Strategic Investments of National Importance & Fast Track Licensing

Investments

The Greek framework of Strategic Investments and Fast Track licensing facilitates the implementation of investments in Greece, which combine a high investment plan budget and the creation of a significant number of jobs.

In addition, the establishment of a central licensing authority for Strategic Investments is an essential step to address the problem of bureaucracy, streamline all public services and consequently, accelerate the licensing procedures of large investments in Greece.

VK PREMIUM successfully supported the approval of a €25 mil. cash grant for an investment of €99.8 mil.,  for  Intertrade S.A., a Greek paper industry.   

Under the same framework, VK PREMIUM has also successfully supported the approval of a €32 mil. cash grant for an investment of €83 mil. from the biotechnology JV of Orgenesis Inc. (NASDAQ: ORGS) & Theracell Advanced Therapies.  

Strategic Investments relate specifically to the construction, reconstruction, expansion, restructuring, modernization of facilities and networks in the following economic sectors:

  • manufacturing
  • energy
  • tourism
  • transport and communications
  • health services
  • waste management
  • projects of high-end technology and innovation
  • education
  • culture
  • the primary sector and the processing of agri-foods
  • the provision of services of the tertiary sector

 

Types of aid

  • Tax incentives

Investments can receive a tax exemption or a 100% increment in tax depreciation of fixed assets that have been included in the investment plans.

  • Subsidies
    • Up to € 20 million for Industrial Research
    • Up to € 15 million for Experimental Development
    • Up to € 7.5 million for Feasibility Studies
    • Up to €5 million for hiring disadvantaged employees and people with disabilities

Advantages for investors

Strategic Investments framework offers many advantages to investors such as:

  • Acceleration of licensing procedures with the obligation to issue licenses and opinions of services within 45 days
  • Possibility of creating a Special Spatial Development Plan for Strategic Investments, according to which a single spatial decree is created with specific terms and conditions
  • Approval of the development plan by a seven-member Interministerial Committee, in order to prevent as much as possible the suffering from anti-investment appeals
  • Possibility of changing land use and justified deviations from the existing spatial and urban planning legislation
  • Possibility of requesting concession to use seashore and beach
  • Possibility of creating coastline embankments
  • Providing the possibility of creating a holiday home
  • Possibility of providing conditions for promotion and protection of archaeological finds in a reasonable time, so as not to impede the implementation of the investment
  • Possibility of justified expropriating areas
  • Possibility of requesting tax incentives for the investment

After the inclusion of an investment plan, the process of licensing the Strategic Investments by the General Directorate of Strategic Investments begins.

 

Fast Track Licensing – One stop shop

The General Directorate of Strategic Investments acts as one stop shop for licensing the strategic investments and contributes significantly to facing the bureaucracy, clarifying the responsibilities and solving the delays which strategic investors faced the years before the establishment of the above service.

VK PREMIUM undertakes the submission of proposals for investment plans within the Strategic Investments of National Importance framework.

As mentioned above, VK PREMIUM has already completed and submitted for approval two applications under the Strategic Investments framework. Additionally, there are several other large-scale investment plans in various sectors (pharma, tourism, circular economy) to be submitted soon in the same framework.