After a summer of anticipation among businesses and legal practitioners, the Interministerial Committee for the Screening of Foreign Direct Investments on grounds of security or public order (“ICSFDI – Δ.Ε.Ε.Α.Ξ.Ε.“) has published its much-awaited initial interpretative guidance (“Guidance“) regarding the implementation of Law 5202/2025 (“FDI Law“), which entered into force on 23 May 2025.
The Guidance is relatively brief but addresses key areas of uncertainty that have arisen in the business community, including:
Scope of the Greek FDI Regime
The Guidance confirms that the Greek Foreign Direct Investment (“FDI“) regime is broad in scope. It captures all FDIs involving infrastructure, assets, goods, or services in sensitive sectors outlined in Part One of the Annex — i.e. energy, transport, health, information and communication technologies, and digital infrastructure — as well as in highly sensitive sectors listed in Part Two — i.e. defense and national security, cybersecurity, artificial intelligence, port infrastructure, critical submarine infrastructure and tourism infrastructure in border regions. Any FDI meeting the relevant participation thresholds in these sectors will trigger a Greek FDI screening process.
Filing obligation and implementing legislation
The Guidance confirms that the filing form will closely follow the “Request for Information from the investor” under the EU Regulation 2019/452, while also providing a tentative list of required formalities concerning the submission of an application (“Application“) and the accompanying supporting documents. The final procedural details, including the full application requirements, documentation, and enforcement mechanisms for administrative fines will be established in forthcoming Joint Ministerial Decisions (“JMDs“), which are reportedly in their final preparation stages and will be issued soon.
Implication of closing notifiable FDIs before JMDs issuance
The Guidance explicitly states that the ICSFDI will not accept any filings until the JMDs are issued, also confirming that no fines will be imposed on notifiable investments that close before the JMDs enter into force. However, the ICSFDI retains the authority to initiate ex officio investigations and may recommend unwinding transactions if deemed necessary.
Overview of the filing procedure
The foreign investor, their legal representative, or an authorized proxy (“Applicant“) must submit the Application prior to the completion of the FDI transaction under review. The submission must be made in an open envelope containing the Application (in Greek and English, apostilled where applicable), declarations, and supporting documents, as will be detailed in the forthcoming JMDs. All documents must also be submitted in digital or scanned format on a USB stick.
Upon submission, the Application package will be sealed by the Applicant in the presence of a Ministry of Foreign Affairs official, who will issue a protocol number. If the filing is submitted by registered post in a sealed envelope, the ICSFDI’s five-day review period for confirming that the FDI falls within the scope of regime and for examining the formal completeness of the file begins upon receipt.
KG Law Firm will continue to closely monitor the developments on the FDI front and await the issuance of the implementing legislation, which is expected to clarify procedural details.
Relevant documents:
- Guidance (in Greek)
- Greek FDI Law (Law 5202/2025) (in English)