Investing In Greece

 

Our different areas of specialization allow us to offer our clients comprehensive advice in crucial areas regarding investments in Greece in both the private and public sector domain.

1. Establishing a presence in Greece

Expertise spans the following essential areas regarding any foreign investment:

A. The appropriate type of business entity to be used:

a. Private Companies

b. Public Companies (listed)

c. Low taxation jurisdiction investment structures

d. Venture Capital enterprises

e. Banking enterprises

f. Portfolio Investment Company

g. Mutual Funds

h. Private Equity Enterprises

i. Hedge Funds

j. Property Company

k. Private Equity

B. Taxation aspects of investment regarding the above structures

a. The appropriate low taxation business entity to be used

b. The appropriate low taxation jurisdiction structure.

c. Holding Companies

d. Merger and Acquisitions Structure

e. Solutions with respect to Patents, Trademarks, Copyright, Know- How, etc. with respect to Holding and Parent Companies.

C. Competition Law

The competition aspects of any investment structures with regard to:

a. Anti-trust regulations

b. Dominance

c. Unfair Competition

d. Cartels

e. Monopolies

f. Securing all aspects with regard to:

I. Patents

II. Copyright law

III. Trademarks

2. Legal Entities in Greece which benefit from reduced taxation

a. Foreign Industrial and/or commercial companies under law 89/67 and
law 3427/05 whose commercial business lies outside Greece.

b. Foreign shipping companies establishing a branch or office in Greece in
terms of law 27/75.

c. Headquarters of foreign industrial and commercial companies under
law 89/67 providing specific services as set out in law 2190/1920 to their
affiliates abroad.

d. Construction companies exemption from income tax with respect to
income originating from operations outside Greece (enacted by Article 9 of
Law 4171/1961) (amended by Article 23 of Law 1262/1982). Such
companies are entitled to incentive Law 1892/90 with respect to
investments, grants, interest rate subsidies and tax allowance.

3. State Subsidies regarding Investments

The incentive investment law and its implications for foreign investors.

4. Investment in Greek Public and Private Sector

A. Investment Incentive Law (Law 3908/2011)

a. Investment categories which fall within scope of law

b. Forms of aid

1. Tax relief

2. Subsidies

3. Leasing subsidy

4. Soft loans

c. Percentage aid for different regions in Greece

B. Fast Track Law (Law 3894/2010)

Strategic investments in Greece either in the private or the public domain are expedited by ensuring.

1. Issuance of licenses within a legally binding timeframe.

2. The timeframe both accelerates the process and reduces the response period of the state bureaucracy.

3. Immediately activates the investment procedure.

4. Transparency is ensured in that the law defines the tendering and evaluation processes.

5. Fast Track is a public procedure that prioritizes the project as a matter of law.

6. The ministerial committee has the ultimate overall supervision of the Fast Track procedure

   A potential investor would be required to submit the following documents:

1. Comprehensive business and financial plan regarding the investment.

2. The Capital Structure

3. Funds to be invested

After evaluation the documents are forwarded to the ministerial committee within 15 days.

The ministerial committee must either approve or reject the investment within 20 days.

 C. Public Procurement Contracts and Projects (Law P.D. 60/2007 and 59/2007)

 A Greek Law implements EU directives 2004/18/EC and 2004/17/EC

     1. Public Supplies Contracts (PD 118/2007, PD 60/2007 and Law 3463/2006)

a. Tenders documents

b. Award procedure and criteria

 2. Public Service Contracts (PD 60/2007. PD 59/2007 Law 3316/2005)

a. Design contract

b. Tender documents

c. Award procedure and criteria

 3. Public works Contracts (PD 60/2007 and 59/2007 Law 3669/2008)

a. Tendering procedure

 4. Concession Contracts (PD 60/2007 and PD 59/2007)

a. Tender process

b. Ratification by parliament

D. PRIVATE PUBLIC PARTNERSHIPS (Law 3389/2005 as amended)

a. Project Qualification for a Private Public Partnership

b. Procedure for submission of project

c. Procedure for assignment of a project to a private entity

d. Private entity proposals for a project

e. Concessions afforded to Private entities (SPV)

E. PRIVATIZATIONS (Law 3049/2002)

a. Forms of privatizations

b. Type of assets open to privatization

c. Privatization procedures and tenders.