The Greek Investment Incentive Law
There is a variety of business sectors which can be funded via IIL, including medical cannabis, pharmaceuticals, tourism, & industrial facilities.
Key objectives of the law include the:
- Creation of new jobs with an emphasis on the employment of skilled human resources
- Increase of extroversion and innovativeness of businesses
- Improvement of technological level and competitiveness
- Enhancement of the extrovert country’s image (branding)
- Re-industrialisation of the country
The IIL offers opportunities for businesses in the form of the following fundamental pillars:
- The aid granted is up to 55% of the investment project, and the Aid schemes are as follows:
- Grant, which consists of the free provision of funds to cover part of the investment project
- Tax Exemption consisting of the exemption from paying income tax on earnings before tax
- Aid can reach up to €5 million
- Investors may select whether they receive it as a Grant or Tax Exemption or a combination of them
- The Aid (Grant or Tax Exemption) is up to 55% of the investment depending on specific criteria such as the size of the company & geographical (e.g. depending on where the investment will take place)
- The grant is released to the investors gradually upon submission of paid invoices throughout the deployment of the investment
As Greece becomes a hub for the production of medical cannabis in Europe, the IIL is expected to increase the incentive for firms to start setting up medical cannabis production facilities in the country. Already Greece has issued more than 35 licenses to vertically integrated producers, and with another 60 still under review, production is estimated to be underway by the second half of 2020.
Working alongside VK PREMIUM Business Consultants, the firm responsible for vetting companies requesting licenses to set up medical cannabis facilities and overall support investors to deploy their Medical Cannabis plans in Greece; Cann-Expo will offer unprecedented insight into the goings-on around Greek legislation, and investments roll out in medical cannabis facilities.
Also bridging the emerging Asian, African and Middle Eastern markets, Greece is an ideal location for companies looking to break into the European and broader global markets. Cann-Expo will explore in detail the emerging opportunities coming out of Asia, South America, the Middle East & Australia.