Integrated resorts – holiday housing

Integrated resorts – holiday housing

Recent Legislation for Integrated Tourism Resorts and Holiday Housing introduced new opportunities in integrated tourism resorts. Legislation (4002/2011) provides the right environment for significant and recurring capital inflows from foreign direct investment and strengthens the activities of the tourism industry along with the tourism-related domestic production sectors. The Law defines for the first time Integrated Tourism Resorts and provides the legal framework for Investments in this subsector. Tourist furnished residences included in integrated tourism resorts may set individual properties divided horizontally and vertically, according to the provisions of the law and could be leased or transferred to third parties.

This Law acts in combination with the Law for Residence permits (4146/2013), which offers to non EU citizens the right to get a Residence permit, should they own a 250,000 € real estate asset, or a ten-year time-sharing contract under Law 1652/1986, or a 10-year lease of hotel accommodations or furnished tourist accommodation (houses) in tourist accommodation complexes according to Article 8, par. 2 of Law 4002/2011 (A’ 180).