Investment funding in Greece

For those wishing to invest in Greece, investment subsidies are available in a wide range of areas. In the case of internal EU funding, the majority of grants flow directly to companies and other beneficiaries. For this purpose, the EU invites tenders for a large number of public contracts for services, goods and construction work, which are necessary for the implementation of the programmes. Comprehensive information is advisable here in order to be able to take full advantage of the relevant funding programmes and the opportunities available.

The current version of the Investment Law provides a new basis for the promotion of investments in Greece. Furthermore, there are national and regional subsidies for the various professional sectors such as technology, agriculture and tourism. In addition, there are bonus payments for social insurance for small and medium-sized companies. There are also training measures in the areas of media, internet and for company locations in the innovation sector in Thessaloniki.

Subsidies are implemented and awarded in various ways. For example, through direct monetary compensation as a grant of tax benefits, but also by covering the costs of employers' shares of social security contributions. If you are planning to set up a business or a company in Greece in the near future, you should definitely inform yourself in advance about possible subsidy opportunities in this regard.

A total of 18 major investment programmes have been approved by the EU Commission under the new ESPA funding programme for the period 2014-2020. The following programmes fall under the overall plan of all EU funding:

• Increasing competitiveness
• Digital Convergence
• Environmental protection programme
• Modernisation and expansion of infrastructure
• Improvement and effectiveness of state and local government

The Investment Law promotes the main economic sectors such as tourism, renewable energy, logistical production and the processing of agricultural products. The Promotion Law applies to the whole of Greece and the amount of the budget is based on the guidelines of each investment programme. For micro and small entrepreneurs, the budget is 130 million. Here, companies are supported in order to improve product quality and to achieve higher qualification.

Micro-enterprise is a company that employs less than 10 workers and has an annual turnover of no more than 2 million. A small enterprise is one that employs fewer than 50 people and has an annual balance sheet total not exceeding 10 million. The subsidised share is limited to a maximum of 40% of costs in both company categories.

Tip: If you would like to take advantage of the funding programme, then you should already inform yourself about it in detail, as only those costs are eligible that were incurred after the application was submitted.

Support Programme - Crete
The total investment amounts to about 434.8 million, of which 12% of the budget will be disbursed for the innovation sector and the competitiveness of small and medium enterprises.

Support Programme - Peloponnese
The funding in Peloponnese amounts to 270.3 million, of which a share of 15% is planned to support the innovation sector.

Support programme - Nordägais
Here the funding amounts to 301.7 million, of which 13% is earmarked for the innovation sector and business competitiveness. 11% is for social inclusion and employment improvement. 42% will benefit waste recycling and 20% is planned for better connectivity between the islands and the mainland.

Funding programme - South Aegean
Total funding is about 168 million, of which 13% is earmarked to finance SMEs. 17% of it is for social inclusion and 15% for tackling everyday and environmental problems, for transport, education and comprehensive healthcare.

If you have any questions about funding opportunities, support programmes and subsidies in Greece, please feel free to contact us.