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American-Hellenic chamber of commerce 1932
Greece: The Path From A Great Past To A Great Future
American Bar Foundation

Report recommends further structural reforms in Greece

Greece has seen many legal reforms in recent years. This includes reforms of legal systems related to business activity.

A recent report by the Center for Planning and Economic Research looked into what sort of business environment is coming out of current Greek legal systems.

The report stated that Greece has become more conducive to business activity through recent reforms. However, the report also noted that the legal system in Greece continues to contain aspects that can be major impediments to businesses. It further claims that Greece continues to compare poorly to other countries when it comes to business convenience.

For example, real estate transactions remain a particularly complex thing in Greece. It is estimated that a typical real estate transfer in Greece involves 10 procedures. Meanwhile, the average for such transfers in countries in the Organization for Economic Co-operation and Development is only five procedures. How complex real estate transfers are can have impacts on a wide range of different businesses.

The report recommended that Greece continue instituting reforms to try to create a better business environment. One wonders if the future will see new reforms aimed at addressing things like the complexity of Greek real estate transfers.

As this discussion underscores, one thing that can raise special concerns for a Greek American that owns a business in Greece is engaging in Greek real estate transactions in connection to their business. Lawyers skilled in U.S.-Greek legal matters can help American owners of Greek businesses with navigating the procedures connected to such transactions.

Source: Tornos News, “KEPE: Clear signs of improving conditions in Greek economy,” Feb. 20, 2017

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Hahalis & Kounoupis, P.C. - Greek Law Group
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