In 2021, the Greek parliament passed a new law on strategic investments- Law 4864/2021, which replaces articles 10 to 29 of Law 4608/2019 that aimed at attracting foreign investment and stimulating economic growth in Greece. The law introduces a number of measures to attract investment and create employment, while promoting balanced and sustainable development across the country.
One of the key features of the new law is the establishment of a National Strategic Investments Register. This register will include all investment projects that are considered strategic for the national or local economy. Projects that are included in the register will be eligible for fast-track approval procedures, as well as other incentives and benefits.
The law also provides for the creation of a National Strategic Investment Committee. This committee will be responsible for evaluating investment proposals and making recommendations to the government on which projects should be included in the National Strategic Investments Register.
In addition, the law introduces several tax incentives and other benefits to encourage investment in Greece. For example, strategic investments that meet certain criteria will be eligible for a reduced corporate income tax rate of 22% for the first five years. The law also provides for the exemption of strategic investments from certain taxes and fees, such as the transfer tax and stamp duty.
Another important aspect of the law is its focus on sustainable development. Strategic investments are expected to prioritize environmental and social considerations, and to contribute to the circular economy. Projects that promote sustainable development will be eligible for additional incentives and benefits.
The new law also introduces measures to streamline the investment process in Greece. It establishes a single point of contact for investors, the Investment and Business Development Authority of Greece, which will provide support and guidance to investors throughout the investment process.
Overall, Law 4864/2021 aims to attract strategic investments to Greece and promote sustainable development across the country. It provides a number of incentives and benefits to encourage investment, while streamlining the investment process and ensuring that investment projects prioritize environmental and social considerations. Investors who are considering investing in Greece should consult with legal experts to understand their obligations under the law and to take advantage of the incentives and benefits provided by the government.