Greece: Investing

FDI in Figures

According to UNCTAD's World Investment Report 2024, FDI flows to Greece stood at USD 5.4 billion in 2023, after reaching a record level of USD 8.4 billion one year earlier. At the end of the same period, the stock of inward FDI reaced USD 61.5 billion. Data from the Bank of Greece shows that the countries holding more FDI stocks (by immediate investor) are Luxembourg (17.5%), Cyprus (11%), the Netherlands (10%) and Switzerland (6.7%). Europe as a whole held 83.6% of stocks. In terms of sectors, the ones attracting more foreign investments were real estate (18.4%), manufacturing (14.7%), wholesale and retail trade (11.4%), information and communication (9.6%), and transport and storage (8.9%). More in detail, the manufacturing sectors with the most significant investment were “food, beverages, tobacco” and “pharmaceuticals”. According to the EY Attractiveness Survey Greece 2024, while European investments fell by 4% in 2023, Greece secured a record 50 FDI projects, ranking 19th among 45 countries. FDI projects from the past two and three years represent 25% and 33% of all investments since 2000, with 49% made after Greece's 2019 bailout exit. Investments increasingly target knowledge-intensive and high value-added sectors. Key areas include software and IT services (24%), professional and business services (16%), and transportation and logistics (16%). As per the latest data by the OECD, FDI inflows to Greece totalled USD 2.3 billion in the first half of 2024, marking a decrease of 16.3% from the level recorded in the same period one year earlier.

Foreign private entities can establish various types of businesses and handle most bureaucratic procedures digitally. Greece imposes no discriminatory laws against foreign investors. The government has introduced reforms to boost growth in key sectors like tourism, agriculture, services, manufacturing, and construction. Initiatives include a fast-track system for strategic investments and the Enterprise Greece Investor Ombudsman to resolve issues and simplify licensing. Although recent reforms have boosted competitiveness and digitised government services, bureaucratic complexity and a slow judicial system remain obstacles for both foreign and domestic investors. Foreign and domestic entities have the legal right to establish and own businesses in Greece, though national security restrictions apply to foreign ownership in sensitive sectors like airport operations, electricity, and media. The government has implemented EU-required reforms in the energy sector, allowing more foreign investment. There are also restrictions on land purchases in border areas and certain islands. Foreign investors can buy or sell shares on the Athens Stock Exchange on equal terms with locals. Greek laws protect property rights for both foreign and Greek nationals, with a legal system that supports property acquisition and transfer. The country does not have an investment screening mechanism; however, the government is currently working on legislation for the development of an FDI screening procedure in line with EU regulation 2019/452. Greece ranks 59th among the 180 economies on the Corruption Perception Index and 113th out of 184 countries on the latest Index of Economic Freedom.

Foreign Direct Investment	2020	2021	2022
FDI Inward Flow (million USD)	3,213	6,328	7,604
FDI Stock (million USD)	39,081	42,112	49,245
Number of Greenfield Investments*	43	49	63
Value of Greenfield Investments (million USD)	2,998	2,411	2,196

Source: UNCTAD, Latest data available.

Note: * Greenfield Investments are a form of Foreign Direct Investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up.

FDI STOCKS BY COUNTRY AND INDUSTRY

Main Investing Countries	2023, in %
Germany	14.5
France	12.7
Cyprus	11.2
Luxembourg	11.1
Switzerland	9.2
The Netherlands	6.2
United Kingdom	6.2
United States	6.0

Main Invested Sectors	2023, in %
Financial and insurance activities	25.0
Real Estate	15.6
Manufacturing	10.2
Information and communication	9.1
Transport and storage	6.2
Wholesale and retail trade	4.6

Source: Bank of Greece, Latest data available.

Form of Company Preferred By Foreign Investors: Consult Invest in Greece website.
Form of Establishment Preferred By Foreign Investors: Consult Enterprise Greece website.
Main Foreign Companies: Coca Cola Hellas Bottling, Philip Morris Group (Papastratos), Vodafone, Carrefour, Amstel-Heineken (Athenian Brewery), Beiersdorf, etc.
Sources of Statistics: Hellenic Statistical Authority

What to consider if you invest in Greece

Strong Points

Greece’s main assets are:

Member of the European Union and European Monetary Union
Economic Hub of South-Eastern Europe: geographical location, which makes it the strategic link with the markets of the Balkans, the Black Sea, Eastern Europe and Eastern Mediterranean regions
One of the strongest shipping sectors in the world.
Strong tourism sector
In-depth economic and work market reforms after the economic crisis
Greatly improved financial management
Prospects for tourism in the long-term remain strong. As the industry continues to grow, it will create opportunities for investments related to upgrading or updating related infrastructure.

Weak Points

Greece suffers from many handicaps :

The economic crisis has greatly diminished economic prospects. Consumer confidence has decreased, liquidity issues have made it difficult to access credit and consumption has dramatically scaled back.
High public debt
Rigid business environment
Weak industrial and banking sectors
Insufficient investment in research and development
Bureaucratic inefficiencies, expensive regulations and uncertainty about the future regulatory regime
The country also faces a high level of corruption that affects many aspects of the economic and commercial life (according to Transparency International).
Persistence of social tensions
Many industries tend to be oligopolistic, creating difficulties for those wishing to enter the sector.

Government Measures to Motivate or Restrict FDI

The Legislative Decree number 2687/53 as well as Article 112 of the Constitution, give approved foreign 'productive investments' property rights, preferential tax treatment and work permits for foreign managerial and technical staff.
Law 4146/2013, entitled the 'Creation of a Business-Friendly Environment for Strategic and Private Investments' is the primary investment incentive law currently in force. It aims to improve the institutional framework for private investments, raise liquidity, accelerate investment procedures and increase transparency. The Greek government also established Enterprise Greece, merging the previous Invest in Greece investment promotion agency with the Hellenic Foreign Trade Board to create a sole point of contact for investors. The business start-up procedures can be carried out online via the Greek General Register of Commerce.

Since the financial crisis, Greece has experienced a significantly degraded business climate. Despite the many structural economic reforms undertaken since then, foreign investors continue to fear the weight of Greek bureaucracy and corruption. The government provides a number of incentives to try to reverse the investment trend (although the country is highly sought-after by Chinese investments) including :

Law 4487/2017 establishes the investment incentives framework for the production of audiovisual works in Greece, by providing a State grant (cash rebate) for an amount of up to 40%.
The Legislation for Integrated Tourism Resorts and Holiday Housing acts in combination with the Law for Residence permits (4251/2019), which offers to non-EU citizens the right to get a residence permit, if they own at least €250,000 real estate asset, or a sharing contract under Law 1652/1986, or a 10-year lease of hotel accommodations or furnished tourist accommodation (houses) in tourist accommodation complexes according to Article 8, par. 2 of Law 4002/2011. To know more about the Golden Visa Program, click here.

Protection of Foreign Investment

Bilateral Investment Conventions Signed By Greece: To see the list of investment treaties signed by Greece, consult UNCTAD's International Investment Agreements Navigator.
International Controversies Registered By UNCTAD: Refer to UNCTAD's Investment Dispute Settlement Navigator.
Organizations Offering Their Assistance in Case of Disagreement: ICCWBO , International court of arbitration, International chamber of commerce
ICSID , International Center for settlement of Investment Disputes
Member of the Multilateral Investment Guarantee Agency: Greece is a signatory to the Convention of the MIGA.

Country Comparison For the Protection of Investors	Greece	OECD	United States	Germany
Index of Transaction Transparency*	9.0	6.5	7.0	5.0
Index of Manager’s Responsibility**	4.0	5.3	9.0	5.0
Index of Shareholders’ Power***	5.0	7.3	9.0	5.0

Source: The World Bank - Doing Business, Latest data available.

Procedures Relative to Foreign Investment

Freedom of Establishment: Foreign and domestic private entities have the legal right to establish and own businesses in Greece at the same conditions.
Acquisition of Holdings: A majority holding interest in the capital of a Greek company by a foreign investor is legal, except in some sensitive sectors (i.e. airport operations, electricity and media).
Obligation to Declare: At the moment, Greece does not implement an investment screening mechanism.
Competent Organisation For the Declaration: General Electronic Commercial Registry (GEMI)
Ministry of Development and Investment
Requests For Specific Authorisations: Airport operations, electricity, media.

Office Real Estate and Land Ownership

Possible Temporary Solutions: Consult InstantOffices, Coworker, Tospitimou, etc.
The Possibility of Buying Land and Industrial and Commercial Buildings: In general, foreigners can buy properties and land at the same conditions as Greek citizens. Restrictions exist on land purchases in border regions and on certain islands in light of national security considerations.
Risk of Expropriation: Private property may be expropriated only for public interest, in a non-discriminatory manner and with prompt, adequate, and effective compensation.
There have been no expropriation actions involving the real property of foreign investments in recent history.

Investment Aid

Forms of Aid: In recent years, the Greek parliament approved several laws to support local and foreign investments, including:
- the “fast track” law, which simplifies the licensing and approval process for “strategic” investments
- Investment Law 4146/2013, which provides additional incentives, dependent on the sector and the location of the investment, aimed at increasing liquidity, accelerate investment processes, and ensure transparency
- law 4399/2016, entitled “Statutory framework to the establishment of Private Investments Aid Schemes for the regional and economic development of the country”, which offers incentives for companies that invest from EUR 50,000 (Social Cooperative Companies) up to EUR 500,000 (large sized companies) as well as tax breaks. The Greek government provides funds to cover part of the eligible expenses of the investment plan; the amount of the subsidy is determined based on the region and the business size.
For further information, consult Enterprise Greece's portal.
Privileged Domains: Investment aids take the form of credit facilities, simplifies bureaucratic procedures, grants, tax breaks, etc.
Privileged Geographical Zones: Law 3894/2010 (so-called "fast track" law) gives Enterprise Greece the authority to expedite licensing procedures for qualifying investments in the several sectors: industry, energy, tourism, transportation, telecommunications, health services, waste management, or high-end technology/innovation. For further information, visit the dedicated page on Enterprise Greece's portal.
Free-trade zones: Greece has three free-trade zones, located at Piraeus, Thessaloniki and Heraklion port areas. Greek and foreign-owned firms enjoy the same conditions in these areas. Goods of foreign origin may be brought into these zones without payment of customs duties or other taxes and remain free of all duties and taxes if subsequently transshipped or re-exported.
Public aid and funding organisations: Ministry of Development and Investment

Investment Opportunities

The Key Sectors of the National Economy: Tourism is the first sector of the country, followed by the merchant marine.
The service sector is the fastest growing sector in the Greek economy (commercial and financial services, real estate, transport and communications).
The other main sectors are cosmetics, information and communication technologies (especially e-commerce) and agribusiness.
High Potential Sectors: The energy sector; renewables, ICT. For further information, visit the "sectors for growth" section on Enterprise Greece's portal.
Privatization Programmes: The government has launched a vast process of privatisation of several state-owned enterprises as a consequence of the bailout agreement: banking sector, privatization of airports, ports (Piraeus, Thessaloniki), port services equipment, highway and energy (gas).
In general, privatizations are subject to a straightforward, non-discriminatory and transparent public bidding process.
Tenders, Projects and Public Procurement: Tenders Info , Tenders in Greece
Ted - Tenders Electronic Daily , Business Opportunities in the European Union
dgMarket , Tenders Worldwide
ESIDIS , National System of Electronic Public Procurement

Sectors Where Investment Opportunities Are Fewer

Monopolistic Sectors: There are restrictions on foreign investment in the energy sector, the media sector, land purchases in border areas and on certain islands, and on land considered important for national security.

Finding Assistance For Further Information

Investment Aid Agency: Enterprise Greece (official investment and trade promotion agency)
Other Useful Resources: Ministry of Development and Investment
Doing Business Guides: Doing business in Greece (Government of Canada)
Greece - Market Overview (The U.S. Department of Commerce)
World Bank's Doing Business - Greece

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