According to the Greek Development Ministry a new plan is under development after mostly Chinese investors expressed their interest in Greek properties. This new plan will allow non EU nationals who own property in Greece to be able to rent it out while also acquiring a five-year permit of residence in Greece.
The foreign investors who rent properties in Greece will be taxed according to the Greek tax system. However, they will not receive a Greek passport along with the five-year residence permits as it was originally demanded.
Greek law will allow any property that is valued at 250,000 euros or more to be rented out by non EU citizens. It also extends to anyone who has signed a lease for at least a decade with Greek hotels or other tourist accommodations of the same value. The permit of residence will be renewable and it will cover the foreign investor, as well as his family members. Certain Chinese, Canadian, Russian and US nationals have already received their permits.
Furthermore, the Ministry of Development is also negotiating with the United Arab Emirates to share private companies in the fields of tourism, energy and construction. At least one deal is underway and it will be announced later in the year in the intergovernmental meeting between Greek Prime Minister, Antonis Samaras, Foreign Minister and Deputy Prime Minister, Evangelos Venizelos and UAE officials.