Doing Business In Greece
1. What is the current business climate in your jurisdiction including major political, economic and/or legal activities on the horizon in your country that could have a big impact on businesses?
It is vital that Greece introduces consistent policies that promote investment in order to facilitate economic growth. Such policies include strengthening confidence in institutions, actively managing nonperforming loans, accelerating investment in infrastructure projects, restructuring of the real estate market, new architecture for the financial sector, institutional equity mobilization, increasing "soft" financing, and adopting a stable tax system. In addition, our agricultural production has been affected by adverse weather conditions recently. The repercussions of these accidents are enormous for the existence and development of our production. Because of these tragedies, the government has taken measures to help affected people, including tax exemptions, allowances, interest-free loans, and extensions of payments. Moreover, a factor that could impact businesses is the reduction of inequalities, that analyzed in four basic axes: less than, greater than, less than or equal to, and greater than or equal to. Last year, Greece made progress in this sector and these situations have been eliminated. According to the United Nations, a state, in order to reduce inequality, needs to eradicate extreme poverty and hunger and invest more in health, education, and social protection.
2. From what countries do you see the most inbound investment? What about outbound?
The top investing countries include China (including Hong Kong), which has significantly strengthened its position in recent years, and Israel, the United Arab Emirates, the United States, Germany, France, Italy, Spain, and the United Kingdom. When it comes to outbound, many Greek investors often consider other EU countries for investment opportunities, benefiting from the economic stability and ease of cross-border investments within the union. The United States is a popular destination for Greek investors due to its large and diverse economy. The United Kingdom is an attractive destination for Greek investors interested in stocks, bonds, franchising, or real estate. Greek investors look at investment opportunities in neighboring Balkan countries like Bulgaria, Romania, and Serbia.
3. In what industries/sectors are you seeing the most opportunity for foreign investment?
Greece, according to rankings, is among the countries performing better than the European average, thanks to a good balance between the tax and legal environments for private equity and venture capital investors, managers, and investee companies. There are opportunities for foreign investment in tourism, real estate, energy, greek food and agricultural products, and technology, media, and telecommunications. Given the uniqueness of the Greek lifestyle, tourism is still one of the mainstays of economic growth and employment, with a continued growth in tourist arrivals and revenues. Moreover, the ample availability of renewable energy sources (wind, hydro, biomass, geothermal, solar energy) ranked Greece as a top destination for investment. In addition, Greek food and agriculture are major export sectors with a strong presence not only in Europe but also all over the world. In conclusion, our geographical position as a gateway between the East and West renders Greece highly attractive for investments in transport to take advantage of these increasing trade flows in an efficient and cost-effective manner.
4. What advantages and pitfalls should others know about doing business in your country?
Choosing Greece is to choose an exciting country to invest in high-quality services and products. It is also the choice for a privileged, geographically strategic location, ideal for those seeking to supply the European market or expand their businesses to other parts of the world. As a member of the EU and the Eurozone, Greece offers access to high-growth and emerging regional markets, being an excellent gateway —without any trade barriers—to more than 140 million consumers in Southeast Europe and the Eastern Mediterranean. Greece is not only a good country to invest in but also a desirable place to live. The sunshine that brightens most of the days throughout the year helps people feel motivated and productive. Last but not least, Greece offers the most affordable Golden Visa option, with a minimum investment of EUR 250,000s (in specific areas), the lowest investment capital required for a European residence permit. Otherwise, there are also some pitfalls and challenges that investors and entrepreneurs should consider when doing business in the country, such as bureaucracy and corruption.
5. What is one cultural fact or custom about your country that others should know when doing business there?
In Greece, the professional etiquette is the same as in the rest of the world. However, there are some peculiarities that make our country different. The most important one is that personal relationships play a large role in Greek business culture. Greeks prefer to work with people they know and trust. As a result, face-to-face contact is preferred when possible as this deepens the personal relationship between partners. Overly personal and direct questions usually come across in conversation, but they are not intended in a bad way. Moreover, verbal agreements are considered more binding and are usually adhered to on the basis of trust.
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