Skip to content
The Legal 500 Main Logo
  • Home
  • Rankings
    • Asia Pacific
    • EMEA
    • Latin America
    • UK Solicitors
    • UK Bar
    • United States
    • Canada
    • Caribbean
    • Deutschland
    • Paris
    • The Lex 100 – student guide to law firms
  • Profiles
    • Law Firm Profiles
    • Set Profiles
    • Hall of Fame
    • International Law Firm Networks
    • Supplier Profiles
    • Interview with…
    • Doing Business In / Focus On
    • Firms in the Spotlight
    • Press Releases
    • Legal Developments
    • Meet the Team
    • Firms to watch
  • GC Powerlist
  • GC Magazine
  • Special Reports
  • In-House Lawyer
  • fivehundred
  • Comparative Guides
  • Events
  • Webinars
  • Data Blog
  • Podcast
  • Global Green Guide
  • About
    • Contact Us
    • FAQs
    • About The Legal 500
    • How it works
    • Meet The Legal 500 Team
    • Marketing
    • Research+
    • Research Calendar
    • Submission information
    • Newsletter

Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm > Athens, Greece > Firm Profile

Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm Offices

Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm company logo
Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm
103 VAS SOFIAS AVENUE
115 21 ATHENS
Greece
Email firm Visit website 30 210 362 6971 30 210 362 6974
  • Go to...
  • Rankings
  • Firm Profile
  • Main Contacts
  • Lawyer Profiles
  • International Capabilities
  • Focus On
  • Interviews
  • Doing Business In
  • Comparative Guides

Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm > The Legal 500 Rankings

Greece > Employment Tier 1

Andersen Legal – Pistiolis – Triantafyllos & Associates Law Firm has an ‘excellent‘ team with expertise covering both contentious and non-contentious employment matters. The firm is well known for handling high-profile employment litigation, as well as advising on changes to the regulatory framework that have arisen as a result of the Covid-19 pandemic. As a member of the Andersen Global network, it is well placed to advise both domestic and multinational clients, including Allianz Hellas Insurance Company, Euler Hermes (now Allianz Trade) and Energean. Anastasios Triantafyllos has long-standing experience across the full spectrum of employment law, advising on severance pay, discrimination issues, collective agreements, trade secrets and workplace privacy matters, as well as complex overtime arrangements. He co-heads the practice with Theodore Pistiolis, who is well regarded for his success in employment litigation. Paraskevas Zourntos is another name to note for litigation.

Leading individuals

Theodore Pistiolis - Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm
Anastasios Triantafyllos - Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm

Next Generation Partners

Paraskevas Zourntos - Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm

Practice head(s):

Anastasios Triantafyllos; Theodore Pistiolis

Other key lawyers:

Paraskevas Zourntos; Giouli Menti

Testimonials

‘The Andersen Legal team is excellent. We have great collaboration and value their well-thought-out and structured advice. They have a good understanding of the peculiarities of our business and are very flexible in meeting our needs.’

‘We have an excellent working relationship with Theodore Pistiolis. He has very good communication skills and brings valuable and strong arguments to the table. His advice is based on a strong analysis of the situation and he is always approachable and flexible.’

‘Paraskevas Zourntos is highly skilled in labour law issues, very detail oriented and always to the point with his advice. He has been really supportive, especially over the past year when there were many changes in the labour laws, and is very efficient and always timely in responding to our requests.’

‘The team is a mixture of all the qualities that should be present in an excellent legal counsel team. They have knowledge of all aspects of labour legislation and are skilled in crisis management.’

‘The individual team members have good public speaking skills as well as good listening skills. They have a strong ability to draw reasonable and logical assumptions from limited information. Great research, analysis, leadership and communication.’

‘Paraskevas Zourntos is an exceptional lawyer to work with – always immediately available and knowledgeable about the legal issues.’

‘Anastasios Triantafyllos easily stands out from most of his colleagues in other firms for his robust knowledge of all employment issues, his vast experience, his business understanding, and his drive and commitment to providing the best solutions for his clients. Paraskevas Zourntos is also a top professional in the practice, who is totally committed to his work and guarantees the delivery of exceptional results.’

‘The team is available at any time and what makes their support stand out is that their communication style is clear to business people without in-depth legal knowledge. Paraskevas Zourntos dedicates as much time to explaining the issues as the client needs, and he gives real examples of the application of the law.’

Key clients

Allianz Hellas Insurance Company

Energean Oil & Gas

Euler Hermes (now Allianz Trade)

Athens Water Supply and Sewerage Company (EYDAP S.A.)

Bank of Thessaly

Greek Shipowners Association for Passenger Ships (SEEN)

AKTOR Constructions S.A

Attica Holdings SA (Attica Group)

Intracom Defence Electronics (IDE)

Intracom Constructions SA (Intrakat)

Intrasoft International S.A.

Intracom Telecom S.A.

ITF Hellas Pharmaceuticals SA

Kayak S.A.

Magna Marine Ship Management Corporation

Plaisio Computers S.A.

Saint-Gobain Hellas S.A.

Work highlights

  • Advised a banking institution based in Greece on the drafting of employment agreement templates pertaining to the bank’s personnel.
  • Acted for the Greek Shipowners Association for Passenger Ships (SEEN) in litigation pertaining to the annulment of strikes announced by the employees’ union.
  • Acted for Attica Holdings S.A. in a number of litigation cases, leading to the dismissal of the majority of claims.

Greece > Real estate and construction Tier 2

As a member of the Andersen Legal global network, Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm is well placed to advise on foreign real estate investments in Greece. The team acts for both Greek and international real estate and construction companies, as well as high-net-worth individuals, advising on the construction of infrastructure projects in the energy, transport and social care sectors, and high-value acquisitions of commercial and residential developments. At the helm of the practice, managing partner Theodore Pistiolis is noted for his construction expertise, frequently assisting with the development of major domestic infrastructure projects, and Vanita Kiriakouli focuses on corporate real estate matters, including leases, the sale and purchase of land, and plot development.

Leading individuals

Vanita Kiriakouli - Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm

Practice head(s):

Theodore Pistiolis; Vanita Kiriakouli

Testimonials

‘High level of expertise, strong team, business-oriented approach, great collaboration.’

‘Vanita Kiriakouli is an expert in real estate, with longstanding experience. She is a problem solver, focused and has in-depth knowledge of the Greek market.’

‘What makes this practice unique is the attention to the projects’ details and the attention to the clients’ specific needs and concerns. In addition, they have the ability to resolve issues between the parties if they reach a deadlock.’

‘I have extensive experience of working with Vanita Kiriakouli, who I find is exceptionally skilled in understanding the client’s requirements and always finds ways to legally protect the client and at the same time persuade the other side to stay at the table and close the deal.’

‘I have had the opportunity to work with the Andersen Legal team on many projects. Since our first meeting, I have been impressed by their enthusiasm and positive approach, and their know-how and industry expertise, which covers the full spectrum of real estate issues. They have a high level of professional services, an excellent reputation in the Greek market, excellent client services and tailor-made solutions that fit any legal challenge.’

‘We usually work with Vanita Kiriakouli, and I can say for certain that she is a great lawyer. She has strong analytical business and communication skills combined with vast experience in real estate. She is hardworking, passionate and unquestionably motivated by getting the job done. She is a highly skilled lawyer who can handle very demanding jobs.’

‘The team offers high-quality advice and industry expertise. Their experience in real estate and construction matters is impressive. They demonstrate real commitment to deliver results, no matter what. The team works with consistency, in order to ensure that the client’s needs are being met. Over the last few years, the firm has significantly invested in building strong relationships with its clients. They never cease to surprise us with their proactiveness, premium services and innovative solutions.’

‘Theodore Pistiolis is a top lawyer whose skills are uniquely combined with those of Vanita Kiriakouli. They both have vast experience and a winning and can-do attitude. Vanita Kiriakouli is an excellent lawyer who is credible and committed, and always focused on the client. The partners supervise their teams at every step of the work to ensure excellent results. They are the type of leaders who stretch themselves and go the extra mile to achieve the best possible results.’

Key clients

V-RIDIUM

KAYAK

TETRAKTYS

INTRAKAT SA

SAVILLS

INTRADEVELOPMENT

PYRAMIS SA

2002 ATE

TOP PROPERTIES SA

FTELIA PROPERTY LTD

GEFSINOUS

ENGIE HELLAS S.A.

Work highlights

  • Acted alongside Savills in advising a major Greek banking institution on the ownership title, urban planning and licensing due diligence for hundreds of its properties.
  • Advised Cyprus-based real estate company Lax Roman Lion on the acquisition of a 150,000 sq m property in Peloponnesus.
  • Advised Roditsa Energy Community on the development of 18 separate renewable energy projects with a capacity of 90MW each.

Greece > TMT Tier 2

Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm is renowned for its expertise in GDPR-related matters, advising on the development of compliance programmes for Greek and international clients. In addition, the team has expanded its offering to clients in the gaming, betting and lotteries sectors, assisting with the development of casino projects, licensing and regulatory issues, and representation before the Hellenic Gaming Commission. A member of the worldwide Andersen Legal network, the firm is experienced in multi-jurisdictional TMT matters. Themistoklis Giannakopoulos leads the team, with a focus on regulatory and competition-related work, particularly concerning data privacy. Other notable contacts include managing partner Theodore Pistiolis and associates Kleio Kondi and Nicholas Zelios.

Leading individuals

Themistoklis Giannakopoulos - Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm

Rising stars

Kleio Kondi - Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm
Nicholas Zelios - Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm

Practice head(s):

Themistoklis Giannakopoulos

Other key lawyers:

Theodore Pistiolis; Kleio Kondi; Nicholas Zelios

Testimonials

‘Extended experience and knowledge in the TMT sector. Innovative advice that looks after the business needs of the company. The price we pay for the services brings considerable value for money, if we take into account the benefit for the company.’

‘Themistoklis Giannakopoulos has been our legal partner and point of contact throughout the years of our co-operation with the firm. He is an excellent legal counsel in every way. He is experienced and knowledgeable (unmatched in the TMT sector, in our opinion), has excellent communication and negotiation skills, is available whenever necessary, including out-of-office hours and holidays, is an innovative problem-solver, and treats our business as his own business. And from what I hear in the market, big projects in which he and the firm are involved move forward quickly and efficiently.’

‘Andersen Legal and its team were able to adapt to our group of companies’ strengths, weaknesses, opportunities, threats and complex information technology environment quickly and effectively. Despite being a law firm, Andersen Legal has embraced technology, having already developed the necessary compliance tools for data-mapping and employee awareness. The firm excels in technological innovations. In my experience, Andersen Legal has a competitive edge on the use of technology which results in cost-efficiency, flexibility and adaptation to the new Covid reality. Communication and efficiency in delivering their legal services is top notch too.’

‘Andersen Legal’s team is always supportive and committed to helping us in the best and most practical way. It is a polite team with knowledge of the many industries we are involved in and always up to the task. I strongly recommend and give special mention to Nicholas Zelios, who combines deep knowledge in data privacy with practical thinking and extensive familiarity with technology. He excels in the project management of our GDPR compliance projects, always delivering on time.’

‘The prompt response and team bonding is what makes the difference from other firms. Personally, when comparing the Andersen Legal team with other firms I had worked with, I found that the Andersen Legal structure is more efficient, client oriented and effective. They are always supportive and offer end-to-end services.’

‘The team’s support is not only business and legally oriented, but has a human touch that gives you comfort that everything is fine and manageable. I have a great working relationship with all the Andersen Legal associates but I am grateful for the presence of Themistoklis Giannakopoulos, who is easily reachable, accurate and to the point.’

‘Nikos Zelios stands out as a lawyer who combines advanced technical IT skills with the requisite legal knowledge to help us to navigate safely through the data privacy compliance landscape. In addition, his project management skills are outstanding!’

‘Theodore Pistiolis is a top lawyer. He is hardworking, with a sharp mind that can deliver on challenging tasks under pressure. He has deep knowledge and experience and his advice is always precise and helpful. Themistoklis Giannakopoulos is exceptional for TMT and competition issues. He is very reliable and effective.’

Key clients

INTRASOFT INTERNATIONAL S.A.

PLAISIO COMPUTERS S.A.

BINARY TREE S.A.

ATTICA GROUP

AEGEAN BALTIC BANK

BROWN HOTELS

PUBLIC PROPERTIES COMPANY (ETAD)

HERON ENERGY S.A.

STARBUCKS

SARMED

INFOQUEST

INTRAKAT

EULER HERMES HELLAS

GAP

EPOQUE HOTELS

Work highlights

  • Advised a company in the gaming and entertainment sector with respect to the applicable laws and regulations, carried out the licensing procedure, and represented the client before the Hellenic Gaming Commission.
  • Advised a company in the energy sector on the expansion of its business activities in the e-communications sector, carried out the licensing procedure, and represented the client before the Hellenic Telecommunications and Post Commission and other government authorities.
  • Advised a company carrying out business activities in multiple sectors of the economy in respect of its expansion into the e-communications and energy sector.

Greece > Commercial, corporate and M&A Tier 3

The practice at Andersen Legal – Pistiolis – Triantafyllos & Associates Law Firm frequently handles multi-jurisdictional matters as part of the global Andersen Legal network and is particularly active in advising on foreign direct investments, as well as assisting Greek companies with international investments. The team is led by managing partner Theodore Pistiolis and Dimitra Gkanatsiou; Pistiolis has particular expertise in advising multinationals and clients in the Greek tech start-up sector and has been appointed a member of the leadership committee for Andersen Global, and Gkanatsiou is well known for her work in M&A, corporate governance compliance and reorganisations.

Next Generation Partners

Dimitra Gkanatsiou - Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm

Practice head(s):

Theodore Pistiolis; Dimitra Gkanatsiou

Other key lawyers:

Katerina Simopoulou; Elena Chatzaki

Testimonials

‘The team stand out for their deep and thorough knowledge of the legal issues under discussion; excellent follow-up processes on the issues handled; taking the initiative on actions that need to be taken; and professionalism in the handling of cases. The firm has adopted up-to-date technology in the provision of its services.’

‘Always updated on any new evolutions in their field of expertise, always willing to provide opinions and feedback on different legal cases and matters, very professional and direct in their answers and communication.’

‘The practice is unique in the sense that it combines deep knowledge and substantial experience in the subject matter, delivered with enthusiasm by a talented team of seasoned professionals, with a focus on providing value-added solutions to clients and an incomparable client experience through efficient technology-enabled delivery.’

‘The leading partner of the firm and the practice, Theodore Pistiolis, is really an exceptional professional. Theodore is to be admired for his passion for top-quality service, impeccable delivery, endless motivation of the team and unparalleled legal skills. We are also lucky to work with the very talented Dimitra Gkanatsiou, who is recognised as a top professional in the market.’

‘Strong team, sound knowledge of the subject, flexible billing and great collaboration. Theodore Pistiolis stands out for his expertise and professional and collaborative approach to the client.’

‘Very strong team. Skillful lawyers. Impressive results.’

‘We have worked with the Andersen Legal team for many years and have great cooperation based on trust. Even during the pandemic, the firm confirmed its high professional status and reputation. They have a dedicated team for us, working with a passion to deliver the best possible solution. They demonstrate deep knowledge and expertise. Through the Andersen network, the firm can offer value-added services by combining its extensive global presence and local expertise.’

‘Theodore Pistiolis provides great support, advice and a winning strategy for his clients. He also has a genuine concern and interest in our cases. He is always thinking outside the box to deliver great results. His broad experience is much appreciated, especially in relation to complex issues that need a combination of skills and knowledge. Dimitra Gkanatsiou works in a highly efficient and effective manner. Her advice is always insightful and her feedback is always to the point.’

Key clients

EULER HERMES HELLAS

ENGIE

CHEP HELLAS

INTRAKAT

INTRASOFT INTERNATIONAL

GEFSINOUS ABEE NOEYDAP S.A.

SAINT GOBAIN

KAYAK AEBE

GREENTOP ENERGY

PRISUM S.A

ALPIQ ENERGY S.A

Work highlights

  • Advised Euler Hermes on multiple suretyship insurance transactions and proposed a contractual structure broadening the key product lines of Euler Hermes Hellas Branch.
  • Advised V-Ridium on the acquisition of a majority shareholding in a Greek company which owns three wind parks in Thessaly.
  • Advised Intrasoft International on the establishment and operation of an e-money institution in Greece, including the contractual framework of the transactional system and token migration.

Greece > Tax Tier 3

Andersen Legal – Pistiolis – Triantafyllos & Associates Law Firm handles both advisory work and contentious tax matters for high-profile clients. The practice is spearheaded by Martha Papasotiriou, who is leading the advice to several ultra-high-net-worth Greek families and individuals on a large-scale audit conducted by Greek tax authorities into indirect taxation. Papasotiriou has previous experience of acting as KPMG’s senior manager for business taxation and international tax, which involved planning the tax aspects of international transactions for multinational companies in the telecoms, energy and life sciences sectors.

Practice head(s):

Martha Papasotiriou

Other key lawyers:

Dimitris Moraloglou, Anastasia Mpouloukou

Testimonials

‘The whole team is constituted by excellent professionals who really care about client’s needs and business objectives. They are dedicated and give accurate advice with a focus on details. During our last cooperation, the firm confirmed its high professional standards. The job was done on time and with the quality needed to reach our goals.’ 

‘Our contact person is Martha Papasotiriou. An excellent lawyer with advanced customer facing capabilities. She knows how to understand the client’s problem and gives the best possible solution. She is effective and demonstrates tax law expertise. We worked with Martha on a highly demanding project and she delivered excellent thinking and results.’

‘The practice is unique in the sense that it combines deep knowledge and substantial experience in the subject matter, with focus to provide value adding solutions to their customers and an incomparable customer experience through efficient technology enabled delivery.’

‘Martha Papasotiriou leads the practice and easily stands out from many of her colleagues in other firms for her robust knowledge in all tax issues, her business understanding, her drive and commitment to provide the best solution to her clients and her personality.’

‘All the team were fast answering and always to the point. They know the market very well. Whenever it was asked, they always had the correct connections and collaborators to propose. Really enjoyed our cooperation.’

Key clients

COOPERATIVE BANK OF THESSALY

ENCODE

CENTRAL MARE INC

GEFSINOUS

GREEN TOP S.A.

Work highlights

  • Advised an American multinational technology company which focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence on the tax incentives provided by the Greek tax law in relation to producing films in Greece.
  • Advised a Maltese banking institution on the tax consequences of the closure and transfer of the assets of its Greek branch.
  • Advised an Italian banking institution on a cross border demerger of its subsidiary.

Andersen Legal - Pistiolis - Triantafyllos & Associates Law Firm > Firm Profile

The firm:  Andersen Legal in Greece (Pistiolis – Triantafyllos & Associates law firm) is based in Athens, with in-depth, genuine and proven expertise in certain areas of law and specific industry sectors. The firm is full member of Andersen Global.

Areas of practice: The firm specialises in the following practices:

Employment: the practice focuses on both the public and private sector, and provides comprehensive services in three areas: preparation of the right documentation; advice on individual issues and disputes; and representation at tribunals and courts. The firm prepares all types of terms and conditions of employment, contracts and service agreements, as well as employment procedures and company handbooks which reflect the particular requirements of clients. It advises on wide-ranging employment issues relating to large-scale restructurings, mergers and acquisitions, redundancies, business transfers and collective disputes.

Telecoms, media and technology (TMT): the TMT practice is built upon a strong regulatory/competition, transactional and litigation foundation. The firm has both substantial industry and government experience and, due to its in-depth regulatory/competition law expertise, it advises government, national regulatory authorities and market players on every aspect of the electronic communications sector.

Commercial and corporate law: the practice advises on a wide variety of commercial agreements and all aspects of trading law. It also serves as general counsel for corporations, representing them in all aspects of their corporate life – from the original establishment of the enterprise through all aspects of its evolution and operation. The practice is also active in corporate transactions – mergers, acquisitions and joint ventures, as well as change of control transactions.

Real estate and construction: the practice provides legal advice on all aspects of construction and engineering law from the beginning of a project through its completion. It advises real estate funds, project developers, major construction companies, industrial enterprises and their real estate subsidiaries, local authorities, enterprises from the trade sector and leisure industry, hotel enterprises, consultancy firms and awarded projects for institutional private and public investors.

Antitrust, competition and regulatory: the practice provides a high level of services with competition law-compliant solutions which are creative, innovative and business-oriented. The firm advises on all relevant areas of national and EU competition law (antitrust, merger control and state aid). The practice focuses on antitrust investigations, both regarding prohibited collusion and abuse of dominance. One of the practice’s core characteristics is its efficient pre-emptive approach in carrying out antitrust audits, developing compliance programme and training and assisting in the implementation.

Tax law: the firm provides tax consultancy services to its clients on the full range of local Greek tax law, such as corporate taxation, M&As and tax restructurings, VAT and indirect taxes, tax litigation and administrative representation in tax disputes. Furthermore, the firm’s tax law practice has an extensive experience in a vast variety of international and EU tax law issues.

Litigation: Greek regulators have become increasingly aggressive in their enforcement of alleged transgressions committed by businesses in transactions or during the course of day-to-day operations. The practice is noted for its effective compliance, avoidance of regulatory intervention and nullification of potential disputes which are critical for any company with Greek operations. The litigators of the practice evaluate cases at the earliest stage to determine if litigation can be avoided. The firm’s litigation expertise includes, antitrust and competition litigation, arbitration, banking and finance litigation, civil law litigation, corporate and commercial litigation, cross-border litigation, employment litigation and dispute resolution, environment, health and safety, construction and real estate litigation and dispute resolution, insurance litigation, intellectual property litigation, TMT litigation and dispute resolution, tax controversy and dispute resolution.

Main Contacts

DepartmentNameEmailTelephone
Employment Anastassios Triantafyllos
Telecoms, media and technology (TMT) Theodore Pistiolis
Telecoms, media and technology (TMT) Themistoklis Giannakopoulos
Commercial and corporate Theodore Pistiolis
Litigation Elena Chatzaki
Real estate and construction Vanita Kiriakouli
Antitrust, competition and regulatory Themistoklis Giannakopoulos
Tax Martha Papasotiriou
Employment Paraskevas Zourntos
Banking, Finance & Capital Markets Katerina SImopoulou

Lawyer Profiles

PhotoNamePositionProfile
Ms Climentini Andreadi  photo Ms Climentini Andreadi Junior AssociateView Profile
Mrs Evgenia Apostolopoulou  photo Mrs Evgenia Apostolopoulou AssociateView Profile
Mrs Elena Barla  photo Mrs Elena Barla AssociateView Profile
Mr Dimitrios Charisis photo Mr Dimitrios CharisisAssociateView Profile
Mrs Elena Chatzaki  photo Mrs Elena Chatzaki Elena is a member of Athens Bar Association since 2000. By practicing…View Profile
Mr Andreas Desyllas photo Mr Andreas DesyllasJunior AssociateView Profile
Mrs Niki Fantaki  photo Mrs Niki Fantaki AssociateView Profile
Mr Themis Giannakopoulos  photo Mr Themis Giannakopoulos Dr. Giannakopoulos heads the TMT, Antitrust / Competition and Regulatory Practice. He…View Profile
Mrs Dimitra Gkanatsiou  photo Mrs Dimitra Gkanatsiou Director/ Head of Corporate & Commercial Practice.Dimitra is Head of Corporate & Commercial…View Profile
Mrs Georgia Gkliaou  photo Mrs Georgia Gkliaou AssociateView Profile
Mrs Filitsa Glymi  photo Mrs Filitsa Glymi Filitsa’s areas of interest include civil, commercial and criminal law. Her experience…View Profile
Mrs Katia Gritzapi  photo Mrs Katia Gritzapi AssociateView Profile
Mrs Olga Kalpakidi  photo Mrs Olga Kalpakidi AssociateView Profile
Mrs Iro Katrachoura  photo Mrs Iro Katrachoura AssociateView Profile
Mrs Vanita Kiriakouli  photo Mrs Vanita Kiriakouli Partner and Head of Construction, Real Estate & Land Development Law Practice.…View Profile
Mrs Ourania Koliouli  photo Mrs Ourania Koliouli AssociateView Profile
Mrs Kleio Kondi  photo Mrs Kleio Kondi Kleio works as Associate in our firm. Kleio’s main areas of expertise…View Profile
Mrs Virginia Kyriakopoulou  photo Mrs Virginia Kyriakopoulou AssociateView Profile
Mrs Ioanna Legaki  photo Mrs Ioanna Legaki Supervising AssociateView Profile
Mrs Giouli Menti  photo Mrs Giouli Menti Senior AssociateGiouli’s main areas of expertise include corporate employment and labour law.…View Profile
Mrs Anastasia Mpouloukou  photo Mrs Anastasia Mpouloukou Anastasia was previously with the firm from 2007-2013 and has returned to…View Profile
Mrs Panagiota Papageorgiou  photo Mrs Panagiota Papageorgiou Junior AssociateView Profile
Mrs Martha Papasotiriou  photo Mrs Martha Papasotiriou Martha’s main object is corporate tax issues, focusing on tax planning, interpretation…View Profile
Mr Theodore Pistiolis  photo Mr Theodore Pistiolis Managing Partner and Head of Corporate & Commercial Law Practice, Telecoms, media…View Profile
Mr Yiannis Ragkos  photo Mr Yiannis Ragkos Junior AssociateView Profile
Mr Tassos Repakis  photo Mr Tassos Repakis Of CounselView Profile
Mrs Katerina Simopoulou  photo Mrs Katerina Simopoulou PartnerView Profile
Mrs Olga Stamati  photo Mrs Olga Stamati AssociateView Profile
Mr Anastassios Triantafyllos  photo Mr Anastassios Triantafyllos Managing Partner and Head of Corporate Employment & Labor law Practice. His…View Profile
Mrs Pinelopi Tripotseri  photo Mrs Pinelopi Tripotseri AssociateView Profile
Mrs Margarita Vardounioti  photo Mrs Margarita Vardounioti AssociateView Profile
Mrs Alkisti Zafeirakou  photo Mrs Alkisti Zafeirakou Maria-Alkisti’s practice is primarily concerned with administrative and public law issues having…View Profile
Mr Nicholas Zelios  photo Mr Nicholas Zelios Senior AssociateNicholas’s main areas of expertise include Data Protection (GDPR Compliance), Banking…View Profile
Mr Paraskevas Zourntos  photo Mr Paraskevas Zourntos Partner /  Head of Employment His practice includes commercial and corporate litigation,…View Profile

Staff Figures

Number of lawyers : 33

Languages

English
Greek

Memberships

European Employment Lawyers Association
International Bar Association

International Capabilities


Andersen Legal is a member firm of Andersen Global; an international organization offering professional business services with more than 7,000 professionals worldwide, over 1,000 global partners, and a presence in 263 locations worldwide.

Andersen Legal is a game changer. We are creative and passionate to deliver results and to help our clients thrive in an ever-changing, complex world. We are always thinking outside the box, always thinking globally.

Our mission is to follow your business wherever it is. We keep investing in our people, information and technology to ensure that our clients are always receiving the best possible service.

The international presence of Andersen Global ensures that client service and business solutions are coordinated seamlessly between service lines and locations to ensure clients receive best‐in‐class, comprehensive solutions.

Our extensive global presence combined with local expertise allows us to provide you with independent and objective advice to ensure you achieve your goal – no matter where you are in the world.

Being part of this network makes us a valuable partner you can count on. We talk your language.

Our growth is a byproduct of the outstanding client service delivered by our people, the best professionals in the industry. Our professionals all over the world share a common background and vision and are selected based on quality, like-mindedness, and commitment to client service.

Focus On


 

Banking, Finance and Capital Markets

INTRODUCTION

Greece is in a radical process of economic transformation and reform. Digital Transformation and Green Transition are the main pillars of the country’s strategy set out in the Greek National Recovery and Resilience Action Plan for the day after the pandemic absorbing the bulk of the plan’s budget alongside Employment and Social Cohesion, Private Investment, Economic and Institutional Transformation.

Greece is moving fast towards the implementation and application of the plan’s strategy which is considered to be the tool for the country’s acceleration, modernization and improvement.

The establishment of the Next Generation EU (NGEU) fund will greatly contribute to the recovery of the investment activity, strengthening the country´s competitiveness at an international level. NGEU is the EU recovery package to support member states affected by the COVID-19 pandemic agreed by the European Council on 21 July 2020.

For Greece, the NGEU financing is the historical opportunity to cover the investment gap of the past years, accelerate the country’s financial growth, achieve the EU targets, and contribute to the country’s digital transformation, reform and green transition.  The amount to be attributed to Greece is estimated to be 19,3 billion euro in grants and 12,7 in loans.

The country´s competitiveness is also strengthened by the rise of foreign direct investment, which is expected to be intensified by the end of the pandemic. Significant investments, such as the recent agreement with Microsoft for the creation of a large Data Center in Attica and the agreement with the German automotive industry Next.e.GO for the production of electric cars in Greece, are indicative of the economic transformation that is being undertaken in the country and of turning to activities with high technological content and added value.

The Greek Target is to achieve the 34th place in the World Bank Ranking of “Doing Business” through multiple reforms in order to improve the business environment in Greece and achieve a positive GDP growth. The Greek Economy is shifted to a competitive green economic model of a Digital State with less bureaucracy and a resilient social protection network.
In this respect, we provide herein an overview of the banking, finance and capital market laws and regulations in Greece which are embedding the investment and business opportunities in scope towards the country’s competitiveness, development and economic growth. We will also briefly discuss the recent legislative developments in Greece in the areas of FinTech and Sustainable Finance.

BANKING AND CAPTIAL MARKETS FRAMEWORK

Financial Regulation and Compliance is technical and complex affecting the banking and capital markets business on a local and cross-border perspective. The regulatory activity in the banking, finance and capital markets area in Greece is intense following the EU banking and capital markets’ market and the relevant regulatory developments.

In Greece, the competent authority for the regulation, supervision and resolution of credit institutions, certain financial institutions, insurance and reinsurance undertakings, insurance distributors and financial institutions in liquidation is the Bank of Greece (BoG) in coordination with the Single Supervisory Mechanism.   

Banking Services

The establishment and operation of credit institutions in Greece requires the authorization by the Bank of Greece. The terms and conditions for such authorization, the operation of credit institutions in Greece and the rules of supervision are laid down in Law 4261/2014 (transposition of Directive 2013/36/E), specified in further in the Executive Committee Act 142/11.6.2018 as amended by the Executive Committee Act 178/4/2.10.2020.

The regulatory framework on the establishment and operation of branches of credit institutions based in countries outside the EU are laid down in Executive Act 58/18.1.2016. The Banking and Credit Committee Decision 211/1/5.12.2005 is also applicable for Representative Offices in Greece.

Payment Services

Payment Institutions, Payment Initiation Service Providers (PISPs), Account Information Service Providers (AISPs) and Card-based Payment Instrument Issuers (CBPII) are being established in Greece pursuant to the licensing of the Bank of Greece. The authorization requirements and the rules for supervision are dictated pursuant to the Law 4537/2018 (PSD2 transposition), the Bank of Greece Executive Committee Act 164/2/13.12.2019 as amended by the BoG Act 178/2/2.10.2020 and the Bank of Greece Executive Committee Act 142/11.6.2018, as amended.

The regulatory framework for all outsourcing activities is set out in BoG Executive Committee Act 178/5/2.10.2020

 

E-Money Services

The establishment of an electronic money institution requires authorization by the Bank of Greece under the licensing requirements and the rules for supervision dictated in the Law 4537/2018 (PSD2), Law 4021/2011 (Articles 9-30), BoG Executive Committee Act 164/2/13.12.2019 as amended and BoG Executive Committee Act 142/11.6.2018 as amended here above.

 

Factoring Services

Factoring companies are being authorized by the Bank of Greece being the competent authority for the supervision and the audit of factoring companies.  The terms and conditions for such authorization and the rules of supervision of factoring companies by the Bank of Greece are laid down in Law 1905/1990, as amended, and BoG Governor’s Act 2622/21.12.2009.

 

Leasing Services

The establishment of a leasing company requires the authorization of the Bank of Greece being the competent authority for the supervision and audit of leasing companies. The terms and conditions for such authorization and the rules of supervision of leasing companies by the Bank of Greece are laid down in Law 1665/1986, as amended and in BoG Governor’s Act 2622/21.12.2009.

Claims’ management Companies

Claims’ management companies are being authorized by the Bank of Greece being responsible  for the supervision and operation of claims’ management companies. The framework on the establishment and operation claims’ management companies is governed by Law 4354/2015, as currently in force and specified in Bank of Greece Executive Committee Act 118/19.05.2017 as amended by BoG Act 153/1/8.1.2019.

Currency exchanges

The Bank of Greece is the competent authority for the authorization and supervision of the bureaux de change, according to Law 2515/1997. The regulatory framework of the currency exchanges is supplemented by the provisions of the BoG Governor’s Act 2541/27.2.2004 as amended by BoG Act 2641/2011, BoG Executive Committee Act 142/11.6.2018 as amended here above.

Bureaux de change may operate only as sociétés anonymes, subject to prior authorization by the Bank of Greece.

The minimum initial capital required is €200,000.00. Throughout their operation, the regulatory own funds must not fall below the above-mentioned minimum amount. The above mentioned minimum amount of capital will cover the establishment of up to six (6) branches and shall be increased by twenty-five thousand euro (€25.000) for each additional branch.

The regulatory framework for the authorization and supervision of the bureaux de change by the Bank of Greece is incorporated in the provisions of Bank of Greece Governor’s Act 2541/27.2.2004 “Codification of, and amendment to, Bank of Greece Governor’s Act 2440/11.1.1999, “Establishment and operation of bureaux de change in Greece by sociétés anonymes other than credit institutions” (Government Gazette A 87), as currently in force. The terms and conditions for the authorization of the establishment of bureaux de change in Greece by sociétés anonymes other than credit institutions are governed by the Laws and acts are listed below.

The Bank of Greece is the authority responsible for the authorization and supervision of the bureaux de change, according to Law 2515/1997.

Bureaux de change may operate only as sociétés anonymes, subject to prior authorization by the Bank of Greece.

The minimum initial capital required is €200,000.00. Throughout their operation, the regulatory own funds must not fall below the above-mentioned minimum amount. The above mentioned minimum amount of capital will cover the establishment of up to six (6) branches and shall be increased by twenty-five thousand euro (€25.000) for each additional branch.

The regulatory framework for the authorization and supervision of the bureaux de change by the Bank of Greece is incorporated in the provisions of Bank of Greece Governor’s Act 2541/27.2.2004 “Codification of, and amendment to, Bank of Greece Governor’s Act 2440/11.1.1999, “Establishment and operation of bureaux de change in Greece by sociétés anonymes other than credit institutions” (Government Gazette A 87), as currently in force. The terms and conditions for the authorization of the establishment of bureaux de change in Greece by sociétés anonymes other than credit institutions are governed by the Laws and acts are listed below.

Consumer Credit Companies – art. 153 of Greek Banking Law

In order for a consumer credit company to be established, it must obtain authorisation from the Bank of Greece. The rules for the supervision of these companies and the conditions of authorization by the Bank of Greece are laid down in Law 4261/2014 and the Bank of Greece Governor’s Act 2622/21.12.2009.

Micro-Credit Services

Micro-credit institutions require the authorization by the Bank of Greece in order to be established and operate. The regulatory framework regarding the authorisation of microfinance institutions is based on the provisions of Law 4701/2020, as in force and further specified by the Bank of Greece Executive Committee Act 178/1/2.10.2020.

The competent authority for the regulation, supervision and resolution of investment services’ firms in Greece is the Hellenic Capital Markets Commission.

Investment Services Firms 

Investment Services Firms (AEPEY) based in Greece are being licensed by the Hellenic Capital Market Commission (HCMC). Investment services firms in Greece may provide investment services and activities under the Law 4514/2018, as in force, which has transposed MiFID II into the Greek legislation, and in compliance with the Greek legal framework applicable.

 

Intermediation Firms and Agents 

Investment Intermediation Firms (AEED) based in Greece are being licensed by the HCMC and are authorized to provide a limited number of investment services.  Likewise, tied agents are natural or legal persons acting on behalf of a single investment services firm under the firm’s full and unconditional responsibility.

Cross-border business – EU Passport  

Investment firms and credit institutions that are authorized in one European Economic Area (EEA) country and are supervised in that country are in principle permitted to carry on their cross-border business in Greece too.  Cross-border business may be carried on either by establishing a local branch (“freedom of establishment) or by means of free movement of services (“freedom to provide services”) and thereby make use of the so-called European passport.

Third Country passport

In principle, non-EU firms intending to provide investment services or activities in Greece to retail clients and elective professional clients (retail clients that have requested to be treated as professionals) are required to establish a branch in Greece in accordance with the Greek law applicable (MiFID II transposed).

There are conditions under which the competent authorities in Greece may grant authorization to non-EU investment firms or credit institutions for the establishment of such branch.      

Investment funds, including private equity, hedge, real estate, venture capital, registered (both open-end and closed-end) UCITS and Alternative Investment funds are subject to a vast range of laws and regulations. 

UCITS and AIFs 

The EU regulatory framework has created a harmonized regime throughout Europe for the management and sale of mutual funds and therefore UCITS funds can be registered in Europe and sold to investors using unified regulatory and investor protection requirements. All non-UCITS come within the scope of the Alternative Investment Fund Managers Directive (AIFMD).

In Greece, Law 4099/2012 and Law 4416/2016 transposed UCITS IV and UCITS V respectively   governing the UCITS funds’ regulatory requirements in Greece. Likewise, Law 4209/2013 has transposed AIFMD in Greece laying down the rules for the authorization, operation and transparency of AIFMs which manage or market AIFs in the Union.

Investment Funds and Managers  

There are different forms of Investment Fund Management Companies in Greece per the purpose and scope of service provided.

  • The Mutual Funds Management Companies incorporated in Greece (AEDAK) and licensed by the HCMC in accordance with the provisions of Law 4099/2012.
  • Alternative Investment Fund Managers based in Greece and licensed by the HCMC in accordance with the provisions of Law 4209/2013 (AEDOEE).
  • Alternative Investment Fund Managers (DOEE) in accordance with para. 2 Article 3 of Law 4209/2013.
  • Portfolio Management Companies (AEEX) with the sole purpose of managing their portfolio in accordance with articles 27-40 of Law 3371/2005 as amended.
  • Real Estate Investment Companies (AEEAP) with the sole purpose of managing their securities and real estate portfolio under Article 22 para. 2 of Law 2778/1999.
  • The Venture Capital (AKES), in a closed type nature, a group of assets consisting of securities tangible or intangible, shares and cash is governed by the provisions of law 2992/2002 as amended by Article 1 of Law 4141/2013 and has as its sole purpose the participation in companies’ capital.
  • Venture Capital Companies operate in accordance with the provisions of law 2367/1995 as amended by Article 2 of Law 4141/2013 for the sole purpose of the participation in companies’

Key Financial Instruments in Greece

Debt Capital Markets 

The debt market, or bond market is the arena for the capital markets investment in bonds and a great source of external financing for large companies in Greece.

In Greece the company bond market is primarily governed by Greek Law 4548/2018 and Law 3156/2003 provisions in force.

Structured products and Capital Markets  

When securities are offered to the public or admitted to trading on a regulated market, compliance with disclosure of information in accordance with the capital markets prospectus requirements is vital for the efficiency and completion of the process.

With reference to Regulation 2017/ 1129, the newly introduced Greek Law 4706/2020 – replacing Law 3401/2005 –- and Law 4548/2018 are mainly governing the structured products offered to the public as supplemented by the bond instruments Greek Law.

Structured Finance and Securitisation  

Securitisations have become the main trend of Non-Performing Loan (NPL) Management platforms. Disposals of loans via securitization in Greece  are increasingly becoming part of the NPL disposal strategy of Greek banks.

Securitisation Regulation, Greek Law 4706/2020 and Law 3156/2003, Law 4354/2015,   Law 4649/2019 regarding for the Hercules programme all come to play when securitization is brought up to be a key component for the financial players’ strategy aiming at reducing the non-performing exposures.

Covered bonds   

Covered bonds are subject to specific legislation in the EU and Greece in order to protect bond holders.

In Greece, the issuance of covered bonds is made in accordance with the provisions laid down, among other, in article 152 of Law 4261/2014 and, on a supplementary basis, the general provisions on bonds of Greek Law 4548/2018 and Law 3156/2003 as well as the Secondary Covered Bond Legislation of the Bank of Greece.

 

Equity Financing and capital markets 

The equity financing process is a complex procedure governed by EU and domestic rules as well as competent authorities’ decisions.

Greek Law 3461/2006, Law 3556/2007 as currently in force implementing the EU Directives on securities offerings and transparency respectively, the regulatory decisions of the Hellenic Capital Market Commission applicable and all relevant provisions are governing the equity financing market.

Syndicate lending 

Syndicating the loan allows in principle lenders to spread primarily the credit risk and take part in large financial opportunities.

Syndicate bank loan facilities in Greece are following the international banking and financing practice. The Loan Market Association (LMA) documentation may also be applicable

 

Venture capital and Private Equity 

Venture capital and Private Equity is rapidly developing in the country towards investment and economic growth.

Greece is operating a dedicated domestic fund structure for private equity and venture capital, a closed-end venture capital mutual fund, AKES, formed as partnership with tax incentives in investment.

Moreover, the Hellenic Development Bank of Investments (ex TANEO) is engaging, under conditions, in newly established Venture Capital Funds/Private Equity Funds investing in businesses in Greece in specific sectors.  The Hellenic Development Bank is targeting the support of the Greek ecosystem with a vision and a well-developed business plan. financing instruments.

Public Private Partnerships (PPPs) have also a favorable position in Greece and are a valuable  tool for private and public sector entities aiming at project implementation and the provision of services.

 OTC derivatives and CCP clearing      

The OTC derivatives’ transactional practice in the Greek Market is following the relevant international practice. This includes negotiations of master agreements, currency and interest rate swaps, credit derivatives, equity-linked derivatives, commodity, weather and energy derivatives, contracts for differences, securities lending and repo transactions as well as collateral arrangements.

The International Swaps and Derivatives Association, Inc. (ISDA) documentation and the ICMA – Global Master Repurchase Agreements (GMRA) are widely used in the Greek financial market.

 

Insurance & Banking  

Bonding Insurance (or Suretyship) is much like banking as insurance. This is the entrance of insurance companies in the provision of financial guarantees supporting and protecting contractual obligations and relevant business activities.

Bonding Insurance is being offered in Greece by insurance companies providing lines of credit in case the principal fails to fulfill its task towards the beneficiary requiring the bond, such as a government agency seeking to reduce the likelihood of financial loss.

Solvency II (Directive 2009/138/EC) and IDD (Directive 2016/97/EC) sets out the requirements the requirements applicable to insurance and reinsurance companies in the EU, also governing the suretyship business with the aim to ensure the adequate protection of policyholders and beneficiaries.

In Greece, Solvency II has been transposed by Law 4364/2016 and IDD by Law 4583/2016 in relation to the distribution of insurance products in the EU.

RECENT LEGAL DEVELOPMENTS AND OUTLOOK

FINTECH In GREECE

e-AML

Digital on-boarding is now possible for the financial industry in Greece via video conference or dynamic selfie. In 3/6/2020 the Bank of Greece laid down the terms and conditions for digital customer onboarding by banks and other supervised entities such as electronic money institutions and insurance companies.

The Executive Committee Act issued by the Bank of Greece (no 172/29.5.2020) is following the FATF recommendations and addresses the Anti-money laundering challenges associated with digital on-boarding by establishing technological rules for secure customer identification and limiting the remote access risks.

Towards this end, the terms of customer identification and verification procedures and customer due diligence have been amended (BoG Decision 188/26.04/2021).

The minimum information required for the identification of natural persons (KYC) may now also be verified via the electronic application eGov-KYC of the Central Portal of Public Administration upon the person’s explicit and specific consent. The verification data electronically accessed must also be archived in accordance with the applicable law.

Likewise, in the investment services industry, the Hellenic Capital Market Commission issued its decision No 4/894/23.10.2020 for customer digital onboarding processes by its supervised entities such as the investment services firms and the providers of Virtual Currencies Services and Custodian Wallet Providers.

Innovation Hub

In March 2019, the Bank of Greece set up an Innovation Hub to enable FinTech and became a member for Innovation Facilitators. The Innovation Hub serves as a communication channel between the regulator and firms or natural persons involved or willing to get involved in the financial technology ecosystem.

Similarly, the HCMC has established the HCMC’s Financial Innovation Hub in order to provide support to entities, within the HCMC competence, willing to introduce innovative financial products or services based on information technology, assist them to identify the regulatory provisions applicable and address the risks associated with their business.

Regulatory Sandbox

In May 2021, the Bank of Greece established a Regulatory Sandbox in the FinTech sector in cooperation with the European Bank for Reconstruction and Development (EBRD).

The BoG terms and conditions for the establishment and operation of the Regulatory Sandbox are laid down in BoG Decision 189/14.5.2021. The Regulatory Sandbox provides the framework which enables in a real-world environment the testing of innovative technologies, products, services for a limited time ensuring that appropriate safeguards are in place.

In order to accept the in-scope institution to the Regulatory Sandbox, the product or service proposed needs to be meet certain eligibility criteria including service or product innovation. The Regulatory Sandbox has four (4) distinct phases of operation: a) application phase b) preparation phase c) testing phase and d) evaluation/exist phase.

Crypto – Currency services

On 7 January 2021, the HCMC, as the competent authority has called the Providers engaged in exchange services between virtual currencies and fiat currencies, and the custodian wallet Providers, to be registered in the relevant registers kept by the HCMC.

In this respect, the Hellenic Capital Market Commission is now keeping the following registers a) Register for Providers engaged in exchange services between virtual currencies and fiat currencies; and b) Register for custodian wallet Providers, as the competent authority thereof pursuant to Greek Law no. 4557/2018, as amended by Law no 4734/2020 in order to transpose into Greek Law, Directive (EU) 2018/843 (AMLD V).

The Providers who intend to provide their services in Greece or to provide their services from Greece to other countries should be registered in the relevant registers before the commencement of their activity. Unregistered Providers are subject to sanctions (art. 46 of the Greek Law no 4557/2018) which may include a ban on the provision of these services.

The registration in the relevant register requires the submission of the registration application, including the necessary information and documents to the HCMC, for natural and legal persons as Providers, respectively, a lump sum registration fee for the submission of the application and the processing of their registration in the relevant register and an annual fee covering the supervision costs.

SUSTAINABLE FINANCE In GREECE

Sustainable Finance is currently the priority of the financial markets markets’ regulators and central banks. There are three dimensions of sustainability linked to the ESG factors –  Environmental, Social and Governance which are rapidly incorporated in the legal framework of the financial markets.

Sustainable Finance is shaking the financial industry in order to form a green landscape in the economy. All the stakeholders of the financial market are impacted and requested to strengthen the foundations for sustainable investment, namely financial undertakings, non-financial undertakings, companies and investors.

The Taxonomy Regulation, the Sustainable Finance Disclosures Regulation, the Regulation on sustainability benchmarks, the Non-Financial Reporting Directive, changes to MiFID II suitability requirements;  all are aiming to the achievement of the sustainability goals and a climate- neutral Europe until 2050 under the framework of the EU Sustainable Finance Action Plan.

ESMA is ensuring the integration of the Environmental, Social and Governance factors (ESG) across its core activities and is actively contributing to the EU Renewed Sustainable Finance Strategy.

In Greece, on 4 March 2021, the HCMC has issued an announcement regarding the date entry into force of the Sustainable Finance Disclosure Regulation (EU) 2019/2088 (SFDR) on sustainability- related disclosures in the financial services sector. For the sake of applying the provisions of the SFDR, the HCMC, following the Joint Joint ESA Supervisory Statement on the application of the SFDR, has encouraged firms to take into consideration the requirements set out in in the draft Regulatory Technical Standards (“RTS”) of the final report that has been submitted to the European Commission on 4 February 2021.

The Hellenic Capital Markets Commission has also raised awareness on the issue by the conduct of a webinar on the new Regulation on the sustainability-related disclosures in the financial sector “ESG disclosures in the financial services sector (SFDR)” on 17 June 2021. The purpose of the webinar was to inform the persons/entities falling into the scope of the transparency regulation of their disclosure obligations and the applicable legislation, stressing out the need to comply in time as well as the competitive added-value of sustainable companies in the international capital market.

Doing Business In

Greece

Greece is located in southeastern Europe, at the tip of the Balkan Peninsula, bordering with Turkey, Bulgaria, North Macedonia and Albania. Greece covers an area of 130,000km2 and has a population of 11 million. The country has a mild Mediterranean climate with temperatures ranging from 5C0-20C0 during the winter and from 25C0-35C0 during the summer. Greek is the official language but English is widely spoken and constitutes the lingua franca in business.

Greece is a parliamentary republic and a developed country, with an advanced high-income economy, and a high quality of life, ranking also very high in the Human Development Index. Its economy is the largest in the Balkans, where it is an important regional investor. Greece is a founding member of the United Nations, member of the EU and the Eurozone since 2001, as well as member of numerous other international institutions, including NATO and OECD.

1. LIVING IN GREECE

Citizens of EU member-states, which have ratified the Schengen treaty are free to move, live and work in Greece (subject to minimal requirements).
Nationals from non-EU countries must obtain an entry visa before arriving to Greece and a residence permit or working permit if they are also seeking employment.

Working days are Monday to Friday. Public sector buildings and banks are open from 08:00 to 14.30, while private sector businesses tend to work lengthier hours. The cost of living is just below the European Union average. In recent years opportunities for buying and renting high quality housing have increased. There are many English-speaking private schools for children of foreign parents alongside the normal free state schools.

Greece’s highly developed infrastructure (road networks, airports, ports, energy and telecommunication networks) is comparable (and, arguably in some instances, favorable) to that of any other developed Western European economy. It allows for easy implementation of almost any investment activity.

2. POLITICAL ENVIRONMENT

Greece is a parliamentary republic. The legislative powers are exercised by the Parliament and the President of the Republic. The executive powers are exercised by the Prime minister and the Government. The judicial powers are exercised by the courts of justice. Following the last general elections on July 7, 2019, the centre-right party New Democracy, with its President Kyriakos Mitsotakis serving as Prime Minister, exercises the government.

3. ECONOMIC ENVIRONMENT

Greece is a full member of the European Monetary Union. Its currency is the Euro.

Prior to the outbreak of the Covid-19 pandemic, the Greek economy had recorded three consecutive years of positive growth rates, having irrevocably left behind the ten-year financial crisis. Nevertheless, the outbreak of the Covid-19 pandemic resulted in Greece’s economy contracting by 8.2% in 2020 due to the containment measures that were taken to curb infections. Tourism and more generally the services sector, were particularly hurt and given the high dependency of the country’s economy on tourism, the impact was substantial. Nevertheless, it was less severe than initially anticipated, as the timely policy measures taken by the Greek government have managed to cushion the downturn protecting jobs and supporting business liquidity. The impact on total investment, was relatively small, due to a timely increase in public investments and strong construction activity, while employment support measures managed to prevent large-scale dismissals, keeping the unemployment rate at 16.3%.

The ongoing vaccination rollout has led to the gradual lifting of containment measures, which should boost private consumption, while the gradual reopening of tourism is expected to contribute to a strong rebound in net exports reinforce the projected market share gains for Greek exports, a trend that has been interrupted by the pandemic.

In its latest Spring Economic Forecast (May 2021), the European Commission foresees GDP growth of 4.1% in 2021 and 6.0% in 2022. The main drivers of this dynamic recovery are expected to be the improvement of the economic climate and the consumer confidence in the post-pandemic era on the one hand and the funds from the European Recovery and Resilience Facility on the other.

4. “GREECE 2.0” NATIONAL RECOVERY & RESILIENCE PLAN

Following the COVID-19 period, the Greek government announced the Recovery and Resilience Plan ‘Greece 2.0’. A plan that aspires to change the Greek growth model and institutions through reforms and investments aiming to an extroverted, competitive, green and digital growth model.

The plan aims to enhance growth, productivity, job creation and economic and social resilience. The combined estimated budget for Greece 2.0 is estimated to 57.5 billion Euros. The pillars of the program are: Green Transition; Digital Transformation; Employment, Skills & Social cohesion; Private investment and transformation of the economy.

The key investments planned are upgrading energy efficiency of buildings; investments in energy storage, electric charge points, batteries, electric vehicles; electric interconnectivity of islands; reforestation, biodiversity and urban regeneration; 5G infrastructure, fast broadband connections, fiber optic infrastructure, submarine fiber cables; digitization of the public sector; incentives for private investment (green, digital transformation, innovation, economies of scale); investments in culture, tourism and agri food sector; training, upskilling and reskilling of workforce; investments in health, education and social inclusion.

Beyond the investment plan, a transformation plan is also in place. Main targets are: to reform the licensing procedure for renewable energy sources; further simplification of business environment and licensing, improve the ease of doing business, support investment and trade; promotion of e-mobility; preparation of urban plans and establishment of renewables, industry, tourism and aquaculture planning; improvement of the efficiency of justice system; incentivizing economies of scale; labour law reform; digitization of education and health care reform.

A study made by the Bank of Greece recently shows that Greece 2.0 will lead to an increase of GDP by 7%, the creation of 180.000 new jobs and increase of investments made by private sector by 20%.

5. PRIVATIZATIONS

Privatization is a key part of the financial, economic reform currently underway in Greece. The portfolio of privatizations is a diverse one, affecting the corporate, infrastructure and land development sectors. Major projects include the development of Hellinikon, the privatization of DEPA Commercial S.A and DEPA Infrastructure, the concessions of Egnatia Motorway and the Athens International Airport, the development of regional airports, the privatization of numerous ports and marinas and the sale of real estate owned by the Greek State. All these projects are either in progress or completed, each offering a remarkable opportunity for direct or indirect investment in Greece. At the same time, the Hellenic Republic Assets Development Fund (HRADF) is examining alternative schemes for the optimal development of various other assets, such as the Athens and Thessaloniki Water Supply and Sewerage Companies; the Public Power Corporation; Hellenic Petroleum and Hellenic Post.

6. STARTING A NEW BUSINESS

Greece is undergoing a number of economic, institutional and social reforms to foster new direct investment and job opportunities. The legal framework is constantly changing in order to simplify corporate processes and transformations.

In particular, a new digital service has been put into operation; the so called “One Stop Shop” service (“YMS”), through which the entrepreneurs can set up a new company, using the “Model AoA” before the competent Chamber of Commerce. The new digital service “YMS” enables entrepreneurs of all legal forms, which are provided for in law ( i.e. either of capital (S.A, P.C, L.L.C) or personal companies (E.E, O.E), to conclude the incorporation of their company via an e-platform (http://eyms.businessportal.gr) and through a fast-track procedure. Without prejudice to extraordinary circumstances the establishment procedure is taking approximately two (2) working days. In view of the above, the One Stop-Shop procedure has greatly streamlined the procedure for establishing a new company and registration costs have been reduced significantly, namely by 70% compared to the traditional incorporation system.

The most common and attractive corporate entities for doing business in Greece are the Private Company (“IKE”) and the Société Anonyme (“S.A”) with the capital requirements for each being €0 and €25,000 respectively. A Private Company requires a managing director for its representation; a Société Anonyme requires a Board of Directors (with a minimum of 3 members), however, the election of a Consultant-Administrator instead of a board of directors, is permitted for the very small or small sized enterprises.

Finally, foreign entities may also conduct their business activity in Greece by establishing a Greek branch, which will be registered in the Greek General Commercial Registry (G.E.MI). In case of a branch, it will be managed by a legal representative holding a valid Greek Tax Identification Number.

7. CORPORATE AND REAL ESTATE TAXATION

Corporate Taxation

Greek companies are taxed on their profits before distribution with the current rate set at 24%.

As of 1st January 2020, a 5% withholding tax on dividends also applies.

The Greek Income Tax Code incorporates the EU Parent-Subsidiary Directive. According to this Directive, dividends distributed to a parent company, established in another EU country, are tax-free provided that the shareholding is at least 10% and the related shareholding has been maintained for a minimum of two years).

A Greek company can deduct all expenses that are actual and evidenced business expenses from its profits under certain criteria (e.g. they are incurred for the benefit of the business or are carried out in the course of its normal commercial transactions). The Income Tax Code provides a list of non-deductible expenses.

VAT

The VAT rate for the supply of goods and services is currently 24%. Certain goods and services have a reduced rate of 13% (e.g. fresh food products, electricity and natural gas) while others are subject to a further reduced rate of 6% (e.g. newspapers, theatre tickets, human pharmaceuticals products and hotel accommodation).

Real Estate Taxes

As a general comment, the purchase and ownership of property in Greece is subject to different taxation types, regardless of whether the purchaser/owner of the property is an individual or a legal entity.

Taxes on Acquisition

Real estate Transfer Tax

Real estate acquisition is subject either to VAT at a rate of 24% or to a real estate transfer tax (RETT). The RETT is analyzed according to either the contract price or the objective value, whichever is higher, and calculated at a rate of 3%. The objective tax value is estimated as the minimum value at which a property will be transferred for tax purposes. In addition to RETT, a local authority surcharge, equal to 3% of the RETT, is also levied. Furthermore, there are certain additional third party costs related to the acquisition of the property.

Taxes on Ownership – Unified Real Estate Ownership (ENFIA)

Ownership of Greek real estate is subject to the Unified Real Estate Ownership Tax (ENFIA), which is calculated on the basis of property held as of 1st January each year. ENFIA consists of a main tax and a supplementary tax. The main tax ranges from €2 to €13 per square meter and depends on a number of factors.

The supplementary tax is calculated at a rate of 0.15% to 1.15% (and for legal entities up to 5.5%) on the corresponding objective tax value.

Other Additional Taxes

Real estate ownership is also subject to a Real Estate Duty (RED) and other miscellaneous taxes and duties that may be levied by the Municipality in which the real estate is located.

Double Taxation

Greece has, and continues to develop, several agreements for the avoidance of double taxation to ensure that income will not be taxed in more than one country. It currently has more than 57 signed treaties with other countries for this purpose

8. LABOUR

Formerly, the employment market in Greece was one of the most regulated in Europe. However, reforms have led to significant de-regulation aimed at fostering a more employer-friendly environment for domestic and foreign business alike.

Severance payment on termination of an employment relationship has been reduced, as have the minimum legal wage (currently at 650,00 € euros per month), additional payment for overtime (currently an employee’s legal schedule of work is 40 hours work per week) and payment for working during night hours (22.00-06.00 a.m). Probationary periods have been set to 12 months during which the employer may dismiss the employee without the obligation to pay severance.

A new legislation in employment matters initiated a more flexible working environment for employees and employers. Following an agreement between employer and employee the employee may work in a more flexible way (e.g 4 days for 10 hours per day).Specific provision s for distance working have also been provided.

9. LEGAL SYSTEM

Greece’s legal system has been subject to vast reform in recent years to increase efficiency and speed. It has amended its civil procedure rules and introduced tighter deadlines. Parties may provide their evidence before a judge within 100 days of filing forms. This is significantly shortening the average time taken to achieve first instance court decisions from two to three years to approximately 1 year. The complete judiciary procedure, including court of appeal cases, are expected to take an average of two to three years (down from the current average of five to six years).

10. AREAS TO NOTICE

Digital Transformation – FinTech

Greece is in a radical process of digital transformation and reform. Digital transformation in Greece is at the epicenter of its new development agenda and in great acceleration already creating a new reality for both the society and economy. Digital transformation is considered to be the key to the country’s modernization and return to regularity in the post-pandemic era being one of the main pillars of the Greek National Recovery and Resilience Action Plan.

The Digital State Strategy is being quickly implemented in the country in both the public and private sector towards financial investments, contribution to the fight against tax evasion and investors’ confidence. The regulatory framework is supporting digital transformation and the use of technologies in the provision of financial services aiming to create a technology hub in Greece.

Main actions:

  • Digital on-boarding is now possible via video conference or dynamic selfies for all entities providing banking or investment services according to the Bank of Greece (BoG) and Hellenic Capital Market Commission (HCMC) decisions.
  • Innovation Hub; In March 2019, the BoG set up an Innovation Hub to enable FinTech and became a member for Innovation Facilitators. Likewise, in July 2019 the HCMC established its own Innovation Hub for the development and support of the investment services industry towards FinTech.
  • Regulatory Sandbox; The BoG is in the process of establishing a Regulatory Sandbox in the FinTech sector in cooperation with the European Bank for Reconstruction and Development (EBRD). The terms and conditions for the establishment and operation of the Regulatory Sandbox as well as the requirements for participation of supervised entities have already been laid down.
  • Virtual Currencies Services and Custodian Wallet Providers. The Providers who intend to provide their services in Greece or to provide their services from Greece to other countries are required to be registered in the HCMC before the commencement of their activity. The first Providers have already been registered and displayed in the HCMC registers.

Shipping Industry

Profits earned by Greek companies from the operation of ships registered under the Greek flag are subject to a special tonnage tax, which satisfies the income tax obligation of the ship owner and shareholder. An exemption can apply to income derived from operating a ship, profit on the sale thereof and receipt of insurance claims. The tax is assessed on the basis of the capacity and age of the vessel. Exemptions from, or a reduction in, the tax are granted in certain circumstances such as when the ship is built or repaired in Greece.

Tourism

With its 16,000 kms of coastline, more than 6,000 islands and an ancient cultural civilisation, Greece is renowned as one of the premier tourist destinations, not just in Europe but, in the entire world. Investment in Greek tourism is therefore one of the most attractive options available.

In the upcoming years, Greece is poised to make significant investments aimed at shifting the tourist’s focus on the traditional ‘sun & beach’ image of Greece to a variety of higher-value, higher end experiences such as:

  • Thematic tourism where specific ‘themes’ such as wellness, romance or luxury are used to add value and extend the scope of typical sun and beach holidays.
  • Nautical tourism aimed at attracting more cruise liners and improving current yachting and sailing offerings.
  • City-break tourism focused on Athens and Thessaloniki.
  • Cultural and religious tourism targeting restoration of Greece’s world-leading historical heritage.
  • Medical tourism which presents an exciting growth opportunity if Greece’s highly skilled medical workforce can leverage investment in existing facilities and infrastructure.
  • Meetings and Incentives (MICE) – tourism positioning Greece as a major meeting and conference centre for regional associations and companies.
  • Integrated resorts – new developments in existing and new tourism destinations taking advantage of new legislation for the development of integrated resorts and the acquisition of residence permits by non-EU citizens who invest in Greek real estate.

Energy

Located at the crossroads between East and West, Greece is strategically positioned to play a significant role in the region’s energy sector. Ample renewable energy potential (wind, hydro, biomass, geothermal, solar and solar thermal) combined with ongoing large-scale infrastructure projects (e.g. the TAP Gas Pipeline and other oil and gas exploration projects) make the country a key player in the formulation of Western European energy policy, as well as providing significant investment opportunities.

The energy sector in Greece is poised to grow significantly in the upcoming years driven by a number of factors:

  • The optimisation of energy supply requiring a reduction of fossil-fuel generated electricity and increase of renewable energy.
  • The state-planned privatisation of major energy assets such as PPC, the Natural Gas distributor (DEPA) and Hellenic Petroleum.
  • Liberalisation of the electricity and natural gas markets and the further separation of production and supply from transmission networks.
  • The potential for Greece to become a European gateway for natural gas and oil resources through such projects as the TAP gas pipeline, and oil and gas exploration opportunities in the Aegean and Ionian seas.
  • Efforts to improve energy efficiency and reduce costs driven by technologies such as smart metering, smart grids, LED lighting and energy-efficient buildings.
  • Major infrastructure initiatives such as the interconnection of the Greek islands.

Main investment opportunities:

  • Privatisation of state assets.
  • New infrastructure for natural gas transmission (liquid gas terminals, gas pipelines, gas distribution systems).
  • International public tenders for hydrocarbon exploration in suitable Greek regions.
  • Renewable energy projects (wind, solar, biomass, small hydro, geothermal etc.).
  • Energy efficiency businesses and investments.
  • Grid connectivity for the islands (PPP).

ICT

The ICT sector is a major player in the Greek economy and driven mainly by demand for automation and digitalization in the public and private sector.

The number of ICT business opportunities is expected to increase significantly in the upcoming years driven by:

  • Greece 2.0 National Recovery & Resilience Plan
  • Further automation and digitalisation in the public sector.
  • The speedy adoption of new technology by the Greek public.
  • The significant growth of technology clusters, incubators, accelerators and technology-focused VC activity, as well as the large number of Greek ICT entrepreneurs.
  • Ever-increasing innovation and research activities.
    Recently Greece was the subject of several new investment initiatives announced by some of the largest global ICT players including Nokia, Microsoft and HTC.

Food & Agriculture

Food & agriculture has traditionally been one of Greece’s major export sectors with an established European presence, continued growth in the US and a number of companies exhibiting high export growth. From olive oil and flour products to honey and processed meats, Greek companies have leveraged the competitive advantages offered by Greek primary production in order to enter, and remain, competitive in global markets. Food and agriculture is therefore one of the most dynamic and high-growth sectors in Greek manufacturing.

Greek companies have also managed to innovate and differentiate themselves, both in terms of the product and packaging.

The Greek food and agriculture sector is expected to be a significant contributor to GDP growth, driven by several key market trends and competitive advantages:

  • The recent shift towards organic, natural ingredients where Greek products are highly regarded and often command a higher premium.
  • The prevalence of the Mediterranean Diet as a paradigm of healthy eating across the world.
  • The key drivers of health, ethics, physical fitness and pleasure that affect consumer preferences in developed economies.
  • The increased drive for self-sufficiency and food safety which is one of the key social challenges of the EU’s ‘Europe 2020’ strategy.
  • The potential for clusters of innovation and R&D in several specialised Greek food supply chains combining EU funding, the work of research and academic institutes, and the interest of industrial champions in the application of new technologies.

Logistics

Standing at the crossroads of three continents (Europe, Asia and Africa) Greece has, since early antiquity, been a strategic node for the transportation of people, goods and entire cultures. More specifically, maritime transport is the most important mode of global freight transport, accounting for 80% of global trade by volume and over 70% by value. According to a recent study, containers throughout European ports are growing at an annual rate of 6%, while traffic through South-Eastern Mediterranean ports has been growing by more than 8% annually. In upcoming years trade flows between Asia and South-Eastern Europe are expected to increase by 7% annually.

Greek ports are strategically located and could easily be transformed into regional logistics hubs for goods travelling from Asia to the EU. Piraeus is Greece’s main port with significant capacity both as a container port and as a car terminal. It is also close to the main Mediterranean maritime route (210 nm) and provides access to the huge Thriassio logistics center and a high-speed cargo train route into the heart of Europe.

Other Greek ports with the capacity to become gateways to Europe include Thessaloniki, Alexandroupoli and Patras.

There are several opportunities for investment in the Greek logistics sector, driven by:

  • The growth of Greek ports as gateways from Asia to Europe.
  • The planned privatisation of critical logistics assets such as the Port of Piraeus (OLP), Port of Thessaloniki (OLTH) and the Greek train operator (TRAINOSE).
  • Continued investment in the improvement of rail and road infrastructure, including the recent recommencement of several major motorway projects.
  • The opportunity for major global manufacturers to use Greece as an assembly, logistics and quality assurance center for products manufactured in Asia and sold in Europe.

Audiovisual Productions

Greece is investing in its audiovisual production industry, producing new talents, making its presence felt at the international festivals, setting trends, and interacting with the international film scene.

Key investment opportunities

  • Feature films
  • TV series
  • Documentaries
  • Animation
  • Cultural and educational video-gaming
  • Web products
  • Software prototyping for computer games
  • Computer applications and programs, game machines and mobile phones
  • Film tourism development

Investment incentive – Law 4487/2017 (Cash Rebate)

Law 4487/2017 establishes the investment incentives framework for the production of audiovisual works in Greece, by providing a State grant (cash rebate) for an amount of up to 40%. The incentive regards the reimbursement of a monetary amount covering eligible expenses incurred in Greece, for the purposes of production of audiovisual works in Greece, e.g. feature films, tv series, documentaries, animation as well as digital games.

Moreover, the Greek cash rebate can serve as a collateral for producers to obtain funds through the Greek banking system. Financing of the rebate is guaranteed through the Greek Public Investment Programme and amounts to €75 million available for the years 2018 to 2022.

Incentive rates:

  • The sum of the incentive amounts to 40% of the total eligible expenses of the production.
  • The incentive may be combined with other public incentives, subject to the condition that the total sum of the public incentives granted may not exceed 50% of the total cost of the audiovisual work.
  • This rate is increased to 60% of the total cost of the audiovisual production in case of cross border productions and to 80% of the total cost of the audiovisual production in case of a “difficult” audiovisual work.

Tax incentive for production of audiovisual works

The investment plans that qualify for the law are supported with a tax relief scheme. More specifically, 30% of eligible expenses incurred in Greece for each audiovisual work is deducted from the taxable income of a legal entity or natural person that is subject to taxation in Greece and invests in audiovisual works.

Golden Visa Program

The government of Greece instituted a procedure for the obtainment of permanent residence permits, renewable every five years, for foreign owners of Greek real estate exceeding €250,000 in value. Beneficiaries of this new right of entry and residence, for a period of five years, are:

  1. third country citizens who own Greek real estate property with a minimum value of €250,000;
  2. third country citizens who have signed a timeshare agreement (lease) for a minimum of 10 years where the value of the lease is at least €250,000;
  3. third country citizens who purchase a plot of land or acreage and erect a building where the cumulative value is at least €250,000;
  4. third country citizens who have signed a ten-year timeshare agreement (lease);
  5. family members of the third country citizens described above.

Please note that certain information in the ‘Areas to notice’ chapter, is based on the industry analysis provided by ‘Enterprise Greece’, which belongs to the Ministry of Economy and Development.

Interviews

Theodore Pistiolis, Managing Partner

Andersen is an international firm. As such, it combines global reach with local expertise and like-minded professionals that share the same values and are eager to offer outstanding client service

What do you see as the main points that differentiate Andersen Legal from your competitors?

Our firm is part of an international organization with a presence in 147 locations worldwide and more than 4.500 professionals. This allows us to follow our clients’ needs and support their development plans across the globe. At each location our clients receive local expertise along with best-in-class seamless service.

Our team in Greece is dedicated to providing high level expertise in specific sectors and industries. We offer a broad range of services in corporate commercial and M&A, employment, tax, regulatory, telecoms media & technology, construction and real estate sectors.

Which practices do you see growing in the next 12 months? What are the drivers behind that?

Andersen Legal, Greece is focusing on specific areas of law related to business operations and investment. Current economic and business trends show that regulatory, project financing, data protection and corporate and M&A will be the sectors that will see the highest development within the year to come in Greece.

What’s the main change you’ve made in the firm that will benefit clients?

As of January 2019, our firm became part of Andersen Global. This provides us with the necessary international footprint that enables us to offer our clients seamless services worldwide as well as access to the global market of legal services.

Is technology changing the way you interact with your clients, and the services you can provide them?

Technology is part of our job. Clients need innovation, solutions and value for money services through new systems and tools. Our firm is participating on the new environment of legal services and developing unique solutions for its clients and its operations.

vCan you give us a practical example of how you have helped a client to add value to their business?

We see our clients as our business partners. We work together and become part of their team and even create solutions for in-house legal departments. We also follow developments in our clients’ industries and provide all necessary information with regard to the legal, regulatory and investment environment. Our relationship with clients

is not a ‘one off’ business transaction but rather a long-term collaboration whereby we offer support at various stages of their development.

Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?

Clients need partners that will see things they didn’t see themselves and will think out of the box. Clients need a view from outside, someone to watch over their back, prepare for the unexpected and make sure that they will be able to focus on their core business. Trust and loyalty are some of the most important words for clients.

Hopefully, within the next 3 years, our firm will offer state of the art, value for money, innovative business solutions that will facilitate clients, lift barriers and open up and materialize opportunities for them.


Comparative Guides

  • Greece: Employment & Labour Law

    Published: March 2022

    Authors: Anastasios Triantafyllos Paraskevas Zourntos Giouli Menti Yiannis Ragkos

    This country-specific Q&A provides an overview to Employment & Labour Law laws and regulations that may occur in Greece.

  • Greece: Data Protection & Cyber Security Law

    Published: May 2022

    Authors: Dr. Themistoklis Giannakopoulos Nicholas Zelios Kleio Kondi

    This country-specific Q&A provides an overview to Data Protection & Cyber Security Law laws and regulations that may occur in Greece.

    Top Tier Firm Rankings

  • Employment

    Firm Rankings

  • Real estate and construction
  • TMT
  • Commercial, corporate and M&A
  • Tax
  • Twitter
  • Email
  • YouTube
  • Facebook
  • LinkedIn
© 2022 Legalease Ltd. All rights reserved
Registered company in England & Wales No. 2427356 VAT 321572722
Registered address: 188 Fleet Street, London, EC4A 2AG
  • Data Protection policies
  • |
  • Cookies Policy
  • |
  • FAQs
  • |
  • Contact Us
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Save & Accept