Thread by @PatelisAlex

1. Last week Microsoft announced it has selected Greece to build a new data centre region as part of #GRforGrowth, in an investment that is expected to leave an economic footprint of circa 1bn. Greece becomes just the 8th EU member state and the first in the whole of SE Europe

Mitsotakis and Smith first broached the issue at January’s Davos WEF meetings. Teams from both sides worked on turning this vision into a reality for months.

2. “We have the sun, now we also have the Cloud.” said yours truly.
 This tongue-and-cheek phrase reflects a new reality. Greece has been blessed with natural beauty (OK, I’m biased). The remaining building blocks to attract global capital and talent are falling into place:

First, taxation has been lowered: the solidarity income tax surcharge is being suspended, and social security contributions for salaried employment lowered by a cumulative circa 4pp. Stock options (and RSUs are taxed at a flat 15% (5% for newly-formed companies).

The corporate income tax rate now stands at 24%, with the dividend at 5%. Super-depreciation for green, digital & innovation. Meanwhile a nondom regime is in place, together with a special 7% tax rate for overseas pensioners.We are also working on the framework for family offices

Second, the country’s digital transformation effort is continuing. Greece now has a cloud-first policy. The auction for 5G licenses by year-end. optical fibre rollout is under way. Our ‘digital bible’ (digitising the state, justice, healthcare, etc) was already being implemented;

Third, structural reforms continue non-stop. A very important labour reform bill is coming to parliament next month. Industry now has simpler environmental classification standards. Licensing of renewable energy has been streamlined. The Public Power corporation is back in health

Efforts to speed up the efficiency of justice. A new public procurement framework. A land-use planning bill. Anti-money laundering legislation. Privatisations are continuing. The new insolvency law. And the country’s Resilience and Recovery Plan to be unveiled in November.

Fourth, in a world of political instability and uncertainty, Greece has gone through populism and is not looking back. Our institutions came out of the crisis stronger. After losing at the ballot box, the courts ruling essentially completed fascist Golden Dawn’s demise.

3. The relative performance of Greece in handling Covid has seen members of the diaspora –and others– flock to the country to work from here. We believe Brexit will offer additional opportunities for attracting both capital and talent. We want you back.

The pitch is simple: If Microsoft did it, so can you. Come to work from Greece, open an office, make an investment.