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Greek Residency Plans
Greek Residency Plans - Greece is to offer overseas property investors residency permits outside of the European Union.
At present only members of European states are allowed automatic rights to reside in Greece. However, the Greek government are considering new plans to attract investors outside the E.U with the offer of residency permits when buying property of a certain value. It is expected that the limit will be 300 000 euro's.
The attraction of the Greek residency permit to non EU investors is also hoped to extend to persuade foreign businesses to invest in Greece. Therefore, it will be providing much needed funding to the debt stricken country.
Residential property sales in Greece had reported a decline of over 50 % during the first half of 2012, despite the plummeting property prices. The new move to offer Greek residency permits is hoped to raise much needed cash investment from further afield and help the failing property market.
The Greek government hope the new measures will tempt buyers from Russia and the Middle East to make larger investments in Greece.
The Greek residency plans from the government has taken on a comparable strategy as other debt ridden countries such as Ireland and Portugal which have already established agreements, in a return to boost foreign investment.