Greece’s Financial News
Residence permits for investment purposes for Russian citizens in Greece are suspended
By decision of the Minister of Immigration and Asylum, Mr. Notis Mitarakis, the suspension of the examination and issuance of a decision on pending applications for renewal of residence permits pursuant to Articles 16 and 20 B of Law 4251/2014 submitted by citizens of the Russian Federation and Belarus, including their family members, is removed. The suspension of the submission of new applications for residence permits as well as applications for the renewal of residence permits by citizens of the Russian Federation and Belarus, which fall into the category of “business executives” pursuant to Article 17 of Law 4251/2014, is removed, too. However, the suspension of submission and approval of new applications for residence permits pursuant to Articles 16 and 20 B of Law 4251/2014 by citizens of the Russian Federation and Belarus, including, on the one hand, their family members and, on the other, certification applications, is maintained until further notice.
Greece is a “magnet” for investments in urban real estate
Real estate prices are recovering rapidly, but have not yet made up for the losses of the ten-year crisis, when they had plunged to 48%. Despite the resurgence of the real estate market, prices are relatively low compared to other European markets, while in combination with rental prices that have shown resilience even in times of crisis, they create a highly attractive “package” for foreign investors. The key question is whether the rental market will remain profitable once it returns to normal. Research has shown that the unquestionable failure of a very large percentage of young people today to acquire their own home has led to the creation of “Generation Rent”, which is expected to dominate in the coming decades even in high-income countries, such as Greece and Spain.
Loans to small enterprises for working capital up to 250,000 euros with the guarantee of the Hellenic Development Bank
Very small enterprises with a turnover of up to 1,000,000 euros have the opportunity to obtain working capital loans up to 250,000 euros or up to 25% of their turnover through the Guarantee Fund Covid 19 (3rd cycle) of the Hellenic Development Bank (HDB). The guarantee provided by the Guarantee Fund offers beneficiary enterprises the possibility to enjoy a lower interest rate on the loan and much less collateral.
In particular, the loans granted through this fund provide an 80% guarantee from the Hellenic Development Bank, with the maximum percentage of collateral that may be requested from the banks being only 20%. These loans are for a period of up to 60 months, including a grace period of up to 24 months, while the fund can also be used by start-ups. The aim is to meet the increased liquidity needs arising as a result of the COVID-19 pandemic.
Investment opportunities in Greece
Investing in Health Sciences in Greece
Utilizing the well-trained and specialized scientific staff, the established position of the country in the world map of Research & Development as well as the established pharmaceutical industries, the field of Health Sciences and Medicine presents an exceptional growth potential based on both the domestic market and its expansion outside the Greek borders. In recent years, the Greek Health Sciences ecosystem is evolving rapidly, with more and more newly established companies for international collaborations with foreign renowned companies
in the field of Research & Development, with the aim of creating competitive products and services. In this dynamic process, the contribution of the national Research & Development infrastructure, which consist of internationally recognized Research Institutes and groups as well as University Research Units, plays a decisive role.
Personal opinion
We have excellent resources in Greece in terms of industry and business readiness and, at the same time, many opportunities have developed after the pandemic, such as well-being, or the Silver economy. These opportunities must be used. Our company can offer you the right conditions to enter safely into the Greek market of the highly competitive health sector