This article was originally published on Ekathimerini
Greece aspires to turn the new development at Hellinikon into a Monaco-like magnet for wealthy entrepreneurs and businesses from abroad, not just for pensioners permanent relocating to Greece.
That is the target of the government’s recent moves through laws already voted on or soon to be tabled in Parliament concerning incentives for enterprises and their owners to relocate from places such as the City of London.
Already the ministers of finance, Christos Staikouras, and development, Adonis Georgiadis, are heading in that direction: Sources say changes are about to be made to legislation concerning the relocation of foreign companies to Greece, which will provide tax incentives for businesses moving to this country. The two ministries’ agencies have already begun the necessary preparations.
A total of three laws are expected to change the image of Greece for those wishing to invest here: The first is already in force, concerning wealthy foreigners shifting their tax residence to Greece; the second pertains to family offices; and the third has to do with the amendment of the investment incentives rules so as to offer additional motivation to companies relocating to Greece, possibly along with their employees.
The creation of family offices may be a necessary addition to the changes introduced to date: This is because the management needs of wealthy families tend to exceed the capacity of one accountant and one notary, requiring a complex corporate structure. Family offices are corporations managing the entire living of individuals with very large estates, ranging from the investment of their assets to their charity activities and even to the transfer of their wealth to the next generation.
Perhaps more important is the change in the law regarding moving foreign enterprises to Greece: The government’s objective is to win over businesses wishing to leave London after Brexit from countries such as the Netherlands. In fact the Dutch have acted swiftly and already managed to attract many of those companies.
One of the measures that the chief economic adviser to Prime Minister Kyriakos Mitsotakis, Alex Patelis, recently announced concerns a 50% reduction in the taxation on employees that move to Greece for the first seven years.
The casino project in Hellinikon will be ready within 36 months after building licenses are issued, Mario Kontomerkos, CEO of Mohegan Gaming & Entertainment announced last month.
Addressing a Prodexpo conference in Athens, Kontomerkos noted that the “Inspire Athens” plan has been drawn to yield profits, not only to Mohegan, but to Greece as well, both in the short term and the long term.
The investment at Hellinikon leads to 7,000 jobs and cooperation with many Greek companies in the fields of banks, construction and law.
“Inspire Athens”, will be a 24/7 destination, the like of which does not yet exist in Europe. It will incorporate a luxury hotel, entertainment venues, convention centre, shopping, restaurants, bars, casino and a comprehensive mix of premium amenities.