Minoan Share Discussion Threads

[waterloo01] 05/11/2021 07:30

Sani/Ikos to invest 125 mln euros in new hotel complex near Hania

The Sani/Ikos group announced on Thursday the acquisition of a total area of 200,000 square meters at the gulf of Kissamos, near Hania, for the creation of the first hotel complex under the Ikos resorts brand on Crete.

The 125 million-euro investment of Ikos Kissamos will offer guests 400 rooms, bungalows and villas stretching along a seafront of 600 meters. Construction will begin in 2023, with the resort slated for opening in May 2025. The group acquired and merged 30 plots to achieve this area.

The hotel group’s investment is projected to create 750 jobs bolster tourism on the island.

[microscope] 04/11/2021 19:26

Very encouraging changes. Faster planning, and possibly grants way in excess of our current market cap.If lease extensions are in part two (and backdated, necessarily) that would really help.

[wi1l] 04/11/2021 18:33

Georgiadis: Unprecedented year in 2022 for foreign investments



The belief that 2022 will develop into a year unprecedented in terms of attracting foreign investments to Greece, with interest focused on the sectors of renewable energy sources, logistics, tourism, real estate and high technology, expressed today the Minister of Development and Investments, Adonis Georgiadis,speaking at the 6th Thessaloniki Summit.

He added that greece's image in foreign investor circles has changed, as political stability, as well as the government's highly pro-investment policy, the high degree of digitalisation and the significant reduction of taxation and social security contributions are bearing fruit.

[waterloo01] 04/11/2021 09:16

New Development: Aid up to 10 million and express procedures

Aid of up to 10 million euros , express procedures for the approval of private investment plans and participation of individuals in the evaluation are provided by the new Development Law brought by the leadership of the Ministry of Development for consultation on opengov.gr.

The new draft law provides for 13 aid schemes, in which the maximum aid does not exceed 10 million euros. Any investment project can seek resources from other financial instruments with the de minimis rule. In particular, as stated in the draft law, "investment projects supported under these schemes may be subject to another aid scheme or" de minimis "aid scheme, or be lent with subsidized state aid loans, provided Whereas the aid granted herein and aid granted under other schemes for the same eligible costs, if accumulated, do not lead to the aid intensity or amounts set out in the GAC being dealt with in the "de minimis" Regulations (de minimis) or the relevant decision of the European Commission ".

The aid threshold for the 13 aid schemes has been set at up to EUR 10 million, with the exception of the "New Business" scheme set at up to EUR 5 million and the "Fair Development" scheme which may exceed EUR 10 million. . euro. In particular, large investment projects will be able to set the maximum amount of aid allowed, in accordance with the provisions on regional state aid, after notification to the European Commission.

The procedures for approval, integration and control of investment plans in the new Development are also expected to be faster , as part of the procedures will be assigned to the private sector (s.s. certified auditors). Any investment project over 700,000 euros will be assigned for evaluation and monitoring of its implementation to individuals (certified auditors). This supervision will last until the completion of the investment.

Aim of the Ministry of Development, as stated by the competent if. Minister of Development Nikos Papathanasis, is the approval of investment plans submitted for support to the development law, not to exceed 60-70 days , compared to more than 600 days which was the average time in previous years.

The shortening of the years is included in provisions in the draft law that will be voted in the Parliament and concerns the investments of Strategic Character. According to information, the aim of both draft laws that have been presented is to be passed within the month that started, starting from the draft law on strategic investments and then the draft law on the new Development Law.


Types of aid
According to the new development law, the investment plans subject to the aid schemes of the new development law are the following:

Tax exemption, which consists of the exemption from the payment of income tax on pre-tax profits, which arise under the relevant tax legislation, from all the activities of the company, less tax of the legal person or legal entity concerned in profits distributed or assumed by the partners. The amount of the tax exemption is calculated as a percentage of the value of the supported costs of the investment plan or the value of the new mechanical and other equipment, which is acquired by leasing and constitutes an equal reserve, which is kept in a separate account in the financial their situations.
A grant, which consists of the free provision by the State of a sum of money, to cover part of the supported costs of the investment plan and is determined as a percentage of them.
Leasing subsidy, which consists of the coverage by the State part of the paid installments of leasing, which is concluded for the acquisition of new mechanical and other equipment, is determined as a percentage of the value of their acquisition and is included in . The lease subsidy may not exceed seven (7) years, and the term starts from the date of completion of the investment.
Subsidizing the cost of employment created, which consists of covering by the State part of the wage costs of the new jobs created and related to the investment plan and for which no other state aid is received.
Business risk financing related to the "New Business" regime.
The types of aid of items a΄, b΄ and c΄ are provided individually or in combination and are taken into account to determine the total amount of aid of each investment project. The type of aid of item d 'is provided independently and only for the expenses of new jobs, which are created as a result of the realization of the investment plan, is calculated for two years from the creation of each job.

[atlantic57] 04/11/2021 09:16

aim I suggest you look back at the rns announcements made by min and the time it takes
for anything to actually happen.

[aimdetective] 04/11/2021 08:14

Someone needs to put a word in ;-)

[rafboy] 04/11/2021 07:49

Thought we might of heard something by now

[daicaprice] 03/11/2021 22:34

Not a DM with an opinion, every word has been said previously I assume.

DC

[aimdetective] 03/11/2021 16:51

No trades today. Desperately needs news please.

[atlantic57] 03/11/2021 16:32

The importance of the Presidential Decree cannot be overstated.

If the rumours and the verbal confirmation are indeed correct,


then I am delighted that after such an extended time we now have the signatures of every required member of the government. We are grateful for the hard work of various government ministers and our advisers, particularly at this time when Greece is grappling with many major issues."

okay maybe they are in the same position as us

[microscope] 03/11/2021 16:27

How Greece works :)

[atlantic57] 03/11/2021 16:08

As Previously discussed The Company will have a clear idea of when this legislation is going through .This will in turn trigger the loan agreement terms being finalised.


Those terms and the markets reaction to the terms of the loan agreement will be very interesting.

[rafboy] 03/11/2021 15:59

Wonder if we will have news tomorrow?

[aimdetective] 03/11/2021 08:18

I'd imagine they would announce as soon as they were told?

[wi1l] 03/11/2021 08:04

Looks like that Bill passed yesterday, but as to whether its the right one........??

[waterloo01] 03/11/2021 06:59

Tax system wooing foreigners

Pensioners and investors from dozens of countries have applied to transfer their tax residence to Greece, partly thanks to the incentives being offered and partly because of Brexit, while dozens of young people who left the country during last decade’s brain drain are now coming back home.

Finance Minister Christos Staikouras, his deputy Apostolos Vesyropoulos and General Secretary for Tax Policy Athina Kalyva said on Monday that 75 investors (plus their relatives) from 21 countries – including Switzerland, Belgium, the United States, Oman, Israel, Monaco, Argentina, Australia and Russia – have moved their tax domicile to Greece, paying taxes of 9.4 million euros.

Staikouras said the plan to woo new tax residents and investments to Greece has already been successful in the two years since it was introduced, with even more revenues expected to come thanks to the large number of applications submitted by workers and self-employed professionals seeking to pay tax in Greece.

Foreign pensioners have also grabbed the opportunity to become Greek taxpayers: In the first 10 months of 2021 alone there were 206 applications to that affect, with 157 from 21 countries already approved. The law states that retirees receiving their pension from another country and moving to Greece will for the first 15 years enjoy a flat tax rate of 7%, regardless of the level of their income. Any incomes generated in Greece, however, will bear the normal tax rates that Greeks pay, as they have to declare all of their takings, from their home country, from Greece and from third countries.

There also are more than 1,000 Greeks who left the country at the start of the previous decade, when the financial crisis broke out, who are now on their way back to Greece. They have applied to shift their tax residence back home thanks to the government’s tax incentives. This is mainly attributed to the exemption from income tax and the solidarity levy for 50% of their income in Greece for the first seven years.

[daicaprice] 02/11/2021 17:00

It seems to me a .4p jump on a net 200k sale day is a bit steep, do they know something we don’t I wonder?

DC

[daicaprice] 02/11/2021 16:27

Just been quoted .939 for just 120k

DC

[aimdetective] 02/11/2021 16:13

Volume at 1.1 million today!

[wi1l] 02/11/2021 16:04

Apologies DC it doesn't answer your question but an Interesting article:

Tax incentives in Greece attract foreign investors, pensions, workers



Initial results from the implementation of tax incentives aimed at attracting new tax residents and investments in Greece show that the measures are beginning to pay off. In particular, according to data presented today by the Ministry of Finance, tax incentives have attracted in 2020 and 2021 in Greece 75 investors, 214 retirees and 1,000 employees.

[daicaprice] 02/11/2021 13:09

Anyone know if there’s a vote after the web session of the new law that is scheduled for today?
I think it was also debated yesterday so I’d assume a vote today.

DC

[waterloo01] 02/11/2021 08:35

Yes should be something later in the week

[rafboy] 02/11/2021 08:33

Hopefully something this week.

[aimdetective] 02/11/2021 08:01

We just hit a yearly low. Really need some updates to get moving.

[wi1l] 01/11/2021 17:15

Greek Tourism Minister: Big rebound for sector's numbers in January-August 2021



Tourism arrivals in Greece for September soared toward record levels of 2019, far surpassing the goal the New Democracy government was hoping for, bringing a boost to a recovery economy.