13 Nov 2025 | in ARTICLES, Competition law, by and

Greece’s FDI Screening Regime: Filing Procedure Officially Commences Under Ministerial Decision 64260/2025

Introduction

On 11 November 2025, the Greek Government published its much-anticipated Joint Ministerial Decision (“JMD”) No. 64260/2025, shedding light on the practical implementation of Law 5202/2025[1], which introduced a Foreign Direct Investment (“FDI”) regime in Greece.

The JMD outlines the procedure and documentation requirements for foreign investors whose investments are subject to the screening mechanism under articles 7 and 8 of Law 5202/2025 and establishes that, from 11 November 2025 onwards, foreign investors may officially submit FDI screening applications to the Interministerial Committee for the Screening of Foreign Direct Investments (“ICSFDI”)[2].

Overview of the JMD

Scope

The JMD applies to foreign investors, i.e. individuals or undertakings from a non-EU country, or an undertaking based on the EU, which is controlled, directly or indirectly, by an undertaking or an individual from a non- EU country or government. It applies to foreign investors intending to acquire a specific participation percentage in a Greek target entity active in sectors considered sensitive or particularly sensitive to Greece’s national security or public order.

Submission Process

The foreign investor(s), their legal representative(s), or any duly authorized person (“applicant”) shall submit a complete application file to the General Protocol of the Ministry of Foreign Affairs, in  both paper and digital form, in person or  by registered mail in a sealed envelope.

Within five (5) days upon receipt of the foreign investor’s application, the ICSFDI confirms whether the investment falls within the scope of Law 5202/2025, examines the completeness of the application and sends a protocol number to the applicant. If any errors or omissions are identified within the above deadline, the ICSFDI requests the investor to submit corrected or additional supporting documents.

Mandatory Documentation

The JMD sets out a list of formal documents for the submissions of the FDIs and includes:

  • Application of the foreign investor, submitted in both Greek and English.
  • Formal Declaration that the FDI falls within the scope of Law 5202/2025, submitted in either Greek or English.
  • Supporting documentation, including:
    1. Any document that legally certifies an appointment, special authorization, power of attorney, appointing a legal representative or proxy of the investor.
    2. A copy of the investment contract, side letters, as well as any additional agreement concerning the rights and obligations of the interested parties or third parties, including the investment timeline. In case the investment contract has not yet been signed, initially, a copy of the agreement or letter of intent or any other document certifying the investment plan is submitted, followed by the actual investment contract, if signed within the period of the review.
    3. Recent (within two months) certificates from the General Commercial Registry (“GEMI”) showing the establishment, headquarters, activity codes, representation, management, and statutory purpose of the target company.
    4. Details for the certification of the shareholding structure of the target company.
    5. Extract from the commercial registry showing the establishment, headquarters, activity codes, representation, and management of the foreign investor, including a summary of the articles of association and any amendments to date.
    6. Details for the certification of the shareholding structure of the foreign investor.
    7. The last three published financial statements of the foreign investor accompanied by Statutory Auditor’s Reports.
    8. Declaration of the Ultimate Beneficial Owner (“UBO”) of the foreign investor in the country of establishment or in the Greek Register of Ultimate Beneficial Owners.
    9. Participation diagram showing the companies in which the foreign investor participates. If individuals (shareholders-partners or those managing the foreign investor or any of the aforementioned companies) participate or manage other companies beyond those mentioned, these must also be depicted in a separate diagram.
    10. CVs of the key shareholders and the company’s management.
    11. PEP declaration and non-involvement of the foreign investor in terrorist activities.

Entry into Force

The JMD was published in the Government Gazette on the 11th of November 2025 (Government Gazette 6009/Β /11.11.2025) and came into force on the same day.

Concluding remarks

This development is a significant step in Greece’s implementation of its FDI screening regime established under Law 5202/2025, as it marks the official activation of the filing procedure.

Foreign investors are advised to plan ahead and ensure timely submission of the files to avoid any administrative fines, while further secondary legislation is expected to clarify the competent authority and the methodology for imposing and collecting the administrative fines in the event of non-compliance of foreign investors with the screening mechanism under Article 15 of Law 5202/2025.

[1] Law 5202/2025 establishes a comprehensive screening mechanism for investments by third country investors that may affect national security or public order in specific sectors considered as sensitive or particularly sensitive, aligning Greece’s national FDΙ framework with the objectives of Regulation (EU) 2019/452.

[2] ICSFDI is the governmental body comprised of officials from all ministries relevant to the FDI screening process, which screens FDIs falling within the scope of Law 5202/2025.

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