The Evolution of Strategic Investments in Greece:
Understanding Law 5164/2024 & Its Amendments to Law 4864/2021
Greece continues to enhance its investment landscape with the introduction of Law 5164/2024 (hereinafter referred to as the “New Law”), which was published in the Greek Government Gazette on December 12, 2024. This law brings important amendments to Law 4864/2021, which remains the cornerstone of the Strategic Investments framework in Greece.
Law 4864/2021, titled “Strategic Investments and Improvement of the Investment Environment through the Acceleration of Procedures in Private and Strategic Investments, Creation of a Framework for Spin-Off Companies, and Other Urgent Provisions for Development”, set the foundation for attracting high-value projects to Greece. Now, the New Law (5164/2024) introduces critical refinements, particularly with the promotion of “Flagship Investments”, a newly defined subcategory within Strategic Investments.
What Does Law 5164/2024 Change?
Part F of the New Law (Articles 60-65) specifically amends Law 4864/2021, aiming to further incentivize investments in sectors deemed vital for Greece’s economic growth and European autonomy. The most significant update is Article 60, which formally introduces the concept of “Flagship Investments” as a priority category within Strategic Investments.
Flagship Investments: A Game-Changer for Greece’s Economy
Under Article 60 of the New Law, investments that fall under the Flagship Investments of Exceptional Importance category include:
✅ Critical Raw Materials Projects – Investments related to the production, extraction, refining, and processing of strategic raw materials such as aluminum, lithium, gallium, and germanium, in compliance with EU Regulation 2024/1252. This aligns with the EU’s goal of ensuring a secure and sustainable supply of critical raw materials, reinforcing economic resilience and strategic autonomy.
✅ Circular Economy Initiatives – Investments supporting the reuse, repair, and recycling of products, a core element of the European Green Deal. This measure encourages Greece’s transition to a climate-neutral economy and supports the EU’s 2050 climate targets.
✅ Shipbuilding & Maritime Industry – As part of Greece’s efforts to revitalize its shipbuilding sector, these investments contribute to strengthening the country’s industrial base and enhancing economic growth and employment.
Key Incentives & Benefits for Strategic & Flagship Investments
The New Law 5164/2024 enhances the investment environment by improving the incentives provided under Law 4864/2021. The main benefits include:
1. Location Incentives (Article 7, Law 4864/2021)
- The government may issue Special Plans for Spatial Development to support Flagship Investments through land-use adjustments or expropriations, ensuring smooth project execution.
2. Fast-Track Authorization (Article 9, Law 4864/2021)
- A strict 45-day deadline for issuing investment approvals, significantly reducing bureaucratic delays.
3. Cost Aid Incentives (Article 10, Law 4864/2021)
- Financial aid for employment costs, particularly for research and development or workforce inclusion programs.
4. Enhanced Tax Incentives (Article 8, Law 4864/2021, as amended by Article 62 of Law 5164/2024)
- Income Tax Rate Stability: Strategic and Flagship Investments can lock in their corporate tax rate for 12 years post-project completion.
- Tax Exemptions or Accelerated Depreciation: Investors can now combine income tax exemptions with accelerated depreciation for fixed assets, instead of choosing between them.
5. Infrastructure & Environmental Support (Article 61, Law 5164/2024)
- The New Law ensures that infrastructure projects supporting Flagship Investments are compatible with Greece’s environmental protection framework, particularly in areas requiring watercourse regulation and redelimitation.
6. Simplified Application Process (Article 64, Law 5164/2024)
- Companies applying for Strategic Investment status must submit a business plan and raw material supply impact assessment, ensuring their projects align with Greece’s and the EU’s economic priorities.
Related procedures : Fast – Track
Preamble
Fast-Track Strategic Investment Procedure is designed to accelerate large-scale investments by reducing bureaucracy, expediting licensing, and offering financial incentives. If your company is planning a major investment project in Greece, the Fast-Track framework may provide significant advantages.
What is the Fast-Track Procedure? The Fast-Track framework is a legal mechanism established by the Greek government to streamline approvals and licensing for strategic investments. It prioritizes projects that contribute significantly to Greece’s economy, job creation, and technological innovation. This process is governed by Law 3894/2010 and its subsequent amendments, which provide a structured and transparent framework for investors.
The key aspects of the Fast-Track procedure include:
- Expedited Licensing: The Greek government ensures that strategic investment projects receive all necessary permits within 45 calendar days from submission.
- Interministerial Committee for Strategic Investments (ICSI): The final approval authority responsible for evaluating applications and granting Fast-Track status.
- Enterprise Greece: The official investment promotion agency that assists investors in preparing and submitting their applications.
- Legal Stability: Special provisions may be included in the investment contract, guaranteeing tax benefits and regulatory stability for a defined period.
How Do You Get Accepted? Your investment may qualify for Fast-Track approval if it meets one or more of the following criteria:
- Total investment cost exceeds €100 million, regardless of sector.
- Investment in manufacturing within industrial areas exceeding €15 million.
- Investment creating at least 120 new jobs or maintaining 600 jobs sustainably.
- Business parks, renewable energy, and technology projects with a minimum investment of €5 million.
- Other strategic investments deemed essential by the Greek government.
The Approval Process:
- Preliminary Consultation: Investors initiate contact with Enterprise Greece for an initial assessment of eligibility.
- Submission of Documentation: A comprehensive business plan, financial models, environmental impact assessments, and licensing documents must be submitted.
- Evaluation by Enterprise Greece: The agency conducts an initial review based on legal and economic criteria.
- Decision by ICSI: If approved, the investment receives Fast-Track status, granting access to priority licensing and financial incentives.
Why This Matters for Foreign Investors
Greece has firmly positioned itself as a key destination for strategic investments, with Law 4864/2021 establishing the legal foundation and Law 5164/2024 enhancing its effectiveness. These reforms:
Expand investment opportunities in high-impact sectors
Provide stronger financial and tax incentives
Ensure regulatory clarity and long-term stability
Align Greece’s investment policies with EU strategic priorities
How We Can Help
At Amoiridis Law Services®, we understand the complexities of the visa and permit process, and our dedicated team is here to provide guidance and support, ensuring your experience in Greece is smooth and hassle-free. For further information and personalized assistance tailored to your needs and profile, contact our legal team.
For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalized information tailored to your needs and your profile.
You can email us: or call/text us directly at: +306908351705 (WhatsApp/Viber)
Athens, March 2025
Follow us on 
