Docstoc

index

Document Sample
index Powered By Docstoc
					         PAKLaw               Firm



NEW INVESTMENT OPPORTUNITIES IN GREECE
         Alexandros Papasteriopoulos
        PAK LAW Firm Athens, Director

          PAK LAW Firm Athens
            in cooperation with
        AHI & the Embassy of Greece

     Washington D.C., Friday, March 30, 2007




          www.paklaw.gr, info@paklaw.gr
                            THE CHALLENGE of
PAKLaw Firm                  MODERN GREECE

    East meets West

    Crossroad of the energy pathways of
        Eurasia & Caucasus
        at the gates of Middle East
        at the sea channels toward Suez, India &
         China


                   www.paklaw.gr, info@paklaw.gr
                    THE CHALLENGE of
PAKLaw Firm          MODERN GREECE
    Geostrategic stability & security
        in Balkans, Southeastern Europe, the
         Black Sea & Caucasus


    Economic & political stability
        The “Euro” era
        Fixed political structures



                    www.paklaw.gr, info@paklaw.gr
                THE CHALLENGE of
PAKLaw Firm      MODERN GREECE
    Unique full member of EU & NATO
     in Balkans
    Investments in all countries of the
     Balkan region (Romania, Bulgaria,
     FYROM etc)
    Creation of infrastructure networks
     covering all Balkans
    Contribution to the general cross-
     border financial activities
                www.paklaw.gr, info@paklaw.gr
                THE CHALLENGE of
PAKLaw Firm      MODERN GREECE
    Radical reforms in administration

    Modernized legal framework



    Attraction of international funds



                www.paklaw.gr, info@paklaw.gr
                                             STATISTICAL
                                               EVIDENCE
PAKLaw Firm

 Economic growth: 4.4% in 2006 >3.7% in 2005
 Inflation: 3.3% (2006)<3.5% (2005)
 Unemployment rate: decreased to 8.3%
 Private consumption: increased €41.3million in 2006 , a
  7.2% increase over the Q3 2005 figure
 Budget deficit reduced to 2.6% of GDP (2006)<5.2%
  (2005)
 FDI : €3.7billion (1st quarter of 2006)→10 times the amount
  invested on the same period in 2005
 Consumer confidence: from - 33 units (Nov. 2006)
   to -28 units (Dec. 2006)
                       www.paklaw.gr, info@paklaw.gr
                                           THE CASE of
PAKLaw Firm     ENERGY & REAL ESTATE
    Rapidly developing sectors

    Prospect of immediate evolution

    Supportive Governmental legislative
     initiatives undertaken

    Beneficial reformation for private
     investments in Energy & Real Estate

                  www.paklaw.gr, info@paklaw.gr
                                        REAL ESTATE
PAKLaw Firm               SURPLUS VALUE
    Since 2004 the value of the Real Estate
     property has increased by 15%-35% with
     increasing prospects

    Egnatia Highway in the North & Ionian
     Highway in the West (under construction)
     cause that land in Epirus, Eurytania,
     Arcadia, Macedonia will have triple value
     over the next 10 years.

    Remote Aegean Sea islands

                  www.paklaw.gr, info@paklaw.gr
                                            GROWTH
PAKLaw Firm                              INDICATORS
    Request for huge office spaces by
     corporate tenants
    Decrease of vacancy rates
    Total absorption of quality A & B office
     space-130,000m² (2006)
    150,000m² Class A office space under
     construction
    Stabilization of rental rates
    Convergency of office yields with those in
     other capital European cities

                  www.paklaw.gr, info@paklaw.gr
                RETAIL REAL ESTATE
PAKLaw Firm
                       HIGHLIGHTS
    Multiple transactions for shopping &
     leisure centers
    Construction of new shopping malls
     (ex. The Mall, H n’M, Media Markt etc)
    Expansion of retail through major
     traffic arteries
    High level of Retail rents


                www.paklaw.gr, info@paklaw.gr
                                             PROFITABLE
PAKLaw Firm       INVESTMENT IN TOURISM
    AGROTOURISM

    SEA TOURISM

    BUSINESS TOURISM etc

         Convenient tourism infrastructure
                        &
         Unique Investment opportunities

                   www.paklaw.gr, info@paklaw.gr
                                                      THE CASE
PAKLaw Firm                                          of ENERGY
    State investments in traditional &
     alternative energy sources
    Renewable energy sources
        Governmental search of private investment
        Supportive strategy


    Goal: increase of the renewable sources
     contribution, from 11% to 20% over all the
     consumed energy

                     www.paklaw.gr, info@paklaw.gr
                                                   THE CASE
PAKLaw Firm                                       of ENERGY
   Intermediate goals:
     Safe energy at the lowest cost
     Gradual reduction of dependence on a
     single energy source
     Expansion of the use of renewable energy
     sources & bio-fuel
     Liberalization of Greece’s international
     position on global energy map
     Accelerated completion of new energy
     infrastructures to reinforce private
     investments

                  www.paklaw.gr, info@paklaw.gr
                                                       THE CASE
PAKLaw Firm                                           of ENERGY
    10 years contracts to private energy
     generators offered by the State
    Objective: over €2.5 billion invested in the
     field of renewable sources by 2010
    Law 3468/06
        Simplifies licensing procedures
    Greek development Laws:
       Construction cost of energy investment
         infrastructures is subsidized up to 35%


                      www.paklaw.gr, info@paklaw.gr
                                                 THE CASE
PAKLaw Firm                                     of ENERGY
   New Energy policies:
    Rationalization of energy balance &
     strengthening of pure forms of energy
    Energy saving
    Restriction of unilateral energy
     dependence
    Environmental protection in practice


                www.paklaw.gr, info@paklaw.gr
     PAKLaw               Firm




PAKLaw                          Firm
8, Saripolou Str. 10682
    Athens, GREECE

    T: +30 210 8259321-23
    F: +30 210 8259320
      www.paklaw.gr, info@paklaw.gr
   Alex Laios
       Attorney



www.paklaw.gr, info@paklaw.gr
Discussion Topics

   Part One
    General Overview of the Real Estate
    Market

   Part Two
    Real Estate Transactions



                www.paklaw.gr, info@paklaw.gr
 The Residential Market

Greek citizens have traditionally been property investors


             Average Home Ownership
                      Europe 63%
                     Greece 83%

   Value of Greek ownership in Greece estimated at
                   640 billion EUR

                    www.paklaw.gr, info@paklaw.gr
 The Residential Market


 Ministry of Economy is predicting a 9% growth in housing
  for 2007


 According to the Bank of Greece, there has been a recent
  50% increase of foreign investment in second homes in
  the last two years



                       www.paklaw.gr, info@paklaw.gr
 The Retail Market

 High street retailing is most common

 For prime high street retail locations the average rate is
  at € 140 to 180/sq. meters

 Pre-tax yield is at 6.2 to 7%




                      www.paklaw.gr, info@paklaw.gr
 The Retail Market

 Major shift in Athens towards shopping malls and
  shopping center concept

 Only one major shopping mall in operation with extremely
  successful operations

 Another four projects currently being completed




                    www.paklaw.gr, info@paklaw.gr
Publicly Owned Real Estate
The use of publicly owned property is very low and there
are major efforts to increase revenue by exploiting these
opportunities via the private sector.


Currently a legal framework underway for development
  of these properties.
• Leases for 25 to 30 years
• Joint ventures with developers and investors
• Management and maintenance of properties

                      www.paklaw.gr, info@paklaw.gr
Publicly Owned Real Estate


Hellenic Public Real Estate Corporation acting on behalf of the
Ministry of Finance is handling over 70,000 properties with a
surface area of 3,365,000,000 sq. meters (831,509 acres)



Approximately 20% are available for immediate development



                    www.paklaw.gr, info@paklaw.gr
 Publicly Owned Real Estate
The National Electricity Company (PPC)
      • owns 1.3 billion in real estate
      • controls 563,000,000 sq. meters nationwide:
          • 7,000 are lots of land and mines
          • 300 are buildings


   The company’s consultants (Credit Suisse) are currently
   managing the portfolio for development and exploitation
   of the properties

                       www.paklaw.gr, info@paklaw.gr
Publicly Owned Real Estate
 The National Railroad Company (OSE) said to be
 the largest public owner of property
    • 3,500 plots of land with total surface area of
     85,000,000 sq. meters
    • 4,558 buildings with total surface area of
     500,000 sq. meters


 Value estimated at 5 billion EUR


                  www.paklaw.gr, info@paklaw.gr
 Real Estate Trends in Tourism:
 Golf
     Significant interest in the Golf-Tourism sector in Greece

In the US there are an estimated 40 million golfers and 17,000 golf
courses, which accounts for about 6% of Gross Domestic Product.


Europe has an estimated 8 million golfers playing at 6,500 golf
facilities, with Britain, France, Germany and Sweden accounting for
69% of all golf courses and 67% of all registered players.


The number of European golfers is growing at about 7% annually,
with Norway currently the fastest-growing market.
                          www.paklaw.gr, info@paklaw.gr
Real Estate Trends in Tourism:
Golf

    Government studies have shown that
              200,000 tourists
     to Greece are potential golf tourists
     Greek Golfers: Approximately 1,500
 Only five full 18-hole golf courses in Greece
  Currently 30 investment plans underway


               www.paklaw.gr, info@paklaw.gr
Real Estate Trends in Tourism:
Golf
 Potential problems in the development of golf resorts:

              Acquiring the properties
  Available properties are owned by multiple parties


       Note: Usually the buying of property is at
             no more than € 15/sq. meters




                  www.paklaw.gr, info@paklaw.gr
Real Estate Trends in Tourism:
Golf


    Why Greece is an attractive golf investment


   New market with tremendous potential for growth
         Strong existing tourism-infrastructure
          Gradual elimination of bureaucracy
Favorable weather conditions for year-round golf season



                  www.paklaw.gr, info@paklaw.gr
Discussion Topics


   Part One
    General Overview of the Real Estate
    Market

   Part Two
    Real Estate Transactions



                www.paklaw.gr, info@paklaw.gr
Real Estate Transactions
          A Step-by-Step Approach

   Dealing with a realtor
   Acquiring an attorney
   Title Search
   Public Notary
   Tax
   Recording at the Land Registry
   Financing

                www.paklaw.gr, info@paklaw.gr
Dealing with a Realtor


                                         Written Agreement


       Buyer                                              Seller
                               Realtor
  pays commission                                    pays commission

           Written Agreement


               Payment at closing
               No standard set by law or by any associations
               Usually between 2% to 5%

                     www.paklaw.gr, info@paklaw.gr
A Step-by-Step Approach
   Dealing with a realtor
   Acquiring an attorney
   Title Search
   Public Notary
   Tax
   Recording at the Land Registry
   Financing



                 www.paklaw.gr, info@paklaw.gr
Acquiring an attorney


Mandatory for transfers of:
€ 30,000 or more in the Province of Attica
€ 12,000 or more for the rest of Greece


Attorney not required by law for transfers of:
lesser value

                  www.paklaw.gr, info@paklaw.gr
Acquiring an attorney

           Attorney duties

      Negotiation
      Title search
      Coordination with notary
      Closing agent
      Recording at the land
        registry

            www.paklaw.gr, info@paklaw.gr
Acquiring an attorney

                     Attorney fees
No maximum fee BUT mandatory minimums set by Bar
   Association
       up to € 44,020 at   1%
       € 44,020 to € 1,467,351 at  0.5%
         € 1,467,351 to € 2,934,702 at 0.4%
         € 2,934,702 to € 5,869,405 at 0.3%
         € 5,869,405 to € 14,673,514 at 0.2%
         € 14,673,514 to € 29,347,028 at 0.1%
         € 29,347,028 to € 58,694,057 at 0.05%
         over € 58,694,057 at 0.01%
                      www.paklaw.gr, info@paklaw.gr
Acquiring an attorney

           Attorney fees

        Most attorneys charge 2%




           www.paklaw.gr, info@paklaw.gr
Acquiring an attorney

                      Attorney fees
Value of property      € 200,000


Mandatory              € 440.20 (1% for the first € 44,020)
minimum                € 779.9 (0.5% for the remaining €
                       155,980)
                       € 1220.10 + title work (varies on
                       difficulty)

Market rate for fee    € 4,000 (2% of transfer)


                      www.paklaw.gr, info@paklaw.gr
A Step-by-Step Approach

   Dealing with a realtor
   Acquiring an attorney
   Title Search
   Public Notary
   Tax
   Recording at the Land Registry
   Financing



                 www.paklaw.gr, info@paklaw.gr
Title Search
 In the buyer’s interest to complete a detailed title
   search
 No title insurance in Greece and is not required by
   banks for mortgages
 Final contract is deemed enforceable title in Greece
   and shields the buyer
 Title searches can only be completed by attorneys
 Cost of title search varies depending on search
   complexity
 Cost is often included in attorney fee for the transfer

                    www.paklaw.gr, info@paklaw.gr
 Title Search


 All property information is located at             land registry
 All liens are recorded at land registry
 Any liens not recorded at time of purchase are
   invalid
 The final contract protects the buyer




                     www.paklaw.gr, info@paklaw.gr
A Step-by-Step Approach

   Dealing with a realtor
   Acquiring an attorney
   Title Search
   Public Notary
   Tax
   Recording at the Land Registry
   Financing



                 www.paklaw.gr, info@paklaw.gr
Public Notary



 Not the same as common law notaries
            Trained jurists




            www.paklaw.gr, info@paklaw.gr
Public Notary

            Notary duties
             Prepares tax forms

          Prepares contract of sale

       Acts as a state organ at closing

            Paid for by the buyer

          Cost approximately 1.2%

             www.paklaw.gr, info@paklaw.gr
Public Notary

        € 200,000 Transfer

         Cost approximately € 2400




            www.paklaw.gr, info@paklaw.gr
A Step-by-Step Approach

   Dealing with a realtor
   Acquiring an attorney
   Title Search
   Public Notary
   Tax
   Recording at the Land Registry
   Financing



                 www.paklaw.gr, info@paklaw.gr
Tax

  Tax revolves around government assessed value
                         or
                declared closing price



         The tax system for real estate is
         currently in a transitional phase



                www.paklaw.gr, info@paklaw.gr
Tax

       There are two tax scenarios currently in enforcement:




Transfers for property acquired         Transfers for property acquired
            before                                on or after
       January 1st 2006                        January 1st 2006



                       www.paklaw.gr, info@paklaw.gr
Tax


 Transfers for property acquired                    For the Seller:
             before
                                                         No tax
        January 1st 2006


                             For the Buyer:
For property within zoning      9% tax on the first € 15,000
                                11% tax on the amount > € 15,000
                                plus 3% of the above tax
For property out of zoning        7% tax on the first € 15,000
                                  9% tax on the amount > € 15,000
                                  plus 3% of the above tax

                         www.paklaw.gr, info@paklaw.gr
Tax

       There are two tax scenarios currently in enforcement:




Transfers for property acquired         Transfers for property acquired
            before                                on or after
       January 1st 2006                        January 1st 2006



                       www.paklaw.gr, info@paklaw.gr
Tax

      For the Buyer:                    Transfers for property acquired
                                                        on or after
      1% of the value                             January 1st 2006


                         For the Seller:
              Introduction of Capital Gains Tax
       Calculation of appreciation based on difference
 between value at time of purchase with that at time of sale




                        www.paklaw.gr, info@paklaw.gr
   Tax
Tax for transfers of property acquired on or after 1/1/2006
For the SELLER



       20% of appreciation                           10% of appreciation
       if sold within 5 years                        if sold within 5-15 years
       after purchase                                after purchase




       5% of appreciation                            0% of appreciation
       if sold after 15-20 years                     if sold 25 years or more
       after purchase                                after purchase



                                www.paklaw.gr, info@paklaw.gr
Tax
              Taxation example for a € 200,000 transfer in Athens
based on 10% appreciation since date of purchase (€ 181,818 to € 200,000=18,181)

    Transfers for property acquired                      Transfers for property acquired
                before                                             on or after
           January 1st 2006                                     January 1st 2006

                                                       For the Seller: € 0 to € 3,636
 For the Buyer: € 22,351
                                                       3,636 (20% of appreciation, sale 5 years)
 1350 (9% on the first 15,000)                         or
                                                       1,818 (10% of appreciation, sale 5-15 years)
 20350 (11% on the remaining 185,000)                  or
                                                       909 (5% of appreciation, sale 15-20 years)
 + 651 (3% of the above 21,700 tax)                    or
                                                       0 (0% of appreciation, sale 25 years or more)

                                                                 For the Buyer: € 1,170
             For the Seller: € 0                                (1% of current assessed value)



                                      www.paklaw.gr, info@paklaw.gr
A Step-by-Step Approach
   Dealing with a realtor
   Acquiring an attorney
   Title Search
   Public Notary
   Tax
   Recording at the Land Registry
   Financing



                 www.paklaw.gr, info@paklaw.gr
Recording at the Land Registry

      Transfer is not completed until recorded

   Recording completed by filing a certified copy
        of the contract at the land registry

                 Paid for by buyer




                www.paklaw.gr, info@paklaw.gr
Recording at the Land Registry


           Paid for by buyer


                   Example:
               € 200,000 transfer




       € 950 (0.475% of transfer)


            www.paklaw.gr, info@paklaw.gr
A Step-by-Step Approach

   Dealing with a realtor
   Acquiring an attorney
   Title Search
   Public Notary
   Tax
   Closing
   Recording at the Land Registry
   Financing

                 www.paklaw.gr, info@paklaw.gr
Financing
 Property can be acquired with zero money down
 Loan amount will depend on applicant’s credit
 Rates are offered for
   • stable interest rates
   • fluctuating interest rates
 Refinancing is available




                  www.paklaw.gr, info@paklaw.gr
Financing Costs
 € 234 attorney fees
 0.0075% of mortgage amount for mortgage recording
   fee at land registry
 € 100 miscellaneous costs
 For a € 200,000 transfer:       € 1884




                   www.paklaw.gr, info@paklaw.gr
A Step-by-Step Approach

   Dealing with a realtor
   Acquiring an attorney
   Title Search
   Public Notary
   Tax
   Closing
   Recording at the Land Registry
   Financing

                www.paklaw.gr, info@paklaw.gr
Example of costs for a € 200,000 sale

                       Recording
                         € 950


                                                 Transfer
  Realtor
                                                    tax
  € 2,000                Total
                                                  € 1,170
                        for the
                         buyer
                        €8,520
                                                       Realtor: € 2,000
                                                       Attorney: € 2,000
            Attorney                   Notary
                                                       Transfer Tax: €
            € 2,000                    € 2,400         3,636
                                                       Total for Seller: €
                                                       7,636
                       www.paklaw.gr, info@paklaw.gr
Why invest in Greek Real Estate?


              Low Property Tax




               www.paklaw.gr, info@paklaw.gr
Example
a. Home 110 sq. meters (1100 sq. feet)
b. 26 years + (0,6 age bracket)
c. With a property tax bracket of 997
d. Taxed at 0.00035%
                 Low Property Tax
Calculation = area x age x tax bracket x %
Annual Property Tax:

                          €
                          23



                  www.paklaw.gr, info@paklaw.gr
  THANK YOU
FOR YOUR TIME




 www.paklaw.gr, info@paklaw.gr
THE FRAMEWORK OF
RENEWABLE ENERGY
SOURCES (RES) INVESTMENT
IN GREECE
        By Nasos Nikolopoulos,
        Lawyer, Athens Bar, LLB, LLM
        University of London


         www.paklaw.gr, info@paklaw.gr
I. COUNTRY PRESENTATION
A. Greece occupies an area of 132,000 square
   kilometres, is an EU Member since 1981,
   has transited from the Greek Drachma to
   the Euro in 2002, borders with Italy to the
   West, Albania, FYROM and Bulgaria to the
   North and Turkey to the East. Greece has a
   population of 11 million, its per capita gross
   national product (GNP) is approximately
   16,200 Euro and its annual rate of growth,
   as a percentage change of the volume of
   the gross national growth, is estimated at
   3.5 percent, one of the biggest within the
   EU.
               www.paklaw.gr, info@paklaw.gr
II. NEW LEGAL RES
FRAMEWORK
  Directive 2001/77/EC on the promotion of
   electricity produced from renewable energy sources
   in the internal electricity market (OJ
   L283/27.10.2001) in its annex sets an indicative
   target for Greece to cover a part of its gross national
   electricity consumption by 2010 from renewable
   energy sources (RES) equal to 20,1%, including the
   contribution of large-scale hydroelectric plants. This
   target is compatible with the international
   commitments of the country resulting from the Kyoto
   protocol signed in December 1997 within the context
   of the Rio UN framework agreement on climate
   change. The Kyoto protocol anticipates that Greece,
   by 2010, will reduce the rate of increase of CO2 and
   other gases that aggravate the greenhouse effect by
   25% in relation to the base year 1990.
                  www.paklaw.gr, info@paklaw.gr
 The Directive was implemented in Greece
  by Law 3468/2006 on Generation of
  Electricity using Renewable Energy Sources
  - High-Efficiency Cogeneration of Electricity
  & Heat and Miscellaneous Provisions.
  (Official Gazette A129). The Law prescribes
  3 types of permits and authorisations for
  the effect of RES investments.


               www.paklaw.gr, info@paklaw.gr
1. PRODUCTION
AUTHORIZATION
 For the production of electricity using RES and high-
   efficiency cogeneration of electricity and heat, a
   relevant authorization is required. The authorization is
   granted by the Minister of Development following an
   opinion of the Regulatory Authority for Energy (RAE).
   The production authorization lasts for a period of up
   to twenty five (25) years and may be renewed for up
   to an equal time.



                    www.paklaw.gr, info@paklaw.gr
Exemptions from the obligation of being granted
a production authorization
 Exempted from the obligation of being granted a
  production authorization are entities or individuals
  generating electricity from plants located in property
  or adjacent properties of their ownership or lawful
  occupation, provided that the energy is produced:
 a) By geothermal energy in stations with an installed
  capacity less than, or equal to 0.5 MW.
 b) By use of biomass or biofuels in stations with an
  installed capacity less than, or equal to 100 KW.
 c) Byphotovoltaic systems of stations with an installed
  capacity less than, or equal 150 KW.




                   www.paklaw.gr, info@paklaw.gr
   d) From wind energy with an installed capacity less than, or
    equal to 20 KW in case of establishments located in isolated
    micro-grids, according to Law 2773/1999 or sites with an
    installed capacity less than, or equal to 40 KW, in case of
    establishments located in islands not connected to the
    mainland’s Interconnected System and with an installed
    capacity of less than, or equal to 50 KW in case of
    establishments located in the Interconnected System


   e) From miscellaneous plants with an installed capacity less
    than, or equal to 50 MW in case they utilize one or more types
    of RES in a form other than that of the above cases



                      www.paklaw.gr, info@paklaw.gr
 The required for the issuance of the permit
  preliminary environmental impact
  assessment should be submitted to RAE
  within 60 from the request. RAE should
  submit its opinion on the grant of the
  permits within 4 months from the approval
  of the assessment and the Minister may
  grant the permit within 15 days from the
  submission of the opinion by RAE. Max
  Time 195 days.
 TIP: Dully & Fully Drafted Proposals.

              www.paklaw.gr, info@paklaw.gr
2. INSTALLATION PERMIT
   For the installation or extension of a power generation plant
    using RES or high-efficiency cogeneration of electricity and
    heat a relevant permit is required.
   The permit will have the form of a decision of the Secretary
    General of the Region in whose territory the plant will be
    installed.
   a) The installation permit of a power generation plant using
    RES or high-efficiency cogeneration of electricity and heat
    as well as for all RES projects located in protected areas,
    independently from the category of these projects according
    to the provisions of article 3 of Law 1650/1986, shall have
    the form of a joint decision of the Minister of Development
    and the Minister having jurisdiction thereto.


                      www.paklaw.gr, info@paklaw.gr
 b) The installation permit shall be valid for 2 years
  and may be extended to the maximum for an equal
  period, following an application of its holder, provided
  that:
 i. By the end of the two-year period a portion of the
  works have been completed at a cost of 50% of the
  investment budget or
 ii. No start of the works has been made for reasons
  that in a substantiated way cannot be attributed to
  omission or any kind of fault of the holder of the
  installation permit provided that the necessary
  contracts have been entered for the supply of the
  equipment being necessary for the implementation of
  the project.

                  www.paklaw.gr, info@paklaw.gr
 According to Article 8 of PD 3468/2006
  installation permits are issued by the
  General Secretary of the Region in which
  the investment is due to be installed within
  15 days from the submission of the file. In
  case of lapse of the prescribed period the
  Minister of Development may issue the
  permit within a period of 30 days following
  the submission of the relevant request.


              www.paklaw.gr, info@paklaw.gr
3. OPERATION PERMIT

 The Authority granting the installation permit shall
  issue an operating permit, valid for at least twenty
  (20) years, subject to renewal for an equal period,
  within 15 following the inspection of the investment.
  Power generation plants using RES or high-efficiency
  cogeneration of electricity and heat are exempted
  from the issuance of production authorization and no
  environmental, installation and operations permits
  shall be required. The approval of environmental
  terms with respect to the installation of power
  generations plants shall be valid for 10 years, subject
  to extension, for an equal period.


                 www.paklaw.gr, info@paklaw.gr
4. PHOTOVOLTAIC STATIONS
 Aiming at the promotion of the production of
  electricity by photovoltaic stations, a deployment
  programme lasting up to December 31, 2020 is
  compiled by RAE and approved by the Minister of
  Development. It refers to the deployment of
  photovoltaic stations installed in the Greek territory
  with a total capacity of at least 500 MW regarding
  stations connected to the System or with a total
  capacity of at least 200 MW for stations connected to
  the Network of the islands not connected to the
  mainland’s interconnected system.


                   www.paklaw.gr, info@paklaw.gr
5. TRANSPORT BIOFUELS
   The Biofuels directive 2003/30 has been adopted by the
    Greek government late 2005, as Law 3423/05. According to
    this, biodiesel will be the main biofuel for the Greek
    transport sector with bioethanol playing a less important
    role until 2008. The amount of biodiesel required to satisfy
    the indicative target of 2% (on a lower calorific basis) for
    the year 2006 has been estimated to be 91.000 m3 while
    the amount to satisfy the indicative target of 5.75% for the
    year 2010 has been estimated to be 148.000 m3(and
    390,000 m3 for ethanol).
   The current law imposes the obligatory use of all detaxed
    biodiesel in the existing biorefineries (in up to 5% blend).
    The detaxed quantities are decided on an annual basis
    under a quota scheme. For 2006 14 investors have applied
    for detaxed biodiesel production, that amounts to the
    91,000 m3 set for 2006 and 114,000 m3 for 2007.


                      www.paklaw.gr, info@paklaw.gr
Bioenergy - Undefined Key Issues

  Motives to use residual biomass / Feedstock
   supply coupled with CAP that would allow
   farmers to be actively involved in energy
   crops cultivation / Attempts to lower raw
   biomass production costs (mainly for liquid
   biofuels) through contractual agreements
   between farmers and end-users / Market
   definition and potential distribution partners
   and competitors that would allow a
   successful start up of operations, mainly for
   liquid biofuels / Co-firing with lignite for
   electricity generation.
                www.paklaw.gr, info@paklaw.gr
6. SALE CONTRACT WITH HTSO
 Holders of production authorizations shall conclude
  electricity sale contracts with the HELLENIC
  TRANSMISSION SYSTEM OPERATOR for connection of
  RES investments to the System or Network, the
  System Operator with the holder of the relevant
  production authorization. The sale contract shall be
  valid for ten (10) years and may unilaterally be
  extended for ten (10) more years, upon a written
  declaration of the producer, provided that the
  declaration will be served at least three (3) months
  prior to the expiration time of the initial contract.




                   www.paklaw.gr, info@paklaw.gr
www.paklaw.gr, info@paklaw.gr
7. RES INVESTMENT MARKET
INVOLVED AUTHORITIES.

 The was established by the
  Presidential Decree 328/2000 and
  along with the a) MINISTRY OF
  DEVELOPMENT, b) the REGULATORY
  AUTHORITY on ENERGY (RAE) d) Τhe
  HELLENIC TRANSMISSION SYSTEM
  OPERATOR (HTSO) & d) the CENTRE
  for RENEWABLE ENERGY SOURCES
  (CRES) constitute the supervising
  entities of the RES energy market
           www.paklaw.gr, info@paklaw.gr
    I. THE ROLE OF RAE (www.rae.gr)
   RAE was established by virtue of article 4 of Law 2773/1999 as an
    independent public agency entrusted with the task of monitoring and
    controlling the electricity market and the delivery of opinions regarding the
    observance of the rules of genuine competition and the protection of
    consumers. In addition, RAE formulates proposals to the Minister of
    Development with regard to the issue of power generation authorizations and
    thereafter monitors the implementation progress of the RES projects through
    quarterly reports and recommends the removal of those investors who
    exhibit unjustifiable delays. It recommends legislative measures for the
    further deregulation of the electricity market within which critical RES issues
    can be addressed (as is the case of hybrid plants). The evaluation of all
    applications is performed by RAE assisted in the technical part by the Centre
    for Renewable Energy Sources on the basis of the criteria laid down in article
    9 of the Production Authorization Regulation which was issued according to
    Law 2773/1999 article 28.

                              www.paklaw.gr, info@paklaw.gr
II. THE ROLE OF HTSO
(www.desmie.gr)
   The enactment of a System Operator was provided for in
    article 14 of Law 2773/1999 and was set up by virtue of
    Presidential Decree 328/2000. It effects the operation,
    maintenance and development of the electric power
    transmission system, as well as, of its interconnections with
    other systems, in order to secure Greece’s electric power
    supply in a sufficient, safe, cost effective and reliable way.
    The HTSO assumed the commercial management of the
    renewable energy plants of the interconnected system in
    October 2002. According to the provisions of article 21 of
    Law 2773/1999, the PPC S.A. which had already floated on
    the stock market by virtue of Presidential Decree 333/2000
    “Conversion of the Public Power Corporation (PPC) into a
    Societe Anonyme and approval of its statutes” (Official
    Gazette A 278) performs the duties of system operator for
    the island grids which are not connected to the mainland’s
    system.
                      www.paklaw.gr, info@paklaw.gr
THE ROLE OF CRES
(www.cres.gr)
   The establishment of the CRES was provided for in article
    25 of Law 1514/1985 "Promotion of scientific and
    technological research" and was implemented by virtue of
    Presidential Decree 375/1987 “Establishment of a legal
    entity under private law with the registered name Centre
    for Renewable Energy Sources”. The scope of CRES is the
    promotion of RES, energy saving and rational use of
    energy, as well as all kinds of support for activities in these
    fields. Further, by virtue of article 11 of Law 2702/1999
    CRES operates as the national coordinating centre of all
    these activities. CRES has laboratories for certification of
    RES technologies, carries out studies for the determination
    of the physical as well as technical and economical potential
    of RES and participates effectively in the evaluation and
    monitoring of the investments implemented in the sector,
    including the energy savings field.

                       www.paklaw.gr, info@paklaw.gr
III. GREEK ENERGY MARKET
DATA
 According to the most recent
  estimates, the gross
  consumption of electric power in
  2010, amounts to 68 TWh.
  Subsequently, production of
  electric power from RES in the
  order of 13.7 TWh (including
  large-scale hydro-electric plants)
  is the goal for 2010.
            www.paklaw.gr, info@paklaw.gr
   Electricity consumption in 2005 is estimated to reach 60
    TWh in 2007, with an installed capacity of 12,500 MW of
    PPC-operated plants, i.e the Public Power Corporation, and
    1400 MW of auto-producers, conventional power and
    renewable energy sources generators. The transmission
    lines in the interconnected system have a length that
    exceeds 12,000 km whereas the distribution lines exceed
    200,000 km. The number of customers served is some 7
    million. Trading of electricity with the Balkan countries
    Albania, FYROM, Bulgaria and Romania is established with
    connections capable of meeting, on an annual basis, electric
    power transactions 7% of Greece’s needs.
   The Greek Transmission grid is reconnected with the
    countries of Central Europe participating in the UCTE,
    following the end of the war in Yugoslavia.
   A submersible link with Italy via a 400 kV direct-current
    cable, with transmission capacity of 500 MW was
    commissioned in 2002.
                    www.paklaw.gr, info@paklaw.gr
IV.FINANCE & INCENTIVES FOR
RES INVESTMENT.
   The main financial instruments for the support of RES in
    recent years were the Operational Programme for Energy
    within the 2nd & 3rd Community Support Frameworks for
    Greece and the National Development Law 2601/98, while
    Laws 2244/94 and 2773/99 provided the legal framework
    for RES deployment. The legal framework currently
    governing RES electricity is Law 2773/99, which also sets
    the rules for the liberalisation of the electricity market in
    the country. Starting in February 2001, any private investor
    can produce electricity, subject to the issuing of a
    generation licence by the Regulatory Authority for Energy
    (RAE). A specific mention to RES-electricity production is
    included in Law 2773/99, which states that the
    Transmission System Operator (HTSO) is obliged to grant
    priority access (priority in load dispatching) to RES
    electricity-producing installations. There are two main
    financial-support instruments that provide substantial public
    subsidies to RES investment projects (among others):

                      www.paklaw.gr, info@paklaw.gr
   a) The “National Development Law” (Law 2601/1998 as revises by Law
    3299/2004).
   The statute regulates all private investments in Greece, in all sectors of
    economic activity. It has a strong regional character, in that the level of
    public support depends strongly on the particular geographic region, in
    which the given private investment is planned to materialise. Regions with
    high unemployment rates and low incomes per capita receive the highest
    investment subsidies from the State.
   Investments in RES installations (both electricity- and heat- producing
    ones) have a special status under Law 2601/98, similar to the one bestowed
    to other selected categories of investments, such as investments in high
    technology, environmental protection, etc. More specifically, the main
    provisions of Law 2601/98 concerning public support of RES investments
    are as follows:



                           www.paklaw.gr, info@paklaw.gr
   40% public subsidy (grant) on the total eligible RES investment
    cost + 40% subsidy on the interest of loans obtained for the
    purpose of financing the RES investment
   Alternatively, 40% subsidy on the loan interest + 100% tax
    deduction on the RES investment cost
   Level of subsidy (40%) is independent of the RES technology and
    the geographical region of the country
   Required own capital: 40% (min) of the total investment cost
   Minimum investment cost required: 176,000 Euro
   Maximum subsidy granted: 14.7 million Euro
   Maximum investment cost subsidised: 36.7 million Euro
   Proposals for private investments can be submitted to the National
    Development Law at any time and they are evaluated on their own
    merit, i.e. independently of other submitted proposals.
    Theoretically the Law does not prescribe any total budget cup,
    thus there is no limit in the number and budget of proposals that
    can be funded.


                     www.paklaw.gr, info@paklaw.gr
 b) The Greek Operational Programme for
  Competitiveness, one of the eleven (11)
  National and the thirteen (13) Regional
  Operational Programmes, in which the Third
  Community Support Framework (CSF III ;
  2000-2006) for Greece is divided.
 The main provisions of Measure 2.1 of OPC,
  concerning public support of RES investments,
  are as follows:

                www.paklaw.gr, info@paklaw.gr
 Public subsidy (grant) on the total eligible RES
  investment cost:
 Wind parks, conventional solar thermal units : 30%
 Small hydro, biomass, geothermal, high-tech solar
  thermal units, passive solar: 40%
 Photovoltaics: 40-50%
 Level of subsidy (%) is independent of the
  geographical region of the country with the exception
  of PV
 Required own capital: 30% (min) of the total
  investment cost
 Minimum investment cost required: 44,000 Euro
 Maximum investment cost subsidised: 44 million Euro

                  www.paklaw.gr, info@paklaw.gr
 Grants are awarded to RES projects by Measure 2.1 of
  NOPC following rounds of public calls for RES investment
  proposals and subsequent competitive evaluation of the
  submitted proposals (per round).
 A RES investment-subsidy programme, very similar to
  that of Measure 2.1 of OPC/CSF III, also existed in the
  Second Community Support Framework (CSF II ; 1994-
  1999) for Greece. This CSF II programme granted
  cumulatively about 92 million Euro of public subsidies to
  78 RES investment projects, having a total budget of
  about 213 million Euro (i.e. mean subsidy rate ~ 43%)
  and a total installed capacity of 161 MWe + 102 MWth.
  This programme was very instrumental in stirring up
  substantial RES activity and in materialising a large
  number of commercial-scale RES projects in Greece,
  particularly in the period 1997-2000.
                   www.paklaw.gr, info@paklaw.gr
 The main fuel source is the per annum 70 million tons of
  domestically extracted low-calorific-value lignite, property
  of PPC, which accounted in 2005 for 56% of the total
  needs for energy. Oil, mainly used by the power plants on
  the islands not connected to the mainland’s system, is
  estimated to have a share of 13%. Natural gas imported
  from Russia and Algeria in the form of LNG covers12%
  Large-scale hydroelectric plants are estimated to produce
  6,3%, while wind energy, small hydro, biomass and
  photovoltaics combined, muster 5,7% percent whereas
  the net of imports-exports make up the remaining 7%.




                        www.paklaw.gr, info@paklaw.gr
RES INSTALLATION REQUIREMENTS TO MEET THE 2010
TARGET


                       Requirements
                                         Energy
                           in                           % share of every
                                             generate
                           installed                        renewable
   RES INVESTMENT          capacity
                                             d in
                                                            energy source
                                             2010 in
                           by 2010                          in 2010
                                             TWh
                           (MW)

   Wind parks          3,372             7.09           10.42
   Small-scale hydro   364               1.09           1.60
   Large-scale
                       3,325             4.58           6.74
       hydro
   Biomass             103               0.81           1.19
   Geothermal          12                0.09           0.13
   Photovoltaics       18                0.02           0.03
   TOTAL               7,193             13.67          20.10


                       www.paklaw.gr, info@paklaw.gr
V. POSITIVE PERSPECTIVES
 Following the enactment of P.D 3468/2006,
  the reform of the RES energy investment
  framework with fast and simplified
  authorization procedures and the offered
  economic incentives Greece has moved
  from the 13th to the 7th place of the chart
  on RES Country Attractiveness Indices,
  compiled by Ernst & Young quarterly.
  Greece was ranked lower than the USA,
  Spain, India, Germany, Italy, China and
  France, i.e countries and economies bigger
  than the Greek in terms of population, size
  and tradition.
              www.paklaw.gr, info@paklaw.gr
THANK YOU FOR YOUR
     ATTENTION
QUESTIONS WELCOME




  www.paklaw.gr, info@paklaw.gr
TOURISM INVESTMENTS
IN GREECE


                 By Zacharias Kesses
                          Attorney at Law, LL.B




      www.paklaw.gr, info@paklaw.gr
      COUNTRY PRESENTATION
             GREECE
  The tourism industry is a vital economic sector that holds a
             dominant position in the Greek economy

Greece has established itself over the last three decades as one
     of the most popular destinations for leisure tourism and
                            ranks in the
         top 15 destinations in the global market
HITS:

              2,000 islands to choose from
              miles of glimmering coastline
  Roam from the beaches to rocky mountains and explore
                     breathtaking scenery
  Ancient sites, museums and performances are all part of
                 Greece’s rich cultural heritage

                      www.paklaw.gr, info@paklaw.gr
STATISTICS




 www.paklaw.gr, info@paklaw.gr
I. ARRIVALS




         www.paklaw.gr, info@paklaw.gr
www.paklaw.gr, info@paklaw.gr
II. ECONOMIC INDICATORS




         www.paklaw.gr, info@paklaw.gr
Main
                   International tourism arrivals                         International tourism incomes
destinations
                                                                Share                                                Share
                                                                     (                                                   (

       III. EUROPEAN DIMENSION
                       (1000)            Change (%)

                                        2004/       2005/
                                                                    %
                                                                     )
                                                                          In hundreds $
                                                                                             Change (%)

                                                                                             2004/       2005/
                                                                                                                         %
                                                                                                                         )

                  2004      2005                                2005      2004      2005                             2005
                                                3           4                                        3           4

Europe           424.448   441.528        4,3             4       100    328.499   348.234    15,9           6         100

Austria TCE       19.373    19.952         1,5            3        4,5    15.334    15.467      9,9         0,9         4,4

Belgium TCE        6.710        6.747      0,3         0,6         1,5     9.233     9.863    12,7          6,8         2,8

Bulgaria TF        4.630        4.837    14,4          4,5         1,1     2.221     2.401    34,8          8,1         0,7

Croatia TCE        7.912        8.467      6,8            7        1,9     6.848     7.463      8,6          9          2,1

France TF         75.121    76.001         0,1         1,2        17,2    40.841    42.276    11,6          3,5        12,1

Germany TCE       20.136    21.500         9,4         6,8         4,9    27.668    29.204    19,7          5,6         8,4

Greece TF        13.313    14.276        -4,7         7,2         3,2    12.872    13.731    19,8          6,7          3,9

Italy TF          37.071    36.513        -6,4        -1,5         8,3    35.656    35.398    14,1         -0,7        10,2

Holland TCE        9.646    10.012         5,1         3,8         2,3    10.333    10.475    12,8          1,4             3

Norway TF          3,628        3.859         11       6,4         0,9     3.087     3.441    16,1        11,5              1


Spain TF          52.430    55.577         3,1            6       12,6    45.248    47.891      4,1         5,8        13,8


Switzerland TH     -            7.229     -           -            1,6    10.556    11.040    14,9          4,6         3,2

                                        www.paklaw.gr, info@paklaw.gr
Turkey TF         16.826    20.273       26,1        20,5          4,6    15.888    18.152    20,3        14,2          5,2
IV. NUMBER OF HOTELS




         www.paklaw.gr, info@paklaw.gr
FORMS OF TOURISM




    www.paklaw.gr, info@paklaw.gr
            SEA TOURISM

   6000 ISLANDS AND ISLETS
   16.000 km COASTLINE
   CRUISES
   19 MARINAS WITH 6.661 DOCKING PLACES
   WATER SPORTS
   YACHTS
   373 EUROPEAN AWARDED «Blue Flag»
    BEACHES

               www.paklaw.gr, info@paklaw.gr
MOUNTAIN-WINTER TOURISM
 19 SKI RESORTS

 3.500km-long NETWORK OF PATHS

 300 ROCKY MASSES FOR MOUNTAIN
  CLIMBING



           www.paklaw.gr, info@paklaw.gr
    RELIGIOUS TOURISM
 Byzantine and Post-Byzantine
  churches with important iconography
 Monasteries, metochia (monastic
  dependencies) and sketae
 Unique monastic state of Mount Athos
  (Agion Oros)
 Meteora monasteries


             www.paklaw.gr, info@paklaw.gr
       CULTURAL AND
    PILGRIMAGE TOURISM
 3,500 years of history and civilization
  offer the visitor an unequalled
  experience
 Museums, art galleries, concert halls,
  cultural centres, local festivals
 Quality exhibitions and performances,
  diverse and rich cultural expression of
  modern Greece

              www.paklaw.gr, info@paklaw.gr
THERAPEUTIC-SPA TOURISM
 16 hydro-treatment centres (in
  Natural Mineral Springs of tourist
  importance)

   1,400,000 therapeutic treatments
    offered to approximately 100,000 individuals


 hydro-treatment centres at 40
  springs of local importance

                www.paklaw.gr, info@paklaw.gr
                  ECOTOURISM
                   Nature-loving tourists

 aesthetic forests
 national parks, rivers &
                                     unique marine
  lakes                               parks
 wonderful natural                        The Mediterranean
  monuments, gorges,                        monk seal
  caves and waterfalls
                                            (Monachus-
 observation of rare bird
  species                                   Monachus)
 coastal eco-systems                      The Mediterranean
  and wetlands                              green loggerhead
 highly diverse floral life                turtle (Caretta
 extreme sports                            caretta)
 agrotourist units

                    www.paklaw.gr, info@paklaw.gr
       CONGRESS TOURISM
 Conventions, business conferences & meetings

 Excellent combination of conference facilities
  with unique museums, archaeological sites, shopping
  and nightlife

 13 conference centres outside hotels, with a total
  capacity of 12,000 persons

 Over 100 hotels at several Greek destinations with a
  full range of conference facilities



                   www.paklaw.gr, info@paklaw.gr
WHY GREECE?




      www.paklaw.gr, info@paklaw.gr
   A. COMPETITIVE MARKET
             According to recent survey:
 Approximately 95% of visitors to Greece are
  satisfied

 The majority of tourists to Greece had not
  considered other destinations in their decision

 Friendliness and hospitality of the Greek people
  are the elements which tourists value most

   (THR, International Tourism Consultants, Spain 2005)



                   www.paklaw.gr, info@paklaw.gr
B. ACCESS MARKET




    www.paklaw.gr, info@paklaw.gr
     C. INFRASTRUCTURE
 Completing its vast programme of
  infrastructure projects with the use of
  the European Union’s 3rd Community
  Support Framework

 Every mode of transport and
  communication is being upgraded on
  a profound scale


              www.paklaw.gr, info@paklaw.gr
   D. ECONOMIC STABILITY
 Tourism is a significant economic activity and holds a
  dominant position in the Greek economy

 The sector which reaped the most benefit from the
  Athens 2004 Olympic Games

 Main source of public wealth

 Contributes annually more than 18% to the G.N.P.,
  creates approximately 700,000 jobs / employment
  opportunities




                   www.paklaw.gr, info@paklaw.gr
 INVESTMENT INCENTIVES

 SUPPORT BY THE GREEK NATIONAL
  TOURISM ORGANISATION & THE
  HELLENIC CENTER OF INVESTMENT

 INVESTMENT LAW



           www.paklaw.gr, info@paklaw.gr
INVESTMENT LAW




      www.paklaw.gr, info@paklaw.gr
ELIGIBLE INVESTMENTS UNDER
      INVESTMENT LAW
   Establishment, expansion or complete modernization of
    hotel units and camping sites

   Conversion of traditional or preferable buildings into
    hotels

   Establishment, expansion, modernization of special
    tourism infrastructures such as:
       MARINAS (leisure ports)
       CONFERENCE CENTRES
       GOLF COURSES
       NATURAL SPA CENTRES
       THALASSOTHERAPY CENTRES
       HEALTH TOURISM CENTRES
       SKI CENTRES
       CENTRES OF TRAINING - SPORTS TOURISM
       AUTOCAR RACING CIRCUITS
       THEMATIC PARKS

                        www.paklaw.gr, info@paklaw.gr
  FORMS OF AIDS PROVIDED
 Grant
     consisting in the offer by the Greek State
     Covering necessary amount for the part of the
      aided expenditure of the investment or business
      plan
 Leasing subsidy
     consisting in the payment by the Greek State
     part of the paid installments of the leasing
      contract concluded
     for the acquisition of the right to use new
      mechanical and other equipment


                 www.paklaw.gr, info@paklaw.gr
  FORMS OF AIDS PROVIDED
 Tax allowance
   up to a certain percentage or the entire
    value of the implemented and aided investment
    expenditure
   or the leasing value of new mechanical and
    other equipment

   exception from payment of income tax on the
     undistributed profits of the first decade from the
     implementation of the investment or program, with the
     creation of a tax-free reserve, equal in amount


                   www.paklaw.gr, info@paklaw.gr
  FORMS OF AIDS PROVIDED
 Grant for the cost of the creation
  of new job positions
   consisting in the payment by the Greek
    State
   for a period of 2 years
   of a part of the cost of the new job
    positions created in the first 3 years
    from the implementation of the
    investment

              www.paklaw.gr, info@paklaw.gr
AREAS OF FINANCIAL AID
   IMPLEMENTATION




      www.paklaw.gr, info@paklaw.gr
    CASH GRANT/LEASING
  SUBSIDY OR WAGE SUBSIDY

Investment   Zone           Zone B           Zone C
 Category    A


Category 1   20%            30%              40%



Category 2   15%            25%              35%


             www.paklaw.gr, info@paklaw.gr
       TAX ALLOWANCE
Investment Zone A           Zone B            Zone C
 Category

Category 1   60%            100%              100%



Category 2   50%            100%              100%



              www.paklaw.gr, info@paklaw.gr
   Investor’s own participation cannot be less than 25% of the
    subsidized expenses

   The minimum amount of investments for the implementation of
    the aids of the law is defined in the following way:

       For   investments   effected   by   big enterprises          - 500.000 €
       For   investments   effected   by   medium enterprises       - 250.000 €
       For   investments   effected   by   small enterprises        - 150.000 €
       For   investments   effected   by   very small enterprises   - 100.000 €

    Total given aid cannot exceed t
    he limit of 20,000,000 €
    over a period of five years




                                www.paklaw.gr, info@paklaw.gr
INVESTMENT OPPORTUNITY
 EXAMPLE: ISLAND of ICARIA
     East Aegean Sea




       www.paklaw.gr, info@paklaw.gr
www.paklaw.gr, info@paklaw.gr
www.paklaw.gr, info@paklaw.gr
www.paklaw.gr, info@paklaw.gr
www.paklaw.gr, info@paklaw.gr
                          ICARIA
                   THE ISLAND of ICARUS
                              COMPETITIVE ADVANTAGES

   One   of the largest islands in the East Aegean Sea
         255 square miles total surface
         102 miles of coastline
         9,000 residents

   Contraversary topographic sights
       Green slopes & sheer rocks
       Endless blue ocean & sharp cliffs

   Mild weather

   Sunshine for 2915 hours per year
       In July this might reach the 398 hours in a month (one of the greatest in Greece)

   17 therapeutic springs (of the most significant springs in Greece) & 8 thermo springs




                               www.paklaw.gr, info@paklaw.gr
               ICARIA
        THE ISLAND of ICARUS
 2 ports - 1 airport - 2 heliports
 5 piscatorial (fishing) harbours
 Marina under construction
 New road network
 Autonomous in basic needs (water,
  electricity etc)
 Developed market (food,
  entertainment, restaurants, clothing
  etc)
             www.paklaw.gr, info@paklaw.gr
      ATTRACTIVE FIELD
 No 4 or 5 star hotel units
 Only 24 hotel units under 3 stars
 Total number of beds: 935
 Pure market with tremendous growth
  potential
 Elimination of bureaucracy



            www.paklaw.gr, info@paklaw.gr
ELIGIBLE TO INVESTMENT LAW
      100% Tax allowance

                     OR


 35-40% Cash grant and leasing
     subsidy or wage subsidy


          www.paklaw.gr, info@paklaw.gr
         ELIGIBLE BUSINESS
             ACTIVITIES
   ESTABLISHEMNT OF HOTEL UNITS & CAMPING SITES

   CONVERSION OF TRADITIONAL BUILDINGS INTO HOTELS

   ESTABLISHMENT OF:

       MARINAS (leisure ports)
       CONFERENCE CENTRES
       NATURAL SPA CENTRES
       THALASSOTHERAPY CENTRES
       HEALTH TOURISM CENTRES
       CENTRES OF TRAINING - SPORTS TOURISM
       THEMATIC PARKS




                     www.paklaw.gr, info@paklaw.gr
At your disposal for further
    information & details




          www.paklaw.gr, info@paklaw.gr

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:6
posted:4/28/2011
language:English
pages:140