ATHENS-Greece is rapidly putting in place new laws to fast-track inward investment into real estate and industry, particularly deals larger than $260 million and creating jobs, Deputy Tourism Minister George Nikitiades says.

“For us, the Greek government, the crisis is the best opportunity to change everything,” he told a news conference recently. “We are starting with the public administration which has until now been a system for stopping investment rather than easing investment.” In order to attract inward investment, Athens is now passing a new development law to provide incentives for inward capital flows. “In addition, what in our opinion is a revolution, we have a passed a law called the Fast Track law, with which...we want to cut the time investors need, and ease things for them to make these actions happen as soon as possible.”

Athens has proscribed limits for the public administration; if an investor receives no answer within a certain time, this may be considered a positive response to his request to invest. The Fast Track program will start with two large categories, investments above $260 million, or those above $100 million but producing more than 200 local jobs.

Allan Saunderson is a managing editor of Property Investor Europe and a contributor to GlobeSt.com.