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How do I enter the fast-track procedure for the strategic investment in Greece?

How does the fast-track procedure for the strategic investment work? How is that different from the normal process?


Answers
  • Energopiisi SA Investment Consulting Services
    December 02, 2018

    A strategic investment is any investment that has both quantitative characteristics (e.g., has a large budget, creates numerous jobs) and/or qualitative characteristics (e.g., promotes innovation, protects the environment) as stipulated in fast track law. Strategic investments are productive investments that deliver high-impact, positive results to the Greek economy and create value added for the country as a whole and its citizens. Fast track is an “extraordinary” procedure to foster strategic investments and is not designed to include every investment plan in its provisions. Fast track applies to major investments with significant multiplier effects on Greece’s GDP. Fast track is designed to attract investments that utilize and capitalize on the geopolitical strategic advantage that Greece offers, both as a domestic investment destination and within the broad context of the global investment map. According to the fast track Law, “strategic” is the investment that meets at least one of the following conditions: the investment’s total cost exceeds the amount of 100 million euro; or the investment's total cost exceeds the amount of 15 million euro for investments in the field of manufacturing within already organized receptors, and the amount of 3 million euro for investments in approved projects within the framework of the JESSICA portfolio fund (Joint European Support for Sustainable Investment in City Areas); or the investment’s total cost exceeds the amount of 40 million euro and at the same time the investment creates at least 120 new employment contracts; or the investment creates, in a viable and sustainable manner, at least 150 new jobs or at least 600 jobs are maintained in a viable and sustainable manner; or the investment's total cost exceeds 5 million euro for investments regarding the development of business parks provided for in the second part of law 3982/2011. A solely private investment is included in the Fast Track procedure only if: (a) the prospective investor desires such an inclusion; (b) the investment fulfills the law’s requirements; and (c) the investment is approved by the Inter-ministerial Committee for Strategic Investments (ICSI). Fast track works as an accelerating and transparency enhancement mechanism for the procedures relating to the implementation of strategic investments in Greece, whether these consist of private-private ventures (a private investment on a private asset, such as a hotel or tourist development, an industry, etc.) or public-private partnerships (a private investment in a state asset/property (such as the development of the old airport of Athens Site, the development of Greek state-owned tourism real estate, development of an airport, etc). Fast track accelerates the licensing procedure by: a) creating a legally-binding timeframe for the issuance of licenses with significantly reduced deadlines; b) immediately activating the investment process; and c) enhancing the speed and efficiency of public bodies’ relevant actions. Fast track is an “exceptional” tool. It has not been designed to accommodate just any investment plan or investment initiative. It focuses primarily on large-scale investments with a positive multiplying effect on GDP. It refers practically to investment plans which capitalize on the strategic advantages that Greece can offer on the global map.