Greece’s Financial News
Travelers to enter Greece with a 72-hours PCR or 24-hour rapid test
The Minister of Health announced that in the context of the effort to control the Covid-19 pandemic, our country will accept visitors from all countries with the demonstration of a negative polymerase chain reaction (PCR) test of 72-hours (instead of 48-hours as originally announced), or a 24-hour rapid test. The tests concern all those who are over 5 years old. It is noted that the above measure concerns both vaccinated and unvaccinated people. The directive is effective “from 19/12 at 6.00 in the morning, at all entry points for all incoming Greeks and foreigners, whether vaccinated or unvaccinated, over five years of age. A PCR test taken no more than 72-hours before boarding. This is a temporary measure for the holiday season. The alternative of a 24-hour rapid test is also provided.” It is noted that those who travel abroad and stay there for 48-hours only, are exempted from this obligation.
International banks to land in Athens
After a decade, Greek economy is now a “target” for all international banking and investment giants, as according to sources in the banking sector, 6 banks are opening or consider opening branches in Athens next year, while another 2 are considering to expand their activities. The tax relief the government has decided to grant to those who return or settle in Greece from abroad, is also a motivation to this end. Brexit plays also a role in shaping the atmosphere, as big banks are transferring their activities outside London to be in European Union territory, but also diversify their strategy, by developing regional markets. As it seems, Greece is also finding its place among all these developments. Goldman Sachs proceeds with the opening of a full branch in Athens in the first quarter of 2022, while JP Morgan and Deutsche Bank have already opened a branch in Athens. Bank of America and Japanese Nomura are considering opening a branch in Athens.
Investments in Greece
Despite the significant challenges of the last 18 months, Greek economy is taking its first, steady steps towards overcoming the crisis. This was also the conclusion of Paolo Gentiloni, Commissioner of Economy of the EU Commission, who, a few days ago, pointed out that Greek economy growth rate, both this year and next year, will be good.
Investment opportunities in Greece
Over the next decade, one expects the sustainable development of sectors such as tourism, ICT, energy, environmental sciences, food, beverages and agriculture, transport, and health sciences. The high level quality of human resources, modern infrastructure, geostrategic location of Greece, and economic development potential, attract the interest of investors from all over the world. At the same time, the new investment framework supports the creation of new businesses and synergies.
Investment opportunities in the Greek ICT (Information and Communications Technology) Sector
ICT sector in Greece offers various opportunities for investment in high quality, value-added services with a global reach, utilizing the available specialized workforce, existing know-how and research potential, strong IT and telecommunications infrastructure and excellent living and working conditions. Business opportunities such as setting up software development labs or microchip and MEMs design centers, data centers and R&D labs, can be created with full state support and staffed with highly qualified available staff to deliver high returns in a very short time. Greece is also able to meet all the infrastructure needs for a significant investment in ICT, including telecommunications (fixed, mobile, data), hosting and server facilities.
Personal opinion
Many investors ask us, why to invest in Greece? The answer is quite simple, Greece has know-how and specialized workforce, appropriate infrastructure, advantageous location, strategic position, governmental support and appropriate legislation. If the global investor tendency to invest millions of euros in Greece is added to this, one can conclude that this is the best opportunity for huge growth in the country after the deep ten-year crisis. It can be observed, that the advantages of an investment in Greece are many and because of this, our team with its specialized staff can offer you the appropriate advise and solutions for secure investments.