Acceleration of Strategic Investments in Greece

On the 6th of August the Greek government opened a public consultation related the “Acceleration of Large Projects & Strategic Investments” that is leading to a new bill. The concept is quite innovative and it seems to provide a good tool for large scale investments (typical investments can be >200m Euro or >75m Euro+200 FTE or >1m Euro per year in hi tech), which in the past had faced deadlock bureaucratic barriers. The new bill is coming directly from the prime minister’s office and is enforcing a series of measures with the target to:

  1. Create a one-stop-shop for investors with respect to any matter that relates with the Greek state. The existing ELKE organization is renamed to “Invest in Greece” and is the one that will receive applications from investors, provide approvals and provide the proxy mechanism to all state-related procedures & licences. The new organization will be supervised by the joint ministerial committee of “Large Projects & Infrastructures”.
  2. If an investment is approved by Invest in Greece, it then receives top priority in every procedure / process / license related to the Greek state, given that the relative collateral is in order. Specific deadlines are imposed on Greek state organization, which if not kept then the unanswered request is automatically granted. In some cases related to delays with no justification, penal action against state employees may be imposed.
  3. The bureaucratic barriers that are specifically overridden are related to:
    • Approval of Environmental Conditions
    • Permitting & Licencing
    • Use of Coastline
    • City Planning
    • Auxiliary & Complementary Works
    • Compulsory Land Acquisition & Determination of Value
    • Jurisdiction of Courts & Appeals

The public consultation is closing on the 27th of August.