The Brexit could significantly impact businesses in Greece

With Greece being a member of the European Union, various things about the EU can have big impacts on Greek Americans who do business in Greece.

One are EU laws and regulations. Some of these rules touch on businesses in member countries. So, compliance issues regarding EU laws and regulations are among the complex and significant legal matters that can come up for a Greek American as they are running a company in Greece. So, the guidance of a lawyer with a firm understanding of EU rules related to businesses is among the things a Greek American may want to have when they have a business in Greece.

Greek businesses, and their owners, can also be impacted by big changes in the EU. One significant EU-related change that has been on a lot of people’s minds lately is the Brexit, the United Kingdom’s planned departure from the EU.

The Brexit has the potential to have significant repercussions in Greece. There are multiple reasons for this. One is that Greece gets a fair number of tourists from the UK. Another is that a good deal of Greek exports are to the UK; Britain comes in as Greece’s No. 7 export target.

So, what happens with the Brexit and what kinds of deals the EU and the UK end up reaching during the Brexit when it comes to trade and travel could matter quite a bit for Greece’s export and tourism industries. Given this, the Brexit is something many different Greek Americans with business ties to Greece may want to monitor closely.

Source: Greek Reporter, “Brexit Repercussions Costly to Greece,” Philip Chrysopoulos, March 30, 2017