In Which Sectors Are There Investment Opportunities in Greece

In Which Sectors Are There Investment Opportunities in Greece

The most important sector of the Greek economy is tourism. Billions of Euros are invested in the tourism sector in Greece every year, and tourism is the sector that foreign investors invest the most in.

The Greek economy fell into a major depression in 2009 due to foreign debt. Greece has had to seek support from the European Union many times, and the effects of the 2009 crisis are still being felt. Greece's need for foreign capital has led to the introduction of many incentive policies for foreign investors in recent years.

What are the advantages of investing in Greece?

The advantages of investing in Greece are listed below.

• Low investment quota : The investment quota, which is 500,000 euros in other European countries, is 250,000 euros in Greece.
• Incentive opportunities : Greece's need for foreign capital due to the economic crisis has brought about many investment incentive regulations.
• Geographical and political location : Greece's key position in Mediterranean trade and its membership in Schengen provide Greece with an advantageous position in many sectors.
• Minimum period of stay : The fact that there is no specific minimum period for the residence permit to be obtained through investments to be made in Greece to remain valid or to be renewed makes Greece attractive to many investors.

What are the Investment Incentives in Greece?

Investment incentives in Greece are listed below.

• Regional incentives for real estate investments : Although it varies according to local regions, grant and loan opportunities of up to 70% for tourism and 80% for the logistics sector can be provided by local governments for real estate investments.
• Other regional incentives : Incentives in sectors such as intellectual property, licensing, quality, technological and industrial consultancy are provided by some local governments.
• Renewable energy incentives : The Greek government offers various incentive opportunities for renewable energy investments, depending on the amount of investment.
• Local employment incentives : If jobs are created for local people, the Greek government offers monthly allowances for each employed worker. Detailed information on investment incentives in Greece is available on the website of the Greek Investment and Trade Office.

What are the Investment Opportunities for Foreigners in Greece?

Investment opportunities provided by local governments and the Greek state for foreigners in Greece are listed below.

• Tax deductions : The government provides partial exemptions from income tax payments arising from the current tax legislation for pre-tax earnings from all activities of the company to be established.
• Grants : Provided that the investment plan is submitted to the relevant offices of the Greek Ministry of Economy and Development and is approved; the funds to be covered by the state are determined as a percentage of the total investment cost, as part of the eligible expenses of the investment plan.
• Debt restructuring : Expenses for the purchase of necessary equipment for the company, such as construction equipment, can be taken from the state as a loan. These debts can be restructured in a way that the repayment period does not exceed 7 years.
• Salary allowances : In cases where a certain amount of employment opportunities are provided to the local population, the Greek state pays a certain amount of salary allowance per worker to the company.
• Fixed company tax : In some cases, if the investment office of the Ministry of Economy and Development deems it appropriate, company taxes can be fixed for certain periods.

What are the requirements for opening a shop in Greece?

The requirements for opening a shop in Greece are listed below.

• An investment plan petition, which must be approved by the Greek Ministry of Economy and Development, must be written and attached to the application to the ministry.
• For public companies to be established in Greece, it is necessary to be able to document a share capital of at least 25,000 Euros and for private limited companies, a capital of at least 2,500 Euros.
• There is no minimum capital requirement for general and limited partnerships to be established in Greece.
• To open a business in Greece, you must go to a tax office and obtain tax numbers for the shareholders and the company.
• In case of 10 or more employees, at least 30% of the employees must be Greek citizens.
• Depending on the business line to be invested in, the necessary licenses and documents must be obtained from the relevant government institutions.

Although opening a company branch in Greece has become much easier with the regulations made in recent years, the process of opening a company can be longer for non-EU citizens.

What are the Most Invested Sectors in Greece?

The most invested sectors in Greece are listed below.

• Real estate sector in Greece : According to official data released by the Bank of Greece, investments in the real estate sector increased by 94.6% in 2019 compared to the previous year. Between January and June 2019, foreign investors invested more than 736 million euros in the real estate sector in Greece.
• Tourism sector in Greece : In 2017 and 2018, 3.8 billion Euros were invested in the tourism sector in Greece, including renovations and restorations. 41.3% of tourism investments in Greece in 2017 and 2018 were made in the construction and renovation of 4 and 5 star hotels.
• Greece's logistics sector : With its key location in the Mediterranean and acting as a bridge between Western Asia, Europe and North Africa, the maritime transport sector in Greece is among the sectors that attract the most attention from foreign investors.
• Greece's energy sector : Known for its average of 250 days of sunshine per year and strong winds in its mountainous regions, Greece is one of the focal points of the renewable energy sector in Europe.
• Greek agricultural sector : Greek agricultural products, which frequently find a place in European and American markets, have historically been one of the building blocks of the Greek economy. The most important products of the Greek agricultural sector are olive oil and seafood.

Which Sectors Have Few Investment Opportunities in Greece?

Sectors with few investment opportunities in Greece are listed below.

• Infrastructure
• Telecommunication
• Internet service provider
• Health
• Iron and steel industry
• Mining
• Shipbuilding

What are the Investment Banks in Greece?

The investment banks most preferred by investors in Greece are listed below.

• Emporiki Bank
• Hellenic Bank
• Millennium Bank
• Attica Bank
• Panellinia Bank
• Egnatia Bank

What Visa is Required to Invest in Greece?

There is no need to obtain a special visa to invest in Greece, and those who go to Greece with any type of visa can apply for a residence permit if they invest 250,000 Euros.

Those who go to Greece to invest can travel to Greece with a Greek investor visa or a Greek golden visa, and after documenting their investment, they can obtain a residence permit for up to 5 years, which can be renewed again.

Can You Get a Residence Permit by Investing in Real Estate in Greece?

It is possible to obtain a residence permit in Greece through real estate investments. In order to obtain a residence permit through real estate investment in Greece, the investment must be at least 250,000 Euros.

Those who have entered Greece with short or long-term visas other than investment visas or residence permits obtained for other reasons can also apply for a Greek residence permit based on the investments they have made.

What are the Requirements for Acquiring Property in Greece?

The requirements for purchasing property in Greece are listed below.

• Greek tax number (AFM) : Those who will invest in real estate in Greece must first apply to any Greek tax office and obtain a tax identification number.
• Real estate purchase and sale tax : In Greece, a 3% tax must be paid to the state for the sale of real estate, and this payment is made by the buyer.
• Notarization : The officialization of home purchase transactions must be done at a notary office.

In Greece, the requirements for property acquisition are higher for non-EU citizens and the process can take longer. It is recommended that those who want to acquire property in Greece get support from local lawyers throughout the process.

Can Greek Citizenship Be Obtained by Investment?

After obtaining a 7-year legal residence permit in Greece, it is possible to apply for Greek citizenship, provided that Greek language proficiency is achieved.

There is no minimum period of stay in Greece within 7 years of holding a residence permit to apply for dual citizenship in Greece , and it is possible to reside in other countries during the 7 years of holding a residence permit.

What is the Minimum Investment Fee to Become a Greek Citizen?

In order to become a Greek citizen, an investment of 250,000 Euros is required to obtain a golden visa, and if a residence permit is obtained in Greece for 7 years, people with sufficient knowledge of Greek can apply for Greek citizenship.

What are the Companies Providing Investment Consultancy in Greece?

Some of the companies providing investment consultancy services in Greece are listed below:

• Beta Securities SA
• Hellenic Capital Advisors
• Kantor Management Consultants SA
• Merit Securities SA
• Prelium Securities & Investment Services S.A.
• Pharos Investment Advisors
• Devere Group