New Greek Investment Law Promises Tax Relief, Aims to Attract Foreign Investors

A new Greek investment law that will support existing enterprises, provide tax relief and offer incentives to foreign investors will soon be tabled in Parliament.

In regards to the tourism sector, the law will maintain the previous aid scheme for the creation and modernization of hotel facilities.

Among significant developments of the new investments law is that it will accelerate licensing procedures for new projects and also guarantee a stable taxation status for seven years and a tax rate at the current level of 29 percent.

The new law will also offer incentives to entrepreneurs to relocate or open new businesses in less-developed areas in Greece.

According to local press reports citing Economy Ministry sources, the main guidelines of the new law will be: supporting existing enterprises and creating innovative businesses; boosting employment and mainly skilled personnel; strengthening cooperation through supporting cooperative groups, social economy enterprises, business mergers and clusters; and supporting areas with reduced development potential due to disadvantaged geographic conditions (such as remote islands).

The investment bill is expected to be tabled in parliament within the next few days following several months of dialogue between the government and representatives of the business sector.