R3m and you can be Greek

Looking for respite from bad news in South Africa? Take a long Greek holiday, and listen to that country's bad news.

Greece will offer residence to non-EU investors purchasing or renting property valued at over 250000 euros (about R3-million), in a bid to revive its moribund real estate industry, officials said yesterday.

The offer, voted into law by parliament last week, is being made in response to strong demand from Arab, Chinese and Russian investors, interior ministry officials and property groups said.

The permits will enable the holders, their spouses and children under the age of 18 to freely travel, but not work, in the 26 countries of the Schengen area for three consecutive months at a time.

The recession and heavy taxation has crippled the country's construction industry - formerly one of the pillars of its economy.