A series of tax incentives and facilities is contained in the bill of the development law that was submitted to the Parliament. According to this, the "Attica Coastal Front SA" is founded while 10-year residence permits are provided for "large" investors and real estate buyers. At the same time, strategic investments are foreseen by the church.

With regard to tax incentives, the relevant article of the law provides that "by the law ratifying the contract for the award of the project or the inclusion of the investment proposal in the provisions of this law, special tax arrangements may be provided as incentives, such as the consolidation of the tax regime for a specific period from the start of operation of the strategic investment, the destination of taxable income in a special way, the carrying out of tax-free reserves, the procedure and time of repayment of a credit balance of value added tax, as well as the reduction or exemption from fees, special taxes and third-party royalties or fees."

At the same time, changes are foreseen in the institutional framework of private investments, which are subject to investment laws.

In this context, the bill "Shaping a Friendly Development Environment for Strategic and Private Investments" gives:

• Possibility of advance payment of up to 100% of the subsidy with coverage of a letter of guarantee.
• The choice of the mix of benefits of the development law (tax exemptions, subsidy, etc.) for investments below €50 million is released. To enhance the flexibility of financing for Small and Medium Investors.
• The upfront use of tax exemptions is allowed to enhance the liquidity of businesses and their viability.
• It is possible to cover the same participation with immediately liquid fixed assets of their business.
• The need for a special request for a change of supplier or equipment for photovoltaic parks is abolished (and retroactively). It applies as long as the nominal power does not change by more than 10%, in order to relieve the Small Projects Group of these applications and focus on the 1624 new investment projects pending.
• It is possible, at the request of the investor, to carry out interim and final audits by certified private sector bodies, such as Banks and auditing firms. To allow for the immediate completion of accumulated checks and the disbursement of outstanding instalments.
• It is possible to extend for one year, due to the economic crisis, the completion of investment projects that have been submitted since 2007.
• The ratification limit by the Parliament is restored from €150 million to €50 million.
• Legislative authorization is also provided for the assignment of audits of investment plans to certified bodies, in order to assist the work of the competent Services and under the final approval of the Management. With the issuance of a ministerial decision, the conditions and the procedure for the certification of the bodies will be determined.
• An independent private investment inspection department is established, reporting directly to the competent Minister of Development, Competitiveness, Infrastructure, Transport and Networks. Its purpose is to constantly monitor compliance with the procedures governing business plan grants and to combat delinquent behavior. The office will also have an advisory role, because the findings will identify any malfunctioning of the procedures applied.

Water airports

The bill provides in a special chapter for the establishment, operation and exploitation of water airports. The creation of a water airport by a public or private body is allowed, provided that certain conditions are met. A Directorate of the Ministry of Development, Competitiveness, Infrastructure, Transport and Networks is designated as the main responsible for receiving the application and the technical file of the interested party and to receive within a specific period of time the necessary approvals from co-competent bodies and services.

A one-stop-shop is also being created for the licensing and general coordination of Strategic Investments, as an incentive to attract such investments to the country.

Strategic Investments of the Development Law

Through the development plan, it is possible to include in the relevant institutional framework the Strategic Investments and companies that are already operating, the maintenance of which is considered critical for the national economy.

The General Directorate of Strategic Investments is also established, which will handle strategic investment applications as a whole. The establishment of the G.I.A.S.E. fully clarifies the landscape regarding the licensing process. It assumes responsibility for managing the investment file. The "Invest in Greece S.A." It aims to take advantage of its international network to attract more and more investments and provide know-how.

"Invest in Greece SA" will recommend to the Interministerial Committee for Strategic Investments (DESE) the submission of investments that may not meet some of the criteria indicatively set by this committee, but are considered to have overall significant results for the entire economy of the country.

The obligation to submit a letter of guarantee for participation is abolished. An increase in the Management Fee is promoted, which will be paid in two stages and depending on the development of the investment. The need to issue multiple licenses is also abolished and replaced by the issuance of a "multi-license".

Third-country investors are facilitated in staying in Greece. It is done by providing extended time limits of years of stay for representatives of investment entities and their partners. At the same time, it is possible to grant residence permits to third-country nationals and their family members, who purchase real estate in Greece whose value exceeds 300,000 Euros.

Church

The institution of the Special Plans for the Spatial Development of Strategic Investments (ESCHASE) is introduced, which govern the Strategic Investments on private real estate regarding the issuance of presidential decrees on the spatial destination, the investment identity of real estate, the siting and the Concession of the Seashore and the Beach and for which a proportional application of the ESCHADA of law is provided. Regulation (EC) No 3894/2010 on public real estate. Use of the relevant panels can be made at the request of the investor.

A provision is introduced to enable the Church of Greece to make use of the institutional framework for strategic investments. And by extension of the Special Plans for the Spatial Development of Strategic Investments (ESCHASE). "The affiliation to the relevant institutional framework aims at the utilization of ecclesiastical property. So that, in addition to the immediate and significant qualitative and quantitative results for the overall national economy, the charitable - social work of the Church is strengthened", it is stated.

Attica Coastal Front

The bill provides for the creation of "ATTIKO COASTAL FRONT S.A.", with a lifespan of 99 years. It has "the purpose of administration, management, utilization of public and private facilities in the area between the Peace and Friendship Stadium and Cape Sounio".

The administration, management and exploitation of public properties located within the Area under Development, as well as buildings and facilities with their annexes and components, are transferred to the Company by joint decisions of the Ministers of Development, Competitiveness, Infrastructure, Transport and Networks, Finance, and the competent Ministers, as the case may be.

The role of HRADF is explicitly mentioned. "The kompani May Nott Transferer June Any Wai the third party the Ounersip Ofa the pre-erties Gradet June Accordantse With the Avove Whithut the Konshed Ofa The Greek Republican Assette Development Fud (Hradf)". However, "the Company is entitled to carry out any relevant act of management, exploitation and general exploitation on its own account and in its own name".

Three new investments of the Development Law

The bill ratifies the decisions on the inclusion of 5 investments (three new and two amendments) in N. 3299/2004:

• Investment of Helios Tourism Company S.A. For the establishment of a conference center, modernization and expansion of hotel units in Elounda, Crete, with a total budget of €50.45 million
• Investment by Kavala Float Glass S.A. for the establishment of a glass manufacturing unit in the Industrial Area of Kavala, with a total budget of €97.5 million
• Investment of the company Patras Racing Circuit S.A. For the establishment of a motorway in the area of Chalandritsa, in the Municipality of Farres, in the Prefecture of Achaia, with a total budget of €94.6 million