomia/3485806/ey-paramenei-thetiki-i-eikona-gia-tin-elkustikotita-tis-elladas-os-ependutikou-proorismou SOUR Tags: News
