Invest in Greece from India

An Indian investor enters the European single market through a Greek company: access to 450 million consumers, Development Law grants that can reach up to 70% of eligible project cost (region- and size-conditional), and an alternative tax-exemption option. The movement of capital and the repatriation of profits are protected under EU law, while taxation is governed by the India–Greece Double Taxation Avoidance Agreement, in force since 1967.

Aggelakakis & Associates operates from Mumbai and Thessaloniki. Below we explain how it works — without the hype.

We don’t just advise you. We score your readiness before you commit capital.

Most advisors come in after you’ve already decided. We come in one step earlier. Before a file is submitted and before the first euro moves, we run your investment through the 360° Investment Readiness Protocol™: ten pillars — from financial capacity and tax structure to AML compliance and exit strategy — scored into an Investment Readiness Index™ (0–100), with a gap analysis and a remediation plan.

Why does this matter in practice? Take the India–Greece bilateral investment treaty. Many investor presentations still cite it as a “guarantee” for capital. But that treaty was terminated in 2017. An audit that misses this hands an investor a sense of security that no longer exists — and they find out at the worst possible moment, when a dispute arises. Our audit catches it in Pillar 10 — Exit Strategy & Investment Protection — before anything enters a file.

That is what the 360° IR Protocol is: not a logo at the end of a sentence, but the reason our work holds up.

Why Indian Investors Are Choosing Greece Right Now

India is today the fastest-growing source of foreign direct investment into the EU outside the traditional Western corridors. Indian capital is one of Enterprise Greece’s priority investor segments.

Behind that interest sit three real reasons.

Single-market access. A company incorporated in Greece trades freely across every EU member state — no tariffs, no customs delays, no separate licensing country by country. For an Indian exporter in pharmaceuticals, food, or technology, this brings down the wall that kept them outside the European supply chain.

Labour cost. Skilled staff in Greece costs 35–45% less than equivalent roles in Germany or the Netherlands, with full access to EU workforce mobility. An Indian-owned manufacturing plant or R&D centre can produce at European quality on an emerging-market cost base.

Incentive density. India has nothing equivalent to the Greek Development Law framework. Under Law 4887/2022, as in force, aid intensity is 30–50% of eligible costs for large enterprises depending on the region, plus 10 points for medium and 20 points for small and micro enterprises. The 70% maximum applies only to small and micro enterprises in the highest-intensity regions. A grant, a tax exemption, a leasing subsidy and an employment-cost subsidy can be combined, but the combined aid stays within that ceiling — the types are not added on top of each other.

How Indian Capital Is Protected in Greece

This needs care, because a lot of outdated information is circulating. Greece and India signed a bilateral investment treaty (BIT) in 2007. India terminated it in 2017, as part of its wider withdrawal from its treaty network. New Indian investments in Greece are not covered by it.

Protection for new Indian capital rests on four layers. We assess all four before any amount moves.

  • EU law on the movement of capital. Once your capital is invested through a Greek entity, EU law protects the free transfer of capital and the repatriation of profits across and out of the Union, subject to defined regulatory carve-outs. This protection does not depend on any bilateral treaty.
  • The India–Greece Double Taxation Avoidance Agreement. In force since 1967, it applies the credit method: tax paid in one country is offset against the liability in the other. It caps withholding tax at 20% on dividends and interest and 10% on royalties. It is an older treaty, with rates higher than India’s modern agreements — which is exactly why the holding structure matters.
  • Contractual international arbitration. Because no active treaty provides automatic investor-state arbitration, we build dispute resolution into the transaction itself: ICC or UNCITRAL arbitration clauses in the shareholder, supply, and financing agreements. Protection by contract, not by assumption.
  • Holding-structure design, where substance supports it. Where genuine economic substance exists, capital can be routed through a jurisdiction that holds an in-force investment treaty with Greece. This is assessed case by case. Anti-abuse rules make paper structures worthless, so we only recommend it where the substance is real.

These four layers are Pillar 10 of the 360° IR Protocol — Exit Strategy & Investment Protection. We run it before the first euro moves, not after a dispute begins.

Risks and factors to weigh

There is no investment without risk. There is, however, investment without knowledge of the risk — and that is the dangerous kind. Weigh the following before committing capital.

  • Licensing and timelines. Depending on the sector and the authority, permitting can run 6–18 months. Applications are evaluated within each call’s cycle under Article 19 of Law 4887/2022, as in force. Evaluation and decision timelines vary by scheme and cycle and are outside the applicant’s control. Both tie up capital and carry an opportunity cost.
  • Changes in the legal framework. Greek tax rules and incentives change. Both the Development Law framework (currently Law 4887/2022, as in force) and regimes such as Non-Dom can be amended. An approval you obtain today is monitored for years — and a rule change within that window is a live risk.
  • The treaty gap. With no active BIT, your protection is the structure you build, not a sovereign “umbrella” you inherit. Under-structure here and you carry more risk than an investor from a country with an in-force treaty.
  • Currency exposure. Your costs and grants are euro-denominated; your capital is rupee-denominated. The INR–EUR rate affects real returns and is not hedged on its own.
  • Market depth and exit. Outside Athens and Thessaloniki, buyers thin out and an exit can take longer, often at a discount to net asset value. Design the exit before the entry.
  • Approval is not guaranteed. Every application is evaluated on its merits within the call’s cycle. Preparation reduces avoidable weaknesses in a file; no advisor controls the outcome.

Development Law Incentives for Indian Investors

Development Law 4887/2022 (Government Gazette A’ 16/04.02.2022), as amended by Law 5203/2025 (A’ 87/02.06.2025) and Law 5297/2026 (A’ 64/28.04.2026), in force, runs through twelve aid schemes. Minimum eligible costs are set by enterprise size under Article 15: €1,000,000 for large, €500,000 for medium, €250,000 for small and €100,000 for micro enterprises, and €50,000 for social cooperative enterprises and agricultural/civil cooperatives. Individual calls may set higher thresholds. Priority sectors for Indian capital include: pharmaceutical manufacturing and R&D, logistics and supply-chain infrastructure, renewable energy (solar, wind, storage), agri-food processing, digital infrastructure, and tourism and hospitality.

What we control is preparation. A project can be run through the 360° IR Protocol before submission — scored across the ten pillars, with gaps identified before the file reaches the review authority. The evaluation itself remains with the authority.

The Greece-India Pharma Corridor

Greece has emerged as a preferred European base for Indian pharmaceutical companies seeking EU GMP certification, European marketing authorisation, and proximity to the Balkan distribution corridor.

The logic is simple. An Indian API or generics producer faces an 18–24 month authorisation process when approaching the EU from outside. A Greek subsidiary with EU GMP-certified facilities compresses that timeline and eliminates the need to re-register in each EU country.

The Mumbai Office, Hosted by Indellas Services LLP

Indian investors who work with us don’t fight time zones, nor a distant European team that knows Greece but not India. The Mumbai office, hosted by Indellas Services LLP and chaired by the founder since May 2021, provides an on-the-ground presence in India.

In practice this means:

  • Initial calls and due-diligence meetings in Indian business hours, run from Mumbai.
  • Document collection and KYC/AML procedures compliant with both the Indian and the EU regulatory frameworks.
  • Structuring advice informed by India’s tax treaties, FEMA compliance, and the RBI’s outbound-investment rules.
  • A smooth handover to the Thessaloniki and Athens teams for the Development Law submission, legal structuring, and execution in Greece.

You don’t receive an “adapted” version of our service. You receive the same 360° IR Protocol, from a team that understands both regulatory environments.

How to Invest in Greece from India: 6 Steps

Step 1: Request an Investment Readiness Screening

A structured 30-minute call — no commitment — to see whether your profile, sector, and capital position meet the threshold for the 360° IR Protocol. Response within two business days.

Step 2: Complete the 360° Assessment

The protocol evaluates the investment across 10 pillars: financial capacity, legal structure, tax profile, AML/KYC compliance, market opportunity, capital stack, risk exposure, infrastructure, human capital, and exit strategy. Deliverable: a scored Investment Readiness Index™ (0–100) with a gap analysis and a remediation plan.

Step 3: Structure the Investment Vehicle

Choice of legal form (SA, IKE, branch, or SPV), ultimate beneficial owner (UBO) documentation, and cross-border capital-flow structuring under FEMA and Greek corporate law.

Step 4: Prepare and Submit the Development Law Application

Scope definition, eligible-expenditure mapping, business plan, and submission to the competent authority. We manage the full submission — you review and sign.

Step 5: Secure Financing and Incentive Stack

Capital-structure engineering: equity allocation, bank financing, the Development Law grant, and ESPA/Greece 2.0 co-funding where eligible. The goal is a blended-finance structure that maximises IRR while meeting the disbursement conditions.

Step 6: Operational Activation and Ongoing Advisory

Company formation, licences, staffing, and the annual compliance advisory that protects your grant entitlement throughout the monitoring period.

Ready to Begin Your Investment Journey in Greece?

Start with an eligibility assessment or contact our team for personalized investment guidance.

Frequently Asked Questions: Investing in Greece from India

Can Indian nationals own 100% of a Greek company?

Yes. EU company law imposes no citizenship restriction. An Indian national or an Indian company can hold 100% of a Greek SA, IKE, or EPE. Development Law incentives apply to foreign-owned entities incorporated in Greece, provided the investment activity takes place in Greece.

What is the minimum investment size for incentives?

Minimum eligible costs under Article 15 of Law 4887/2022, as in force, are €1,000,000 for large, €500,000 for medium, €250,000 for small and €100,000 for micro enterprises, and €50,000 for social cooperative enterprises and agricultural/civil cooperatives. Individual calls may set higher thresholds.

How long does the Development Law approval process take?

Applications are evaluated within each call’s cycle under Article 19 of Law 4887/2022, as in force. Evaluation and decision timelines vary by scheme and cycle and are outside the applicant’s control. Complete documentation reduces the risk of clarification requests; it does not control the timeline or the outcome.

Is income generated in Greece subject to Indian tax?

This is governed by the India–Greece Double Taxation Avoidance Agreement, in force since 1967. It applies the credit method: tax paid in Greece is offset against the corresponding Indian liability, so the same income is not taxed twice. It caps withholding tax at 20% on dividends and interest and 10% on royalties. Because it is an older treaty with higher headline rates, the holding structure materially affects your effective rate — this is where the 360° IR Protocol’s tax pillar does its work.

Which sectors are most active for Indian capital in Greece right now?

Sectors where Greek incentives and EU market access are most relevant for Indian investors include pharmaceutical manufacturing and EU market-access vehicles, logistics and supply-chain infrastructure, solar and wind energy, agri-food processing and premium food exports, and technology/R&D facilities leveraging the digital-transformation incentives.

Start with a 30-Minute Screening Call

Every engagement with Aggelakakis & Associates begins the same way: a structured 30-minute call. We assess your profile, identify the relevant Development Law schemes, and tell you whether and how the 360° IR Protocol applies to your specific case.

Contact Aggelakakis & Associates to discuss your investment