Foreign Investment Review, 2023

Chapter for Greece drafted by Dr Dimitrios Chatzimichael,Partner,  Ioanna Tolia, Associate and Lampros Papaioannou,  Associate, published in Lexology GTDT

Table of contents
LAW AND POLICY

What, in general terms, are your government’s policies and practices regarding oversight and review of foreign investment?

Foreign investments are considered important for Greece’s economic growth following the deep economic crisis and
the covid-19 pandemic, which left the country with a competitive, low-cost and high-expertise labour market, as well as
investment opportunities in the real estate market, where both residential and commercial property retain lower than
average EU prices. Greece is currently open to foreign ownership and investment; the latter having been fully liberalised
since 1990. Over the years, several policies and incentives have been implemented in favour of foreign investors;
including cutting red tape, privatising key infrastructure and public sector enterprises, granting state aid and fast-track
licensing procedures. With a number of development laws and efforts to accelerate and simplify the framework for
investment, Greece has for years been aiming to attract investors and create an attractive and stable licensing,
financing and implementation of regulatory framework for important investment plans.
Policies and practices
Main laws
Scope of application
Definitions
Special rules for SOEs and SWFs
Relevant authorities

PROCEDURE
Jurisdictional thresholds
National interest clearance
Review process
Involvement of authorities

SUBSTANTIVE ASSESSMENT
Substantive test
Other relevant parties
Prohibition and objections to transaction
Challenge and appeal
Confidential information

RECENT CASES
Relevant recent case law

UPDATE AND TRENDS
Key developments of the past year

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