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Greece
The applicable legislation establishing a national screening mechanism for foreign direct investments (FDI) and implementing Regulation (EU) 2019/452 in Greece is Law 5202/2025, which was adopted on 22 May 2025 (Greek FDI Law).
Global | Publication | January 2024
On 1 September 2023, the Luxembourg law of 14 July 2023 establishing a mechanism for the national screening of foreign direct investments (the Law) entered into force. Transactions signed on or after that date, as well as transactions that were signed before that date but have not yet closed, will now be subject to a mandatory notification to the Luxembourg Ministry of Economy (the Ministry) if they meet the following notification requirements.
Notification requirements
Prior notification to the Ministry is required for investments of any kind resulting in “foreign investors”’ acquiring “control” over entities established in Luxembourg that carry out “critical activities” in Luxembourg.
A “foreign investor” is broadly defined as a natural or legal person governed by foreign (non-EEA) law.
“Critical activities” include:
The following activities are also encompassed in the scope of “critical activities”:
A foreign investor is deemed to acquire control over a Luxembourg entity where it, directly or indirectly:
Review procedure
Reportable investments must be notified to the Ministry prior to their implementation. As an exception, where the investor reaches the 25% threshold of voting rights due to events modifying the distribution of the capital, the investor has 15 calendar days to notify the Ministry of the event.
The review process by the Ministry consists of two phases:
The above time limits can be prolonged in case of requests for additional information, which suspend the relevant review periods.
The Ministry’s decision may be appealed before the Luxembourg administrative tribunal within one month following notification of the decision.
Sanctions for non-compliance
In case of non-compliance with the Law, the Ministry may impose administrative measures and sanctions. Administrative measures can include, amongst others, a modification order, unwinding, and revocation of the authorization (in case of failure to implement conditions prescribed by the authorization decision). In addition, the Ministry may impose fines of up to EUR 1 million if the foreign investor is a natural person and up to EUR 5 million if the foreign investor is a legal person.
Publication
The applicable legislation establishing a national screening mechanism for foreign direct investments (FDI) and implementing Regulation (EU) 2019/452 in Greece is Law 5202/2025, which was adopted on 22 May 2025 (Greek FDI Law).
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