Greece Issues Record €134 Million in Investment Tax Breaks

Greece has approved a record €134 million in tax exemptions for private investment, roughly five times what the state granted a year ago.

The exemptions cover 90 projects in manufacturing and tourism approved under the development laws of 2016 and 2022. Those laws are Greece’s main tool for channeling private capital into targeted sectors and regions, offering investors a choice of cash grants, leasing subsidies or relief from corporate tax on future profits.

Annual exemptions had run between €20 million and €25 million for years. Last year’s €29 million was a record. The General Secretariat for Private Investments, which administers the scheme, says it cleared every application submitted during the current filing period and issued more individual decisions than in any previous year.

Investors still preparing applications have more time. Development Minister Takis Theodorikakos extended the submission deadline to Friday, July 24, for three of the framework’s schemes: Large Investments, Special Aid Areas and Manufacturing.

Theodorikakos has said the development law should serve productive reconstruction, with priority going to industry, manufacturing, innovation, small and medium-sized companies and the country’s weaker regions. He singled out Thessaly, the central agricultural region hit by catastrophic flooding, as still needing targeted support.

He has also stressed enforcement, saying the state must check that subsidized projects are built. He said €120 million has already been recovered from earlier investments that never materialized.