Relocating Your Business to Greece: Strategic Pathways to Mediterranean Success

Reading time: 17 minutes

Introduction: Why Greece for Business Relocation?

Considering a business relocation to Greece? You’re looking at a country that’s experienced a remarkable transformation. The land of ancient philosophy has evolved into a modern business destination with strategic advantages that might surprise you.

Greece offers more than just stunning landscapes and a Mediterranean lifestyle. It provides a unique gateway between Europe, Asia, and Africa, access to a skilled workforce, and increasingly business-friendly policies designed to attract foreign investment.

As Yanis Varoufakis, economist and former Greek Finance Minister, noted, “Greece is no longer the problematic child of Europe but is emerging as an opportunity hub for innovative enterprises seeking strategic positioning at the crossroads of three continents.”

This comprehensive guide will navigate you through the practicalities, opportunities, and challenges of relocating your business to Greece, providing you with actionable insights for a successful transition.

Greece’s Economic Landscape: Post-Crisis Renaissance

The Greek economy has undergone significant restructuring since the financial crisis of 2009-2018. What you’re looking at now is a country in economic renaissance. GDP growth reached 8.3% in 2021 and 5.9% in 2022, outpacing many EU countries. The country has successfully exited its bailout programs and is implementing strategic reforms to enhance business competitiveness.

Key economic indicators paint an encouraging picture:

• Foreign Direct Investment: Increased by 68% from 2019 to 2022
• Unemployment Rate: Decreased from 27.5% in 2013 to 11.6% in 2022
• Privatization Progress: Major ports, airports, and infrastructure now under international management
• Digital Transformation Index: Improved by 42% since 2018

The Greek government has implemented a National Recovery and Resilience Plan, leveraging €30.5 billion in EU funding to further strengthen the economy and business environment. This represents tangible opportunities for businesses looking to establish or relocate operations.

Legal Framework for Business Relocation

Available Business Structures

When relocating to Greece, selecting the appropriate business structure is critical. Each entity type carries specific advantages, capital requirements, and liability considerations.

The Private Company (IKE) has become increasingly popular among international businesses due to its minimal capital requirements and simplified formation procedures. As business attorney Eleni Diamantopoulou explains: “The IKE structure offers the perfect balance between limited liability protection and operational flexibility that foreign investors typically seek when entering the Greek market.”

The Registration Process

The business registration process in Greece has been streamlined significantly in recent years. Here’s your practical roadmap:

1. Preliminary Name Check: Verify availability through the General Commercial Registry (GEMI)
2. Articles of Association: Draft and notarize company statutes (for certain entity types)
3. Tax Registration: Obtain a Tax Identification Number (AFM) from the tax authority
4. GEMI Registration: Complete registration with the General Commercial Registry
5. Social Insurance Registration: Register with EFKA for employee insurance
6. Bank Account: Open a corporate bank account (requires tax number and GEMI registration)
7. Municipality Registration: Register with the local municipality where your business will operate

Pro Tip: Leverage the fast-track procedure available for strategic investments exceeding €2 million. This expedites permit issuance and reduces bureaucratic delays, potentially cutting your setup time in half.

Quick Scenario: Imagine you’re relocating a tech company to Athens. You might encounter initial hurdles with the tax authority regarding your specific digital activities. The solution? Engage a specialized accountant familiar with tech sector classifications to ensure proper coding in the tax system, preventing potential compliance issues later.

Tax Considerations and Incentives

Greece offers an increasingly competitive tax framework, with several investor-friendly reforms introduced since 2019. Understanding the current tax landscape is essential for effective relocation planning:

• Corporate Income Tax: 22% (reduced from 29% in 2018)
• Dividend Tax: 5% (reduced from 10%)
• VAT: Standard rate of 24%, with reduced rates of 13% and 6% for specific categories
• Social Security Contributions: Employer portion approximately 24.81% of gross salary

Beyond the standard tax framework, Greece has implemented targeted incentives to attract business relocation:

• Non-Dom Program: 7% flat tax on foreign income for individuals relocating tax residency
• Digital Nomad Visa: 50% tax exemption for qualified professionals relocating to Greece
• Strategic Investment Incentives: Tax breaks and fast-track permits for investments over €2 million
• R&D Tax Credits: Up to 200% super-deduction for qualified research expenses
• Regional Development Incentives: Higher subsidies for businesses establishing in less-developed regions

The 2019 Development Law provides subsidies covering up to 55% of eligible expenses for new business establishments, with special focus on technology, export-oriented businesses, and green initiatives.

As tax expert Georgios Samothrakis points out: “The tax incentives for relocating businesses to Greece are now comparable to those offered by traditionally business-friendly EU jurisdictions, with the added advantage of lower operational costs.”

Strategic Location Selection in Greece

Choosing the right location within Greece can significantly impact your business success. Each region offers distinct advantages worth considering:

Athens Metropolitan Area

As the capital and largest urban center, Athens offers:

• Access to government agencies and decision-makers
• Greece’s largest talent pool (4+ million residents)
• International airport with connections to 155 destinations
• Thriving startup ecosystem centered in areas like Technopolis

While rental costs in central Athens have increased by 25% since 2018, peripheral business districts like Maroussi and Kifissia offer competitive rates with excellent infrastructure.

Thessaloniki and Northern Greece

Greece’s second-largest city provides:

• Strategic access to Balkan markets
• 30-40% lower operational costs compared to Athens
• Strong academic institutions producing skilled graduates
• The Thessaloniki Innovation Zone offering specialized infrastructure

Logistics companies particularly benefit from proximity to the upgraded port of Thessaloniki, which saw container traffic increase by 36% since privatization in 2018.

Special Economic Zones and Industrial Areas

Greece has established several industrial areas (VIPE) offering:

• Pre-approved environmental permits
• Utility infrastructure at reduced rates
• Clustering advantages with similar businesses
• Enhanced investment incentives (up to 55% of eligible costs)

Notable examples include Patras Industrial Area (strong in pharmaceuticals), Heraklion (technology focus), and Alexandroupoli (emerging logistics hub with Turkey/Bulgaria proximity).

Staffing Solutions and Employment Regulations

Greece offers a well-educated workforce with competitive labor costs compared to Western European alternatives. University education attainment stands at 31.2% of the population, with particular strengths in engineering, technology, and maritime fields.

Labor Law Essentials

When relocating, navigate these key employment regulations:

• Employment Contracts: Can be fixed-term or indefinite, with written documentation required
• Working Hours: Standard 40-hour workweek with regulated overtime provisions
• Minimum Wage: €780/month (2023), with mandatory 14 payments annually (including holiday bonuses)
• Notice Periods: Based on length of service, ranging from 1 week to 6 months
• Collective Bargaining: Industry-wide agreements may apply depending on your sector

Recent labor reforms have introduced greater flexibility for work arrangement negotiations, including provisions for remote work and flexible scheduling that benefit companies with international operations.

Recruitment Strategies

For successful staffing in Greece:

1. Leverage University Partnerships: Institutions like the Athens University of Economics and Business offer internship programs and recruitment events
2. Explore OAED Programs: The Greek employment agency provides subsidies covering up to 75% of salary costs for new hires from unemployment
3. Consider Remote Work Hybrids: Attract talent from island locations with partial remote arrangements
4. Tap Into Returning Talent: Programs like “Rebrain Greece” connect employers with Greek professionals looking to return from abroad

Marina Hatsopoulos, founder of technology accelerator Levitronix, advises: “The strongest recruitment advantage in Greece comes from offering growth opportunities and international exposure. Greek professionals highly value employers who invest in skill development and provide advancement pathways.”

Sector-Specific Opportunities

Greece presents particularly promising opportunities in specific sectors where government initiatives, natural advantages, or market conditions create favorable conditions:

Technology and Digital Services

The Greek tech ecosystem has experienced rapid growth, with venture capital investments increasing by 300% between 2018-2022. Success stories like Blueground (property tech, $180 million in funding) and Hellas Direct (insurtech) demonstrate the ecosystem’s potential.

The government has introduced Digital Transformation initiatives including:

• Tax incentives for angel investors in Greek startups
• Visa pathways for tech professionals
• Thess INTEC, a technology park under development near Thessaloniki

Microsoft, Amazon Web Services, and Digital Realty have all announced major data center investments in Greece, creating infrastructure for cloud-based services.

Tourism and Hospitality Technology

With tourism representing over 20% of GDP, businesses that enhance the tourism value chain find fertile ground. Opportunities include:

• Property management solutions for the 950,000+ short-term rental properties
• Experience booking platforms targeting the 33 million annual visitors
• Sustainability solutions for hospitality (Greece aims for carbon-neutral tourism by 2030)

Renewable Energy

Greece’s climate creates perfect conditions for renewable energy, with the government targeting 35% renewable energy in the total energy mix by 2030. The sector offers:

• Solar development opportunities with 300+ sunny days annually
• Wind energy projects, particularly in island regions
• Energy storage solutions to address intermittency challenges
• Simplified licensing for projects under 1MW

Logistics and Transportation

As a gateway between Europe, Asia, and Africa, Greece’s logistics sector is expanding rapidly. Strategic advantages include:

• Piraeus Port, now Europe’s 4th largest container port after Chinese COSCO investment
• Upgraded rail connections to Central Europe through the Balkans
• Modernized regional ports in Thessaloniki, Alexandroupoli, and Heraklion

Logistics and Supply Chain Management

Relocating your business to Greece requires careful logistics planning. The country’s geographic position presents both opportunities and challenges for supply chain management.

International Connectivity

Greece offers multiple international access points:

• Sea Freight: Piraeus Port processes 5.3 million TEUs annually, with direct connections to Asia (12-14 days from Shanghai)
• Air Freight: Athens International Airport handles 100,000+ tons of cargo annually with connections to 155 destinations
• Rail Freight: The completed Piraeus-Budapest rail corridor reduces transport time to Central Europe by 40%
• Road Transport: Modern highway system linking to European corridors, though Balkan border crossings can add time

Domestic Distribution

Consider these factors for domestic logistics:

• Island delivery typically adds 1-3 days to shipping times and 15-30% to costs
• Last-mile delivery is well-developed in urban centers but can be challenging in remote areas
• Freight forwarding specialists with Greek experience can optimize routes for unique geography

Quick Scenario: A US-based e-commerce company relocating to Greece initially struggled with island deliveries during summer tourist season. Their solution? Establishing micro-fulfillment centers on key islands (Rhodes, Crete, Corfu) for high-season operations, reducing delivery times by 75% and cutting shipping costs by 40% for those regions.

Case Studies: Success Stories

Viva Wallet: From Greek Startup to European Fintech Leader

Founded in Athens in 2010, Viva Wallet grew from a local payment processor to a pan-European neobank operating in 24 countries. In 2022, JP Morgan acquired a 49% stake valuing the company at over $2 billion.

Key success factors:

• Leveraged Greece’s strong engineering talent at competitive rates
• Used Athens as a testbed before expanding to larger markets
• Benefited from the Greek banking crisis by addressing merchant pain points
• Utilized EU passporting rights with Greek financial licenses

As co-founder Haris Karonis noted: “Starting in Greece gave us a competitive advantage. We solved complex payment problems in a challenging environment, making expansion to other markets relatively straightforward.”

Pfizer’s Digital Innovation Center

In 2020, pharmaceutical giant Pfizer established a Digital Innovation Center in Thessaloniki, eventually employing 700 high-skilled professionals. The center focuses on artificial intelligence, big data analytics, and digital health solutions.

Critical success elements:

• Collaboration with local universities (Aristotle University, International Hellenic University)
• Government support through fast-track permitting and incentives
• Hybrid work model attracting Greek talent returning from abroad
• Cost advantages compared to Western European locations (estimated 35-40% savings)

Pfizer’s CEO Albert Bourla, himself Greek-born, commented: “The talent pool in Greece, particularly in digital technology, offers an exceptional combination of technical excellence, problem-solving creativity, and cost efficiency.”

Common Challenges and How to Overcome Them

While Greece offers significant opportunities, relocating businesses commonly face several challenges. Understanding these in advance allows for effective mitigation strategies:

Bureaucratic Complexity

Challenge: Despite improvements, administrative procedures can still involve multiple agencies and documentation requirements.

Solution: Engage specialized relocation consultants familiar with Enterprise Greece (the official investment agency) and leverage their fast-track procedures for foreign investments. Consider an Accountable Representative (AR) authorized to handle administrative matters, avoiding the need for your constant presence.

Banking System Limitations

Challenge: The Greek banking sector, while stabilized, still maintains stringent controls from the financial crisis era, potentially affecting capital movements and financing.

Solution: Establish a dual banking structure—maintain operational accounts with Greek banks for local transactions while preserving primary treasury functions with international banks having Greek branches (HSBC, Citibank). Explore EU funding programs accessible through Enterprise Greece that bypass traditional banking constraints.

As financial advisor Dimitris Papaioannou explains: “The banking system challenge is largely navigable with proper structuring. Many relocating businesses successfully operate with a hybrid approach—using Greek banks for domestic operations while maintaining international banking relationships for cross-border activities.”

Cultural Business Differences

Challenge: Business culture emphasizes relationship building and may operate on different timelines than Northern European or American companies.

Solution: Invest time in relationship development with key stakeholders and partners. Consider cultural training for relocated executives, and potentially engage a local business development representative who understands both your corporate culture and Greek business practices to bridge any gaps.

Your Mediterranean Business Roadmap

Ready to transform relocation challenges into strategic advantages? Here’s your action plan for successfully establishing your business in Greece:

Pre-Relocation Phase (3-6 months)

1. Conduct Legal Structure Assessment: Determine optimal business entity based on your operations and growth plans
2. Explore Location Options: Evaluate regional incentives and proximity to required resources
3. Secure Preliminary Approvals: Initiate discussions with Enterprise Greece for potential fast-track processing
4. Develop Compliance Strategy: Map regulatory requirements specific to your industry
5. Build Local Network: Connect with industry associations and potential partners

Establishment Phase (1-3 months)

1. Execute Registration Process: Complete formal business registration with GEMI
2. Establish Banking Relationships: Set up corporate accounts with both Greek and international institutions
3. Secure Physical Presence: Finalize office/facility location and required permits
4. Initiate Recruitment: Begin staffing process for key positions

Operational Phase (Ongoing)

1. Implement Cultural Integration: Develop protocols bridging your corporate culture with local practices
2. Establish Compliance Monitoring: Create systems for ongoing regulatory adherence
3. Cultivate Government Relationships: Develop connections with relevant ministries and agencies
4. Explore Expansion Opportunities: Leverage Greece as a platform for broader Mediterranean market access

Remember, successful relocation isn’t merely about legal establishment—it’s about creating an operation that harnesses Greece’s unique advantages while maintaining your business’s core strengths. The most successful transplants approach Greece not just as a destination but as a strategic partner in their growth journey.

As you navigate this process, stay flexible and leverage the growing ecosystem of service providers specializing in business relocation. Greece’s business landscape continues to evolve positively, with each year bringing streamlined processes and new opportunities for international businesses.

What unique advantages might your specific business discover in this Mediterranean crossroads? The answer often emerges during the relocation journey itself.

Frequently Asked Questions

How long does it typically take to complete the business relocation process to Greece?

The complete relocation timeline ranges from 3-6 months depending on your business complexity and sector. The basic company registration can be completed in 7-15 business days, but operational setup including banking relationships, hiring, and securing physical premises typically requires 2-3 additional months. Strategic investments above €2 million can access fast-track procedures potentially reducing this timeline by 30-40%.

What are the residency implications for non-EU business owners relocating to Greece?

Non-EU business owners can apply for Greece’s “Golden Visa” program by investing a minimum of €250,000 in real estate or €400,000 in Greek government bonds or companies. This provides a renewable five-year residence permit with access to the Schengen Area. Alternatively, the recently introduced “Business Executives” residence permit is available for C-level managers of companies investing at least €300,000 and creating 3+ jobs. Both pathways can lead to permanent residency after 7 years and potential citizenship after 10 years of legal residency.

How does Greece’s island geography affect business operations and logistics?

Greece’s 227 inhabited islands create both challenges and opportunities. Logistically, island deliveries typically add 1-3 days to shipping timelines and 15-30% to costs during normal periods (potentially more during peak tourist season). However, businesses in tourism, renewable energy, and certain specialized services can leverage island locations as strategic advantages. Many successful operations use Athens or Thessaloniki as main operational hubs while maintaining smaller island facilities for specific functions. Digital businesses particularly benefit from initiatives like “Work from Paradise” programs on islands like Astypalea and Syros, which offer incentives for remote workers and digital businesses.

Article reviewed by Isabella Fontaine, Alpine Luxury Properties | Discreet High-Altitude Investments, on May 15, 2025