Greece is gifted with great natural beauty. It’s a country that satisfies the senses through all seasons. A vast number of islands, thousands of kilometres of sandy coastline with emerald waters and great mountains and rivers, collectively paint a magnificent picture of this Mediterranean paradise.

It’s cultural heritage and glorious history are predominant throughout the country, which is also known as "the cradle of Western civilization". Celebrated among many others, as the birthplace of democracy, Western philosophy, the Olympic Games and drama, Greece is also the land of hospitality (Philoxenia).

Living “Greek style” is generally very relaxed and stress free. Healthy Mediterranean cuisine, fine wine, music, Art and religion, all together comprise today’s Hellenic culture.

The predominant climate type in Greece is Mediterranean. This is characterized by mild, wet winters and long, hot & dry summers. Sunshine is ample indeed, with some areas having more than 300 sunny days per year.

Greece has been a member of the EU since 1981. The country enjoys political stability and its thriving tourism industry annually attracts millions of visitors from around the world. The standard of living is high (Greece ranks 22nd on The Economist’s 2005 world-wide quality-of-life index) and the country is becoming increasingly attractive to overseas property buyers who seek an idyllic seaside home or a profitable investment project.

Greece is a member of the European Monetary Union (EMU) and one of the best performing economies in the Eurozone. Today, Greece has become the economic hub of Southeast Europe and offers a stable and healthy economic environment that is supportive to the needs of business and investors.

According to latest data from the National Statistical Service (2006, 4th quarter), the number of people in the Greek labour force is 4,462.1. Although Greece has a relatively small labour force, there are certain quality factors which make the country competitive and more attractive in this field than most of its European counterparts.

The educational structure of the Greek labour force has improved impressively over the last years. In the last decade, the number of students that entered the Greek and foreign universities doubled.

Traditionally, Greeks have placed education high on the list of priorities for their children. Education has been long recognized as the most valuable asset a person can have to advance and Greeks are eager to invest in training their sons and daughters. In fact, Greece sends more students abroad to study, per capita, than any other country. Universities in the United Kingdom, Germany, Italy, France, and the United States boast large numbers of students from Greece, many of whom achieve high academic success.

There are roughly 195,000 students enrolled in post-secondary educational institutions in Greece and of these, about 26,000 are in masters or doctoral programmes. More than 60,000 young Greek students attend post-secondary institutions outside the country.
Greek students have always shown a strong interest in medicine, the sciences, engineering and electronics. In recent years, technology and business administration have become more popular, as new programmes are offered and more opportunities exist to pursue studies outside Greece.

Most Greeks with University degrees have studied abroad - either in North America or Europe - and represent approximately 11% of the Greek population.

A study conducted by the Greek association of CEOs (EASE) in association with INSEAD (the French Institute for Economic Research and Development) shows that 94% of Greek managers are graduates, of whom 54% are postgraduates. Some 45% of Greek managers speak a foreign language - mainly English - and half of these are competent to further languages (mostly French, German or Italian).
The study also indicates that university education of management executives is approximately 55% in business, 25% in engineering and 15% in applied sciences

European Union programmes have had a dramatic effect on the country's training efforts and participation in Community R&D projects. Institutes such as CRES, FORTH, and Demokritos, as well as the country's leading universities have consistently been awarded research grants for top-level EU projects. Studies have shown that in Greece the R&D gap relative to other EU Member States is closing quickly, and Greece is showing the strongest increase of all EU countries.

LABOUR COST

Greece combines a reasonable pool of skilled workers and a good supply of unskilled labour and has one of the lowest labour costs in the European Union.

PRODUCTIVITY

Labour productivity has increased significantly. In the period 2000-2005, labour productivity annual average growth rate reached 3.9% placing Greece into a competitive position amongst EU countries.

Greek workers work more hours than most of their European counterparts. According to a recent OECD statistical report, the average annual hours actually worked per person in Greece for 2005 was 2,053.

GREECE IS THE NATURAL LINK TO MARKETS AND RESOURCES

Greece is Europe's strategic link to the sizeable, emerging markets of the Balkan, Black Sea, eastern European and eastern Mediterranean regions.
Greece's advantageous location provides access and opportunity to the neighbouring regional markets while Thessaloniki, the capital of northern Greece, offers the financial and trading services needed in order to conduct business in the regional markets.
* An existing network of 3,264 Greek companies have inititated direct investment programmes or marketing agreements in the regional markets.
* Greek business people have the cultural understanding of the regions and the practical experience of doing business there.
* Greece is a point of political and economic stability in the area.

* Within a radius of 500 km there is a market of 35 million inhabitants spread over a major part of Greece, Bulgaria, FYROM, Albania and New Yugoslavia.
* Within a radius of 1000 km there are an additional 146 million people. This market includes Turkey, Romania and southern Italy.
* In a 1500 km radius there is direct access to the markets of Hungary, Croatia, Slovenia, Libya, Egypt and Cyprus.

THESSALONIKI - FINANCIAL AND TRADING CENTRE

Thessaloniki at the doorstep of the Balkans, is the country's second largest city. It has become the financial and trading centre for the emerging markets of the entire Balkan peninsula and is the seat for the Black Sea Trade and Development Bank, (comprising 11 countries of the wider Balkan and Black Sea regions), the Balkan Trade Centre and the Thessaloniki Stock Exchange Centre, which has online connection with the ASE and is expected to develop into a source of capital for the wider region.

INFRASTRUCTURE

Greece is in the process of completing its vast programme of infrastructure projects with the use of the European Union’s 3rd Community Support Framework. That means that every level of transport and communications is being upgraded on a profound scale. In parallel, the liberalisation of the energy and telecoms market leads to the modernization of the existing network and provide new opportunities for development.

The Greek way of living means weekend jaunts to the islands in the summer or for winter skiing at organised resorts. The sea is never more than 80 kilometers from any point on the mainland making water sports the favourites. In direct contrast to the typically, dry landscape, are the untouched wetlands in the north part of the country - home to some of the most beautiful wildlife and significant habitats in the European Union.

Theatre was born in Athens during the 61st Olympiad (536-532 BC) almost at the same time as democracy. Ancient and contemporary theatres abound in Greece. Of the 76 ancient theatres many give classical performances throughout the summer. The international music and dance festivals attract audiences from all over the world and a legacy of 370 museums filled with countless archaeological treasures, classical art, Byzantine relics, folklore and contemporary art are an education in themselves.

Greece has relatively little crime, even in the major centres. Adaptation is made easier for school-age children with various foreign schools to accommodate them, while for adults the many foreign institutes, clubs and associations help pave the way to integration.

The dry, warm climate keeps doors open and people happy. Outdoor cafes, restaurants and cinemas are a way of life - a quality of life possible here.

F.A.Q.

- Do I need a lawyer ?

Absolutely, yes. Lawyers perform all the necessary checks on the property titles and make sure the property is free of any burdens, claims or legal encumbrances. Furthermore, your lawyer will assist you in the contract signing process.

- Do I need a civil engineer ?

In certain cases, the advice of a civil engineer is crucial for the evaluation of real estate. The engineer can asses the condition of a structure and may also offer valuable insight on the potential for further development of a property in general.

- Do I need a special permit in order to purchase property in Greece ?

There is no major obstacle for EU citizens buying property anywhere in Greece. For non-EU nationals though, there are certain parts of Greece called “borderline areas” which do require a special permit. This is issued by the Greek Ministry of Defense.

- What is a property’s Assessed Value ?

The Assessed Value of a property in Greece is an estimated monetary value issued by the Greek Tax authorities. Generally this value is far lower than the actual market value of the property.

- What are the additional costs when buying a property ?

It is estimated that including all the fees and taxes, the additional cost for buying a property can be as high as 16-17% on top of the purchase price.

- Will I have to pay annual tax on my property ?

Since 01.01.2008, a single tax of 0,1% on a property’s objective price is levied on all real estate owned by natural entities in Greece.

- What is the Buying Process in Greece ?

As soon as you select your desired property, you should hire a lawyer and a notary public.

Request a Tax Registry Number “AFM” from the Greek Tax Authorities (your lawyer can do this on your behalf using a power of attorney).

Open an account with a Greek Bank (to acquire the “pink slip” which proves the funds are wired from abroad and cannot be characterized as income and therefore are not taxable), usually this can also be completed by your lawyer using a power of attorney.

Your lawyer drafts a preliminary agreement with the terms of the sale and payment.

Pay a deposit against the property (this amount is best kept by the lawyer until the completion of the final contract).

Final Contract is signed after six to eight weeks, at the public notary’s offices. Your lawyer is present at this procedure (moreover all ownership transfer taxes must be paid in full prior to the final contract).

WHAT THEY SAY

“The new plant in Greece is a direct reflection of our policy to meet the growing demands of the construction industry in both southern Europe and south eastern Europe. It will provide extra flexibility in supplies of AQUAPANEL® Cement Board, with key benefits of reduced logistics costs and reduced lead-times on large deliveries of cement board to this region. Our expansion into Volos is also significant news for the local area.”

“We believe that the Greek market is a highly promising and attractive one. We are fully convinced that Greece is offering us powerful reasons to keep a solid investment policy in the country. Besides, the investment incentives in the wind sector are further encouraging our company to maintain our commitment to a long-term industrial strategy in Greece.”

“Greece as a potential investment location offers a variety of advantages for a project like the biodiesel-plant. Northern Greece has a high level of sun-energy connected with a strong but still expandable agrarian industry. Therefore, we see high potential in gaining raw materials needed for the production of biofuels. The infrastructure is more than sufficient and the workforce, although skilled, can benefit from new fields of development.”

"We came to Greece in 2000, in view of the upcoming Games, and since then have had revenues in excess of $ 500 million. We believe that Greece is a great place to invest and our rate of growth compared to other east Meditarranean countries is significantly higher here and we are now looking to expand the scope of our activities further".

"There were many reasons why we chose to invest in Greece, the first one being the growth of the telecommunications market in Greece and the second one was the ability to use Greece as a base for business development for the Balkan countries."

"I am extremely proud of Atmel's accomplishments in Greece. They highlight the growth and success of the company in some of the most advanced areas of technology and in the international marketplace. The Patras design center will provide leading edge designs for future technology development for Atmel."

"For a technology company like Photronics, Greece's highly educated and skilled workforce provides us with the caliber of talent necessary to serve our demanding global software development needs, while we are extremely content with the environment at the Lavrio Technological and Cultural Park. In addition to our European operations, our team at Photronics Hellas is strategically situated to service our technology and manufacturing network in North America and Asia efficiently and effectively while affording us the opportunity to significantly lower our total cost of ownership."

"Why did I invest in Greece, because I love Greece, it will be the most important market for golf tourism in the Mediterranean area in the next 10 years. Our project includes two 18 hole golf courses, a 5 star luxury hotel, bungalows, a conference centre, health spa and marina."

"There is definite growth potential for business both to Thessaloniki and Greece [...]. The Olympic Games have pushed Greece more firmly into the limelight. This has enhanced existing public awareness of the charms and beauty of the country, broadening its appeal to all..."

"We chose Greece because we needed a strategically located plant with low overall costs and increased flexibility in order to meet the growing regional demand. Greece as a location was ideal in meeting these needs"

"We have found out that there is indeed more business opportunity and more marketing expansion in this region than in any other region in Europe"

"For tourism, quite frankly, Greece has everything. The Greek people are the most hospitable in Europe, the food is great, and Crete has the longest European summer. And because Greece is the foundation of Western Civilization, we are innately tied to its culture"

"Athena Semiconductors found in Greece a solid and dedicated team of highly skilled personnel which is very difficult and time consuming to assemble, and which needs to be really productive under tight schedules. So, it was natural for the Greek site to evolve into the technical backbone of the overall organization."

"Greece, beside its great historical and natural resources and the variety of traditional agricultural products, today has the appropriate profile, infrastructure, and the vision to support the challenges of the business environment of the 21st century."

"…I strongly believe that despite the fact that Greece is a relatively small country, its telecoms market is very attractive for potential investors. And it will be more attractive as long as it plays a protagonist role in the neighbouring developing countries…"

"Greece offers the best investment incentives in the region and has a highly-skilled and highly-educated workforce that speaks English. In Greece, we will employ people with Masters and Ph.D. degrees. The combination is perfect for a company such as ours."

"Crete, is blessed with stunning landscapes, unique environment and natural beauty, hospitable people and rich history, mythology and culture. These are excellent ingredients for developing quality tourism with upsacle resorts of unique character that could help Crete to stand out and be placed on the top of the list of quality tourist destinations in the world attracting high income level clientele from around the globe. With the above in mind, Emerald has secured, on the south coast of Crete, a charismatic piece of land - 160 hectars - on one of the best beaches of Greece, where is planning and integrated quality resort of exemplary high standards. With an investment of over 310 million EURO, the resort will consist of two 5 star luxury hotels, two spa facilities, a conference centre, an athletic centre, a village hub, etc and substantial luxury real estate."