Greece: A Corporate/Commercial Overview

Economic Conditions and Investment Trends in Greece

The Greek economy maintained its dynamic development during 2025, outperforming the eurozone GDP growth average despite global challenges. Specifically, economic activity continued to grow at a satisfactory pace (2% year on year in the first half of 2025 according to the EC) thanks to strong performance in tourism, private consumption and investments. The EC’s forecast regarding Greek GDP growth for 2025 amounted to 2.1%, while it is projected to reach 2.2% in 2026. Greece’s positive performance is also expected to be fuelled by its expected reclassification in the FTSE Russell and S&P in September 2026.

Reforms in key areas, supported by the implementation of the recovery and resilience plan (RRP), have been the spearhead of this growth, including digital transformation of the state and the private sector, and reforms in the domains of employment, social cohesion, justice, tax (administration, compliance, policy and the fight against evasion and corruption), the green transition and energy saving.

This structural improvement is already being rewarded, and the appetite for investment continues to rise, supported by banks’ increased liquidity and available EU funding. In September 2024, foreign direct investment (FDI) in Greece reached EUR393.80 million according to the Bank of Greece (BoG). EY’s Attractiveness Survey Greece 2025 shows that FDI projects in the last five years represent 53% of all investments in Greece recorded by the survey since its inception in 2000. The EY European Investment Monitor recorded 35 investment projects for 2024 in Greece, at a time when investment in Europe fell by 5% in 2024, marking the lowest level since 2017, and Greece's positive trend persisted in 2025.

After years of stagnation and mistrust, the Greek capital market resurged in 2025. A total of nine IPOs and listings on the main market of ATHEX were completed, relating mostly to the tourism, media and information technology sectors. Moreover, nine takeover bids took place in 2025. The landmark bid was undoubtedly made by EURONEXT E.V. regarding the acquisition of HELLENIC EXCHANGES – ATHENS STOCK EXCHANGE S.A. (ATHEX), resulting in ATHEX’s inclusion in Europe’s largest equity listing venue.

In addition, venture capital (VC) and private equity (PE) financing are at a relatively mature stage. An ecosystem of start-ups has been newly developed and is being systematically supported, together with SMEs, by the state. In this vein, the recent Law 5162/2024 offers tax incentives for R&D by start-ups and further incentives for investment by “angel” investors. In addition, the law expanded the golden visa programme – until recently primarily linked to real estate investments – to foreign persons who will invest at least EUR250,000 in new equity or bonds issued by Greek start-ups registered in Elevate Greece. Furthermore, according to its 2025 annual report, the Hellenic Development Bank of Investments had invested in 38 investment schemes by July 2025, and currently manages over EUR2.2 billion in total; it has already deployed more than EUR700 million across over 190 Greek companies.

ESG

Greece places particular emphasis on, and is committed to the implementation of, the UN 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals. Seeking to promote ESG reporting practices, ATHEX has developed the ESG Reporting Guide, which principally targets Greek-listed companies but can be a useful tool for non-listed companies.

Greece’s deadline for transposing Directive (EU) 2024/1760 (the “Corporate Sustainability Due Diligence Directive”) into its national law has been extended until 26 July 2027 by virtue of Directive (EU) 2025/794. The Directive aims to promote a sustainable and responsible corporate culture, as well as in-company operations, subsidiary operations and global value chains. The new rules will ensure that the companies in scope identify and address the adverse human rights and environmental impacts of their actions inside and outside Europe.

Greece also transposed Directive (EU) 2022/2381 on improving the gender balance among directors of listed companies and related measures through Law 5178/2025, which amended Law 4706/2020 on Corporate Governance and Law 4548/2018 on societes anonymes (SAs). In particular, Law 5178/2025 increased the quota for the underrepresented sex to 33% regarding its participation on the boards of listed non-SME companies, while for the first time also extending this quota to certain non-listed companies subject to specific requirements.

Digital transformation and AI

Greece’s digital transformation is paramount for achieving sustainable growth. In a continuous effort to battle bureaucracy, the public sector is being transformed by a profound digitalisation programme, with the original goal of achieving full digitisation by 2025. This has already significantly improved the environment in which entrepreneurs and legal advisers operate, and has increased the investment appetite for the Greek technology sector while Greece is seeking to position itself as a regional data and innovation hub.

The EU and national legislative arsenal have recently been enhanced through two major Acts with direct application: Regulation (EU) 2022/2554 (the “Digital Operational Resilience Act” – DORA), which entered into force on 17 January 2025, and Regulation (EU) 2024/1689 (the “AI Act”), which will enter into force on 2 August 2026. To this end, the European Commission announced in December 2025 that the EU AI Office will develop a set of guidelines aiming to facilitate the implementation of the AI Act For Greece, which comes after an initial attempt to regulate AI and other emerging technologies (eg, blockchain, internet of things, smart contracts, 3D printing, drones) in both the public and the private sector in Greece through Law 4961/2022.

Another recent development in Greece is the implementation of Directive (EU) 2019/882, which was transposed through Law 4944/2022. This Directive establishes harmonised accessibility requirements for certain products and services across the EU and entered into force on 28 June 2025, requiring businesses providing services such as e-commerce, banking and electronic communications to ensure that their products and digital interfaces comply with accessibility standards for persons with disabilities. The new regime is expected to require significant adjustments by companies operating in digital and consumer-facing sectors.

Other recent legislative developments

On 30 June 2025, Law 5123/2024 became operational, establishing a single and coherent legislative framework for collateral arrangements in the form of pledges over movable assets (notional pledge), registered securities, receivables and other rights. All pledges concluded after that date must be registered in the Single Central Electronic Register of Pledges. In case of non-registration, the relevant pledge agreement is deemed to be null and void.

A further significant development is the adoption of Law 5193/2025, which introduced a series of measures aimed at strengthening the Greek capital market framework and facilitating companies’ access to financing. The reform includes, inter alia, an increase in the prospectus exemption threshold for public offerings from EUR5 million to EUR8 million, tax incentives for SMEs seeking admission of their shares to trading, and amendments to the rules governing corporate bond issuances and bondholder decision-making. In addition, the law incorporates provisions relating to the supervision of crypto-asset service providers and enhances the enforcement powers of the Hellenic Capital Market Commission. Overall, the new legislation seeks to modernise the Greek capital market regulatory framework, strengthen investor protection and align domestic law with evolving European financial regulation, while also enhancing the attractiveness and competitiveness of the Greek financial market.

Another major change in corporate law is the introduction of shares with multiple voting rights. In particular, Greece will have to transpose Directive (EU) 2024/2810 by 5 December 2026 at the latest. This Directive provides that companies intending to trade their shares on multilateral trading facilities will have the right to adopt a multiple-vote share structure prior to such listing. Even though the Directive’s scope is limited, it represents a key breakthrough in Greek corporate law, which always abided by the “one share, one vote” standard.

Moreover, Law 5202/2025 on the application of (EU) Regulation2019/452 introduced a special screening mechanism for the evaluation of FDI in Greece made by non-EU individuals and legal entities. Investments in certain vital sectors, such as infrastructure, healthcare, transportation, IT and telecommunications, defence, AI and cybersecurity, which involve 10% or 25% or participation in the Greek target company must be approved by the Minister of Foreign Affairs.

Finally, the EC approved a EUR400 million state aid programme in February 2026, aimed at supporting investments in clean technology manufacturing that align with the goals of the Clean Industrial Deal and promote the transition to a net-zero economy. This programme was authorised under the Clean Industrial Deal State Aid Framework. Support will be provided through direct grants and tax benefits, and the scheme will be available to companies across Greece until 31 December 2030.