A changing wind in business endeavors – The Fast Track Law
April 2012
Disclaimer: The information contained in this presentation is in no way a substitute for the Law
3894/2010 and/or its amendment included in the Law 4072/2012.
The Fast Track Law: An introduction
Strategic investments are
productive investments
generating both quantitative
and qualitative results for the
Greek economy as a whole
Strategic investments relate to
the construction,
reconstruction, expansion or
modernization of
infrastructure & networks
Strategic investments aim to help
the country overcome the
financial crisis
In the fields of:
Provided that these strategic
investments meet a number
of specific criteria
Energy, industry, tourism,
transport & communications,
provision of health services,
waste management, High end
technology & innovation
Fast Track: A favorable framework for
strategic investments
Invest in Greece
Agency has a key role
in the whole process
providing one stop
shop services
The Fast Track Law
3894/2010
Accelerates the
licensing procedure
by..
a) creating a
legally-binding
timeframe for
the issuance of
licenses with
significantly
reduced
deadlines,
b) immediately
activating the
investment
process,
c) enhancing
the speed and
efficiency of
public bodies’
relevant
actions
The Law 3894/2010 has
been recently amended to
introduce important
legislative changes
The Fast Track law is expanding to satisfy
a greater number of business endeavors
Qualification Prerequisites
 The total value of the investment exceeds
200 million Euro
 The value of the investment exceeds 75 million
Euro and, concurrently, the investment creates
at least 200 new jobs
Qualification Prerequisites
or
or
 The investment creates 250 new jobs
 Regardless of the investment value,
every 3 years at least
 3 million Euro are invested
 - in advanced technologies and innovation
projects, or
 - on environmental protection of the country, or
 - in the areas of education, research and
technology
 The total value of the investment exceeds
100 million Euro
 The value of the investment exceeds 40 million
Euro and, concurrently, the investment creates
at least 120 new jobs
or
or
 The investment creates at least 150 new jobs
or
or
 The value of the investment exceeds 15 million
Euro for industrial investments within organized
industrial areas
or
 3 million Euro for investments included in
JESSICA initiative
Qualitative criteria
Environmental
protection &
energy
conservation
Increase of
export activity
Adoption of
innovation &
high end
technology
Viability of
proposed
investment &
Creditworthiness
of the investor
Transfer of
knowledge &
expertise
Estimated
employment
growth
Strengthening
of the
entrepreneurship &
competitiveness of
the national
economy, especially
industry
Enhancement
of regional &
local
development
of the country
The final decision for the inclusion of an investment in the Fast Track Law is made by the
Interministerial Committee for Strategic Investments
A flow chart summary of the procedure for the
inclusion of a private investment in Fast Track
Α) Submission of
Investment Proposal
Dossier
Β) A proof statement for
the evaluation fee
payment
Invest in Greece S.A.’
shall issue an opinion
within 15 working
days
The Interministerial
Committee for
Strategic Investments
shall decide on the
inclusion of the Project
within 30 working days
Α) Submission of Dossier
containing all documents
for the issuance of
licenses
Β) A proof of payment of
the Forwarding
Management Fee of the
dossier to “Invest in
Greece S.A.” and
C) a Bank Guarantee letter
of participation containing
a 'payment on first
demand' clause,
Invest in Greece S.A.
submits the Dossier to
the competent
authorities within 5
working days
Issuance of each
license within
45 days
Key elements
Clear rules and transparency lead the way
The application is submitted to Invest in Greece
The submission file should contain:
 An analytical and detailed investment plan
 An investment impact assessment study for
the Greek economy
 Urban and environmental characteristics of
the property used for the investment and an
environmental impact study
 Certificates of assets’ ownership or
tenancy/leasing agreements
 Copies of licensing documents (if any)
 Legal evidence of the investment body
 An irrevocable authorization statement to
Invest in Greece
 A proof statement for the evaluation fee
payment
Each relevant license is issued
within 45 days, provided that the
investment has been approved by
the Interministerial Committee for
Strategic Investments.
After the expiration of the 45 days
time limit, it shall be presumed
that the license requested has
been granted
Management Fees of the Fast Track procedure
and Bank Guarantee Letter
At submission level
Evaluation Management Fee
€ 15.000, plus V.A.T.
Fixed cost for all investment proposals
Following a positive decision of the Interministerial Committee for Strategic
Investments
Forwarding Management Fee
 For an investment proposal, the Fee
shall be 0.2% of the investment cost
The Fee cannot exceed the amount
of € 150.000
Bank Guarantee letter
of participation
 The amount of the Bank Guarantee is set at 0,5%
of the total investment cost
The Bank Guarantee shall contain a
'payment on first demand‘ clause
Possible regulation adjustments
for ‘Fast Track’ strategic projects
•Deviations from the general urban plan may be decided for
the facilitation of strategic investments
•Special alterations can be made concerning coastal use
•Supporting infrastructure works are accelerated via the Fast
Track procedure
Strategic Investments
will be facilitated with
•Compulsory expropriation of land can be carried out for
strategic investments. The process is clarified and
accelerated
the cooperation of all
•The Law foresees the design of special integrated
development plans
and bodies
•Special tax regulations may also be provided by the Law to
serve as incentives
state authorities
Special parameters adjusted
for Fast Track Projects
Approval of Environmental Conditions
Urban Planning Conditions
•The prior approval of environmental conditions is a
•For the realization of strategic investments, special
prerequisite for the realization of strategic
deviations from the applicable building terms and
investments
restrictions are allowed
•Such special purpose deviations must be approved by
•This shall be granted by a Decision of the Minister of
virtue of a relevant presidential decree issued upon
Environment, Energy and Climate Change, after the
proposal made by the Minister of Environment, Energy
submission of the relevant application accompanied
& Climate Change, following consultations from the
by the necessary legal documents
Central Council of Land-Use Planning, Agglomeration &
Environment
Foreshore and Backshore Utilization License
•The developer, after a petition made by ‘Invest in Greece Agency’, may
be granted the right to use the foreshore, the backshore, the adjacent or
adjoining marine space or the seabed
9
Fast Track introduces
Special Integrated Development Plans
Areas that host strategic investments
•The Law foresees the design of special
integrated development plans, provided that
the assessment, the location and the time
frame for the implementation of the strategic
investment is followed by the relevant
Interministerial Committee for Strategic
Investments’ decision
•The areas to host special integrated
development plans, are defined and approved
subject to special statuses regulating the
spatial development and organization of areas
for specific uses
10
Why enter the Fast Track Procedure
Transparency
Speed
One-stop shop
services
Flexibility
Concrete timelines
Efficient delivery
of necessary
infrastructure
A one-stop shop for investments
Responsibilities of Invest in Greece include:
• Receives investor’s applications
• Examines and evaluates investment proposals
• Requests additional data from investors
Invest in Greece Agency
acts as a
one-stop shop and
accelerates
the procedure in all
relevant stages
• Poses recommendations to the Interministerial
Committee for Strategic Investments about including
the investment proposal in the Fast Track process
• Supervises the licensing process
• Informs the Interministerial Committee for Strategic
Investments about possible inefficiencies of the
process and proposes implementable solutions
Invest in Greece S.A.
Assistance &
Advice
Aftercare
Support
FAST TRACK
Facilitation
Analysis
Your Investment Partner in the region
3 Mitropoleos St.
105 57 Athens, Greece
t. +30 210 3355700
f. +30 210 3242079
e. info@investingreece.gov.gr
info@fast-track.gov.gr