March 29, 2024 5 min read
Public consultation on the new investment law

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Σε δημόσια διαβούλευση τίθεται από σήμερα το νομοσχέδιο, το οποίο μεταξύ άλλων περιλαμβάνει ειδικό κεφάλαιο που αναφέρεται στις αλλαγές του επενδυτικού νόμου οι οποίες αφορούν κυρίως σε μικρομεσαίες επιχειρήσεις.

Ο νέος επενδυτικός νόμος δίνει πρόσθετα κίνητρα στις εταιρείες που θέλουν να υπαχθούν στον αναπτυξιακό νόμο. Ενοποιούνται διαχειριστικά οι ιδιωτικές επενδύσεις με τις στρατηγικές (fast track) και εισάγονται νέα εργαλεία, όπως οι εταιρείες ειδικού σκοπού (SPV) και ειδικά σχέδια χωρικής ανάπτυξης στρατηγικών επενδύσεων. Ο επενδυτικός νόμος προβλέπει, μεταξύ άλλων, 100% προκαταβολή στις επιδοτήσεις εταιρειών αν αυτές έχουν ισόποση εγγυητική επιστολή, επιπλέον κίνητρα, εμπροσθοβαρείς φοροαπαλλαγές και δικλείδες διαφάνειας.

Specifically, the changes are as follows:

  • Articles 19 to 26 allow for an advance of up to 100% of the subsidy under cover of a letter of guarantee.
  • The choice of the mix of benefits of the development law (tax exemptions, subsidy, etc.) for investments below €50 million is released. To enhance the flexibility of financing for Small and Medium Investors.
  • The upfront use of tax exemptions is allowed to create a direct impact on the liquidity and viability of the investment.
  • Investment entities are given the opportunity to cover the same participation with directly liquid assets of their business.
  • Καταργείται (και αναδρομικά) η ανάγκη ειδικού αιτήματος αλλαγής προμηθευτή ή εξοπλισμού για φωτοβολταϊκά πάρκα. Εφόσον η ονομαστική ισχύς δεν μεταβάλλεται πάνω από 10%, ώστε να αποφορτιστεί από τις αιτήσεις αυτές η Ομάδα Μικρών Έργων και να επικεντρωθεί στα 1624 νέα επενδυτικά σχέδια που εκκρεμούν.
  • It is possible, at the request of the investor, to carry out interim and final audits by certified private sector bodies. To allow for the immediate completion of accumulated checks and the disbursement of outstanding instalments.
  • It is possible to extend for one year the completion of investment projects that have been submitted since 2007. Due to the economic crisis,
  • The ratification threshold by the Parliament is reinstated from €150 million to €50 million, to enhance the transparency of the process.

It also includes a specific provision for the ratification of decisions to include three major investments in 3299/2004, which are expected to create more than 800 new jobs.

General secretariats for private and strategic investments are consolidated (investment law)

The general secretariats of private and strategic investments are merged into a single scheme, while new directorates are created. The new secretariat will be responsible for licensing. "Invest in Greece" remains the process of welcoming and supporting investors.

The institution of Special Spatial Development Plans for Strategic Investments (ESCHASE) is introduced for Strategic Investments. It will allow the issuance of presidential decrees on spatial identification, investment identity, land use, siting and concession of seashore and beach for strategic investments.

It also changes the way investors assess the solvency of investors by increasing the management fee in favour of the state and at the same time abolishing the letter of guarantee.

Special purpose companies for Hellinikon and other real estate (investment law)

A special chapter regulates the exploitation of the coastal front from Faliro to Sounio with the use of Special Purpose Companies.

Under the supervision of the Minister of Development, Competitiveness, Infrastructure, Transport and Networks, "ATTIKO COASTAL FRONT S.A." is created. It will have a lifespan of 50 years and its purpose is the administration, management and exploitation of land in the area between the Peace and Friendship Stadium and Cape Sounio.

At the same time, a "Special Purpose Vehicle" can be established with a JMD, which will aim at the licensing maturity of complex investments that the state will be able to propose to private initiative.

Also, as Mr Blair said, Mitarachi, the SPV "Coastal Attica Front" will undertake the elaboration and implementation of a comprehensive urban development plan ("MasterPlan"). It will take into account all the social, environmental and economic elements of the wider area as well as the existing projects (Flisvos, Elliniko, SEF, etc.).

For the Coastal Front, a consultation with Mayors and the local community will follow after a special presentation of this plan.

A series of provisions are included for the institutional framework for the establishment and operation of waterways.

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