OVERVIEW

Greece has been an EU member state since 1981 and part of Eurozone since 2001. Being an Organization for Economic Cooperation and Development (OECD) member state, Greece’s international tax treaties include the exchange information clause between the states involved.

With regards to foreign exchange control, although deregulation is the dominant feature in exchange control and foreign investment matters, these are certain reporting requirements.

As a general rule, foreign investments are only subject to reporting requirements once the investment has been made. On the other hand, exchange control and capital movements are fully deregulated in Greece, creating freedom of action in this regard in all areas.

Greece is the 51st largest in the world with a nominal gross domestic product (GDP) of USD $218 billion per year.

Greek economy is based on the service (80%) and industrial sectors (16%), with the agricultural sector contributing an estimated 4% of national economic output. Important Greek industries include tourism and shipping. Greece is ranked fourth in the world by number of ships (3,695), behind China (5,313), Japan (3,991), and Germany (3,833). A European Community Shipowners’ Associations report for 2011–2012 reveals that the Greek flag is the seventh-most-used internationally for shipping, while it ranks second in the EU.