GREECE Trends and Developments Contributed by: Stathis Orfanoudakis, Theodore Konstantakopoulos and Yolanda Antoniou-Rapti, Zepos & Yannopoulos
increasing interest from international investors. As a result, the Greek technology M&A market is poised for a resurgence, with increased invest- ment activity and a vibrant entrepreneurial land- scape. Outlook Investors are casting their vote of confidence in the Greek entrepreneurial ecosystem, driven by the country’s commitment to fostering a strong innovation culture. Furthermore, incentives are being introduced to attract investor interest and foreign talent. In this context, newly introduced Greek Law 5162/2024 includes incentives for businesses to perform M&A and tax incentives for investments by angel investors, as well as tax incentives for R&D. The new law also provides for a new “residence by investment” permit for third-country nation- als who contribute at least EUR250,000 to the capital of a start-up registered with the National Startup Registry (NSR) Elevate Greece (through acquisition of shares or subscription for bonds). However, the following conditions must also be met to qualify for and maintain the residence permit:
• the investor’s participation must not exceed 33% of the start-up’s share capital or voting rights; • the start-up must create at least two job posi- tions during the first year after the investment and maintain the same number of job posi- tions (including those created as a result of the investment) for at least five years after the investment; and • the investor is required to retain the shares for at least five years from their acquisition. In addition, the tax incentives for angel inves- tors are further enhanced. Greek Law 5162/2024 also aims to address the need for more clarity on the tax treatment of Greek venture capital in the form of closed-end venture capital mutual fund ( amoivaio kefalaio epicheirimatikon symme- tochon kleistou typou , or AKES) (as regulated by article 7 of Greek Law 2992/2022) and their unit-holders, thus rendering the AKES an attrac- tive investment vehicle on the Greek securities market.
194 CHAMBERS.COM
Powered by FlippingBook