WHY TO INVEST

The new financial conditions in Greece have created new chances on real estate and building construction. Properties in Crete are considered a profitable investment nowadays. Today is the most appropriate moment for an investment.

The growth of tourism in Crete is gradually increasing, so the chances for an investment are plenty and very profitable. As numbers of tourists are gradually increasing during the past years, the need for more accommodation units is imperative. More and more hotels, villas and holiday apartments are constructed every year, and can be spotted in every corner of the island

Nowadays, many invest in tourism, since is considered a safe and profitable investment. Recοup of your investment is expected within the first two or three years.

A large number of European residents visit the island aiming at purchasing a cottage house.
It is obvious that the request for purchasing properties in Crete is increasing very fast day by day. The new financial conditions in Greece and the reduction of the properties prices at about 25-30%, have contributed to this new scenic. But this is not the mere reason.
New and modern amenities and facilities on airports, ports and accommodation have contributed to this climaxed request.
Today is much easier to get licensed by the national tourist organization of Greece (EOT) and to rent your residence while you are abroad. 

Our office, with the assistance of a civil engineer, can help you issuing the EOT license.

Luxury Villa in Kommos Complex with Apartments in Agia Galini Sailing

Greece, an attractive country for investments

Greece has become more hospitable and attractive to foreign investments. New investors can find attractive and profitable opportunities.  The current period, our country has succeeded, through investments:

  • The expansion of the tourist period
  • The promotion of Greece as a winter holiday destination.
  • The promotion of the country as a popular and safe destination
  • The construction of more tourist facilities on Crete, attracting larger numbers of visitors year by year.
  • The implementation of innovative ideas in order to attract all kind of visitors.

Investors will be informed about every step of the project implementation which will be according to the EOT standards. According to Greek law, foreign investors can operate a tourist business based in Greece and can legally get EU funds in order to develop their business.


GOLDEN VISA

Non-European Union /Worldwide Residents who buy a property which is valued over 250.000€ in Greece can be issued with a long-stay visa and/or a residence permit valid for 5 years. After 5 years they may again renew the visa for another 5 years if the property still belongs in their possession.

Read more: Golden Visa Greece


Investing in the Greek market of tourism

With more than 16.000 km coastline, over 6.000 islands, and with an ingrained position in the universal market of tourism, Greece offers excellent investment opportunities in this sector. Greece is one of the most popular destinations for one’s summer holidays, but at the same time it offers attractive proposals for thematic tourism throughout the year. Its competitive advantages, such as the rich cultural heritage, the natural beauty of the place and the geographical diversity, attract important investments in the sector of tourism the last years, enhancing the image of Greece both as a world- class tourist destination and also as a tourist market with significant investment chances.

Even during the financial crisis, the tourist industry in Greece has been one of the major pillars of country’s development, with a notable contribution to employment and investments, with a continued growth in tourist arrivals and revenues driven mainly by:

  • The continuous efforts of the Greek Ministry of Tourism and tourist businesses and associations to upgrade the offered tourist products.
  • The development of new and remarkable markets for Greece such as Russia, Israel, Turkey and China.

At the moment, the sector of tourism as part of a new initiative upgrade strategy, focuses on the expansion the tourist season, as well as on attracting higher value tourist groups (visitors with higher incomes, High-net-worth visitors), also on increasing the average revenue per visitor and the opening of new markets in Greece.

Source: Enterprise Greece

Strategic Investments

Acceleration and Transparency of Implementation of Strategic Investments

With the Law "Acceleration and Transparency of Implementation of Strategic Investments" or Fast Track Law (3894/2010), the Greek Government provides the international and Greek investment community with a stable and transparent set of investment  rules, procedures and administrative structures for the implementation of large scale public and private projects. The Law aims to abolish critical obstacles that have inhibited major investment in Greece. Bureaucracy, the complexity of legislation, and lack of transparency, all of which today deter investors and significantly delay the implementation of large scale projects, are being eliminated.

The objective of the Law is the development of investment plans that create long-term and wide-ranging positive results and that have a significant beneficial impact on the National Economy. In turn, these will lead to the creation of new jobs, a more modern infrastructure, advanced transport and telecommunication networks, and better services to citizens.

Under the law “Creation of a Development Friendly Environment for Strategic and Private Investments” (4146/2013) of the Ministry for Development, Competitiveness, Infrastructure, Transport and Networks, Greece’s successful Fast Track Law has been enhanced and broadened, simplifying the licensing procedure—an important initiative for strategic investments.

This Fast Track law streamlines the licensing procedure for Strategic Investments, making the process easier, smoother and more attractive. It is important to note that the Fast Track process is already in effect and operating and that the current law is an amended and enhanced iteration, responding to market requirements.

Key features of the Law (4146/2013) include:

  • The General Secretariat for Strategic and Private Investments will undertake all licensing procedures, including the issuance of certain licenses internally. The licensing process for investment plans will be facilitated through the establishment of a General Directorate of Strategic Investments.
  • The framework for Strategic Investments is broadened, and given that supporting companies already in operation are considered crucial for the national economy, they may also be included in the Strategic Investments framework. For example, companies that currently operate in Greece can apply for induction in the process if their business plan guarantees the retention of at least 600 jobs.
  • The role of the Interministerial Committee of Strategic Investments (I.C.S.I.) is reinforced.
  • A more efficient and legally robust process for handling requested deviations (planning, building terms).
  • Tax incentives, such as ensuring a stable tax regime and granting tax exemptions and 10% discount on the paravolo special duty imposed on some licenses.
  • Abolition of the letter of guarantee.
  • Installation Permit and Operation Permit issued by the Minister for Development within one month.
  • In the event a permit is not issued within the required deadline, the Minister for Development is authorized to issue it within one month.
  • The granting of residence permits for executives of Strategic Investments and their families. In parallel, third-country citizens and their family members, who proceed in buying real estate property in Greece, the value of which exceeds €250,000, may obtain residence permits.
  • Centralized mapping of licensing procedures is established for the first time.

Source: Enterprise Greece

Our office, has trusted partnerships and can undertake all licensing procedures without delays. Crete provides a many investment opportunities. He who dares, will soon receive profitable results!

 

International Tourist Airfares Arrivals in Crete

 201220132014201520162017
Total2.411.2523.321.7493.556.7883.476.9893.934.0264.241.406
 C2017/2012 75,90%Source:CAA



International Tourist Arrivals in Greece

 201220132014201520162017
Total15.517.62217.919.58022.033.46323.599.45528.922.86230.474.669
 C2017/2012 96,40%Source: HSA



Percent of Crete comparing with the rest Greece

 20132014201520162017 
Total arrivals in Crete3.321.7493.556.7883.476.9893.934.0264.241.406 
Total arrivals in Greece17.919.58022.033.46323.599.45528.922.86230.474.669 
Percentage of arrivals in Crete18,54%16,14%14,73%13,60%13,92%15,40%
Source: SETE