Starting a Business in Greece as a Foreigner 2026: Requirements, Procedures & Visa Guide

1. Why Greece for Foreign Founders in 2026

Greece in 2026 looks very different from the post-crisis Greece of a decade ago. After multiple credit-rating upgrades restoring investment-grade status and sustained 2.2–2.6% GDP growth outpacing the eurozone average, the country has reasserted itself as a credible base for cross-border businesses, family offices and digital entrepreneurs. Four structural advantages stack:

• EU/Schengen footprint with a non-EU price point. Greek labour costs, office rents and professional services run 40–60% below comparable Western European hubs while delivering the same single-market passport and OSS VAT regime.
• Digital-first incorporation. The e-YMS one-stop-shop lets a foreign IKE shareholder sign a model statute via TAXISnet credentials and complete registration end-to-end online — no notary visit for the standard template.
• Aggressive tax incentives layered on top. Beyond the 22% headline corporate rate, founders can opt into Articles 5A, 5B or 5C of Law 4172/2013 — the closest equivalents to Portugal's (now-closed) NHR scheme.
• Strategic geography. Athens is a six-hour flight from any EU capital, three from Istanbul, four from Dubai — a natural hub for SE-Europe, MENA and CIS supply chains.

What "Foreign Founder" Actually Means in Greek Law

An EU/EEA/Swiss national may incorporate and run a Greek company with the same legal standing as a Greek citizen — no residence requirement, no Greek-resident director mandate. A non-EU national may also be the sole shareholder of an IKE, AE or OE, but typically needs a Greek AFM tax-ID (§3), a Greek tax representative under Article 8 of Law 4987/2022 if non-EU and non-resident, and a residence permit (§2) only if physically relocating. Owning and managing a Greek company remotely does not by itself require a Greek visa.

2. Visa Options for Foreign Founders — Golden Visa, Investor Visa, EU Blue Card

2.1 Golden Visa (Law 4251/2014 Art. 20B, amended by Law 5100/2024)

The Greek Golden Visa has been one of Europe's most successful residency-by-investment programmes since launch in 2013. Law 5100/2024 introduced a three-tier real-estate framework effective from 1 September 2024, replacing the prior flat €250K threshold. The 2026 tiers:

Alternative non-real-estate routes (unchanged): €500K in Greek government bonds (3-year hold), €500K share capital in a Greek AE or regulated fund, €500K fixed Greek bank deposit, or €400K in listed Greek shares/bonds. The Golden Visa grants a 5-year renewable residence permit covering principal, spouse, children under 21 and both sets of parents. No minimum-stay requirement. Direct employment in Greece is not permitted, but board seats and dividend rights are.

2.2 Investor Visa (Law 4251/2014 Art. 16)

The Investor Visa is the productive-economy counterpart at a lower threshold: €250,000 deployed in a Greek operating company creating at least two full-time jobs for Greek/EU residents. Advantages over the Golden Visa for active founders: right to work, lower capital threshold, citizenship pathway after seven years of legal residence, family inclusion on identical terms.

Investment may be share capital subscription, convertible loan or qualifying equipment/IP contribution. Enterprise Greece evaluates the business plan; approval typically takes 3–6 months, with a fast-track under Law 4864/2021 cutting strategic investments above €15M to about 45 days.

2.3 EU Blue Card (Directive 2021/1883 / Law 5038/2023)

The EU Blue Card suits founders coming to Greece as employees of their own Greek company. Law 5038/2023 (Articles 86–96) transposed the 2021 EU Directive: minimum salary 1.5× Greek average (~€27,500 in 2026), university degree or five years ICT experience, family reunification day-one, intra-EU mobility after 12 months, and permanent residence after 33 months (21 with B2 Greek). A founder can hire themselves on a qualifying contract from their own IKE.

2.4 Self-Employment Permit, Startup Visa and Digital Nomad Visa

• Self-Employment Permit (Law 4251/2014 Art. 17): 2-year renewable for freelancers and single-member IKE owners; requires €30K working capital and an economic viability assessment. Best for solo consultants and professionals.
• Startup Visa (JMD 31312/2021): 2-year permit for founders of innovation companies certified by Elevate Greece, the national startup registry under the Ministry of Development.
• Digital Nomad Visa (Law 4825/2021 Art. 11): 1-year visa (renewable as 2-year residence) for remote workers earning €3,500/month+ from foreign sources. Pairs neatly with the Article 5C 50% income-tax exemption.

3. AFM Tax Identification — How to Register With AADE

What an AFM Is and Why You Need One First

The AFM (Arithmos Forologikou Mitroou) is Greece's 9-digit tax identification, issued by AADE. It is the prerequisite for opening a bank account, signing a notarial deed, registering with GEMI, buying property and filing any tax return — literally step one for any foreign founder.

Documents and Filing

Foreign founders submit Form M1, passport (biographic page, 6+ months validity), proof of foreign address (translated into Greek if not in English/French), Form M7 signed by an appointed Greek tax representative if non-EU resident, and an apostilled power of attorney if a Greek attorney files in your absence. Foreign-resident applicants file at the DOY Katoikon Exoterikou (Tax Office for Foreign Residents) in Athens or any regional DOY's AFM desk. EU residents may file fully online via the myAADE portal with eIDAS-recognised e-ID.

Processing is typically same-day in person, 2–5 working days digitally. No fee. The AFM is permanent and never changes.

Activating TAXISnet Credentials

An AFM is just a number — to file digitally you need TAXISnet credentials, the username/password pair that unlocks the myAADE portal, KYC for myDATA e-books, the VAT return system and ERGANI for payroll. New foreign founders receive a one-time TAXISnet activation code in person at the DOY when collecting the AFM, then activate online within 10 days. Once activated, TAXISnet is the single sign-on for almost every Greek government digital service — including e-YMS for incorporation in §5.

4. Greek Company Structures — IKE, AE, OE Explained

Greek corporate law gives a foreign founder four mainstream choices, each governed by its own statute and tax treatment:

Vehicle	Law	Min. Capital	Liability	Best For
IKE (Private Company)	Law 4072/2012	€1	Limited to contributions	95% of foreign founders — SMEs, SaaS, e-commerce, single-member
AE (Société Anonyme)	Law 4548/2018	€25,000	Limited to share capital	Larger structures, listed companies, JV partnerships, banks
EPE (Limited Liability)	Law 3190/1955	€2,400	Limited to contributions	Mostly legacy — IKE has largely replaced EPE post-2012
OE / EE (General / Limited Partnership)	Law 4072/2012 Pt. III	No minimum	Unlimited (general partners)	Family businesses, professional partnerships, tax-transparent structures

4.1 IKE — The Default Choice (Law 4072/2012, Articles 43–120)

The IKE (Idiotiki Kefalaiouchiki Etaireia — Private Company), introduced in 2012, is the modern flexible LLC that has become the default vehicle for foreign founders. It carries the full weight of limited liability, requires only €1 of minimum capital, can have a single shareholder (the Monoprosopi IKE), and accepts three types of contribution:

• Capital contributions — cash, equipment, IP rights;
• Non-capital contributions — services, know-how (valued at fair market price, capped at 75% of total contributions);
• Guarantee contributions — personal guarantees of company debts by a shareholder (capped at 75% of total).

This flexibility is unique among Greek vehicles and uniquely useful to founders: a remote technical founder can contribute services and IP rather than cash, while a local financial co-founder contributes capital — both receive equity proportionate to documented fair value. The IKE statute may follow the standard template published by the Ministry of Development (which allows fully digital signing via TAXISnet credentials) or a customised statute requiring a notary appointment.

IKE tax treatment is identical to AE: 22% corporate income tax on net profit, 5% dividend withholding on distribution to shareholders.

4.2 AE — The Listed-Ready Vehicle (Law 4548/2018)

The AE (Anonymi Etaireia — Société Anonyme) is the heavier, more formal structure required for any company planning to:

• List on the Athens Exchange or any other stock market;
• Operate in regulated sectors — banking, insurance, asset management;
• Issue bearer shares or corporate bonds;
• Run a large multi-shareholder structure with formal governance (board of directors, statutory auditor for entities above thresholds).

Minimum capital is €25,000, of which 25% must be paid up at incorporation. Law 4548/2018 — the comprehensive AE reform that consolidated and modernised the previous 1920 framework — introduced electronic shareholder voting, digital board meetings and streamlined merger/spin-off procedures. For most foreign founders, the AE is overkill unless a clear capital-markets pathway exists; the IKE delivers identical tax and liability outcomes with one-twenty-fifth the capital lock-up.

4.3 OE and EE — Partnerships (Law 4072/2012 Part III)

The OE (Omorrythmi Etaireia — General Partnership) and EE (Eterorrythmi Etaireia — Limited Partnership) are unlimited-liability partnerships popular for family businesses and professional firms (lawyers, doctors, architects). Key features:

• No minimum capital;
• Tax-transparent option — profits can flow through directly to partners' personal tax returns (taxed at the progressive 9–44% personal income-tax rate), depending on bookkeeping category;
• Unlimited personal liability for general partners — a serious disadvantage for foreign founders without local insurance coverage.

For most foreign founders, the OE/EE is reserved for specialised professional-partnership use; the IKE's combination of limited liability and operational flexibility is hard to beat.

5. GEMI Registration via e-YMS — The Digital Incorporation Flow

What GEMI Is

GEMI (Geniko Emporiko Mitroo — General Commercial Registry), governed by Law 4919/2022, is Greece's official business registry, jointly operated by the Hellenic Chambers Federation (UHCCI) and the Ministry of Development. Registration with GEMI is the legal moment of incorporation — your company comes into existence the moment GEMI issues your registration number and publishes the founding act in the GEMI Bulletin.

The e-YMS One-Stop-Shop

Since the 2020 e-YMS reform, standard incorporations run through the e-YMS portal (eyms.businessportal.gr). The IKE model-statute flow:

1. Login with TAXISnet credentials (all shareholders need active AFM/TAXISnet; non-Greek residents use eIDAS or file via Greek attorney with power of attorney).
2. Pick company type and statute — standard template (digital) or customised (notary).
3. Reserve a name — automated GEMI uniqueness check; names must carry the legal-form suffix ("ΙΚΕ" / "AE" / "OE").
4. Enter shareholders, capital, registered office — virtual office or accounting firm address acceptable for the first 12 months.
5. Pay e-YMS fees online — €60–€100 for an IKE, plus ~€80/year first-year chamber subscription.
6. GEMI issues the 12-digit number in 1–3 working days and the company is legally born; a digital GEMI extract (apospasma) is your proof of incorporation.

What Happens Automatically Through e-YMS

The "one-stop" name is literal — e-YMS triggers downstream registrations automatically:

• AFM corporate tax-ID issued by AADE for the new company;
• VAT registration with the competent DOY tax office (mandatory above €10,000 annual turnover; voluntary below);
• Chamber of Commerce registration with the relevant regional chamber;
• EFKA social-security registration for shareholders who are also working in the company.

For an AE or a customised-statute IKE, a notarial deed step is added before GEMI, lengthening the timeline to roughly 7–14 days. The notarial fees scale with capital and complexity but typically fall in the €600–€1,500 range for incorporation.

Post-Incorporation Setup (First 30 Days)

Once GEMI confirms registration, the new company must:

1. Open a corporate bank account and deposit the declared paid-up capital (see §6);
2. Activate myDATA — the AADE e-books platform mandating real-time invoice transmission from January 2024 (see §9);
3. Register on ERGANI if hiring employees (the Ministry of Labour platform for employment notifications);
4. Configure the corporate e-mail for AADE / myAADE digital notifications — Article 8 of Law 4174/2013 makes digital service of tax documents the default.

6. Banking for Foreign Founders — Greek Banks vs Wise / Revolut

The Two-Track Banking Reality

Banking is consistently the most painful step for foreign founders, not because it is technically difficult, but because Greek systemic banks apply Law 4557/2018 AML controls rigorously to non-resident applicants. The pragmatic 2026 setup uses two banking tracks in parallel:

• Track A — Greek IBAN with one of the four systemic banks (Piraeus Bank, National Bank of Greece, Eurobank, Alpha Bank). Required for: paid-up capital deposit, AADE tax payments, accepting Greek B2B / B2G payments by SEPA Instant, real-estate transactions, payroll. KYC requires at least one in-person visit by a director/shareholder. Time to open: 2–6 weeks once KYC is complete.
• Track B — EMI/neobank IBAN with Wise Business, Revolut Business or Payoneer. Required for: day-one operational liquidity, multi-currency invoicing (USD/GBP/AED clients), Stripe/Adyen settlement, low-cost FX. Opens fully online in 1–5 days against the GEMI extract and AFM.

The standard sequence for a foreign founder: open Wise/Revolut Business on day 3 of incorporation (immediately after GEMI registration), start invoicing through it on day 4, then open the Greek systemic-bank account by week 4–6 for paid-up capital deposit and Greek-counterparty SEPA. Keep both: Wise/Revolut for cross-border ops, Greek IBAN for domestic and regulatory.

Documents Greek Banks Will Ask For

• GEMI extract (apospasma GEMI) showing the company is active, with shareholders and directors;
• Tax registry certificate (vevaiosi enarxis ergon) from AADE confirming activity start;
• Articles of association (the statute filed with GEMI);
• AFM of the company and of each individual shareholder/director;
• Proof of ID — passport with the in-person visit;
• Proof of address — utility bill in your name, less than three months old;
• Beneficial-ownership declaration — names and shareholdings of any individual holding ≥25% (logged to the Central Register of Beneficial Owners — Kentriko Mitroo Pragmatikon Dikaiouchon);
• Source-of-funds declaration for the paid-up capital deposit — particularly for non-EU founders, banks may request bank statements or tax returns evidencing the funds.

Wise Business and Revolut Business — What They Solve (and Don't)

Wise Business issues a Belgian IBAN that is treated as a SEPA IBAN domestically — most Greek B2B counterparties accept it without issue, but the Greek state itself (AADE for tax payments, EFKA for social security) increasingly requires a Greek IBAN starting with GR for receipt of refunds and certain payments. The same applies to e-invoicing receipts via the myDATA scheme.

Revolut Business offers similar SEPA IBAN coverage plus integrated multi-currency wallets, particularly useful if you invoice in USD or GBP. Neither EMI is a substitute for a Greek systemic-bank account when the regulator or counterparty insists on a GR IBAN — but both are fully sufficient for the first month of operations while the Greek-bank KYC closes.

7. Greek Corporate Tax 22% — What You Actually Pay

Headline 2026 Rates

Greek corporate taxation is governed by the Income Tax Code (Law 4172/2013). The 2026 picture for a typical IKE or AE is:

Tax	Rate (2026)	Notes
Corporate Income Tax (CIT)	22%	Flat rate on net profit. Reduced from 24% by Law 4799/2021.
Dividend Withholding	5%	On distribution to shareholders. Reduced from 10% in 2020.
VAT — Standard	24%	Most goods and services.
VAT — Reduced	13%	Food, energy, hotels, restaurants (partial), passenger transport.
VAT — Super-reduced	6%	Books, newspapers, medicines, certain medical services.
VAT — Aegean islands special	17% / 9% / 4%	Reduced-island regime preserved for Chios, Lesvos, Samos, Kos, Leros (Law 4336/2015 transitional).
Personal Income Tax (PIT)	9% – 44%	Progressive: 9% <€10K → 22% <€20K → 28% <€30K → 36% <€40K → 44% >€40K.
Capital Gains (individuals)	15%	On listed and unlisted shares for individuals.
Social Security (EFKA, employer side)	~22.3%	Employer contribution on gross salary.
Social Security (EFKA, employee side)	~13.9%	Employee contribution withheld at payroll.

Effective Take-Home Math and Deductions

Take an IKE generating €100,000 net profit in 2026: CIT at 22% = €22,000 → after-tax €78,000; full dividend distribution with 5% WHT = €3,900 retained; net to shareholder €74,100 — an effective 25.9% overall burden. Greek-resident shareholders pay no further personal tax on dividends; non-residents apply treaty credit at home.

Standard deductions under Article 22 of Law 4172/2013 include ordinary business expenses, salaries plus EFKA employer contributions, depreciation per Article 24 schedules, and the 200% super-deduction on qualifying R&D under Article 22A (Law 4712/2020 expanded by Law 4994/2022) — a major lever for tech founders. Interest expense is subject to the EU ATAD 30% EBITDA cap above €3M.

8. Greek NHR-Style Schemes — Article 5A, 5B and 5C of Law 4172/2013

Greece does not formally call its scheme "NHR" (that label belonged to Portugal), but the three articles of Law 4172/2013 introduced between 2019 and 2021 deliver the same outcome — a generous flat-rate tax incentive to attract foreign individuals to take up Greek tax residency. For a foreign founder considering relocation, these are the lever that often tips the decision in favour of Greece.

8.1 Article 5A — HNW Lump-Sum Regime

Introduced by Law 4646/2019. A foreign-resident individual who:

• Was not Greek tax-resident in 7 of the prior 8 years; and
• Invests at least €500,000 in Greek real estate, Greek business assets, Greek government bonds or units of Greek-regulated funds, within three years;

may elect for a flat €100,000 annual tax on worldwide non-Greek income for up to 15 years. An extra €20,000 per family member can be added (each member receives the same benefit). Greek-source income is taxed at the standard rates.

This is the regime built for global HNW individuals — UK non-doms relocating after the 2026 abolition of UK non-dom status, US-Americans seeking second residence, Middle East entrepreneurs hubbing in Athens. The €100K floor is a hurdle below ~€1.5M annual non-Greek income but extraordinarily attractive above it.

8.2 Article 5B — 7% Flat Tax for Foreign Pensioners

Introduced by Law 4714/2020. A foreign retiree who:

• Was not Greek tax-resident in 5 of the prior 6 years; and
• Relocates from a country that has a tax treaty or administrative cooperation agreement with Greece;

may elect for a 7% flat tax on all foreign-source income (pensions, dividends, rental, capital gains) for 15 years. Compared to the standard Greek progressive PIT of up to 44%, the saving is enormous for pensioners with €40K+ retirement income. Application is filed with AADE by 31 March of the relevant tax year.

This regime has been particularly popular with German, French, British and US retirees — the Greek government reports several thousand approved Article 5B applications since launch, concentrated in Crete, Peloponnese and the southern Cyclades.

8.3 Article 5C — 50% Income Tax Exemption for Relocators

Introduced by Law 4758/2020, expanded under Law 4825/2021. A professional who:

• Was not Greek tax-resident in 5 of the prior 6 years;
• Relocates and signs an employment contract with a Greek employer (or a freelance / self-employment arrangement); and
• Commits to Greek tax residency for at least two years;

receives a 50% income-tax exemption on Greek-source employment and self-employment income for seven years. Combined with the standard Greek bracket structure, this drops the effective top marginal rate from 44% to roughly 22% for the highest-earning band — competitive with low-tax EU peers.

Article 5C is the closest fit for foreign founders who will personally relocate to Greece and draw a salary from their Greek IKE, and for digital nomads holding the §2.4 visa.

9. Annual Filings — GEMI, AADE and myDATA Compliance

The Annual Greek Compliance Calendar

Once incorporated, a Greek company faces a predictable annual filing calendar. Missed deadlines trigger automatic fines under Law 4987/2022 (Tax Procedures Code), so calendar discipline is essential.

Filing	Frequency	Deadline	Platform
VAT Return (Form F2)	Monthly (large) or Quarterly (small)	Last working day of following month	myAADE
myDATA e-Books — Income	Real-time	Within 24 hours of issuance	myDATA via ERP/invoicing
myDATA e-Books — Expenses	Monthly	End of following month	myDATA
Corporate Income Tax Return (Form N)	Annual	30 June for calendar-year fiscal	myAADE
Annual Financial Statements	Annual	Within 9 months of year-end	GEMI
APD Payroll Statement	Monthly	End of following month	ERGANI
EFKA Social Security	Monthly	End of following month	EFKA portal
ENFIA Real-Estate Tax	Annual	Set in May each year	myAADE
Withholding Tax Return	Monthly	End of following month	myAADE
Intrastat (intra-EU trade)	Monthly if >€150K threshold	End of following month	ELSTAT

myDATA — The Game-Changer of Greek Compliance

The myDATA platform, mandatory since 1 January 2024 for all VAT-registered businesses, is the AADE's real-time e-books system. Every invoice issued by a Greek company must be transmitted to myDATA within 24 hours of issuance via one of three channels: an AADE-approved ERP / invoicing software, a certified e-invoicing provider, or the AADE web portal for very low volumes. Transmission generates a MARK identifier (Mark of Authenticity Confirmation) that must be printed on the invoice itself.

From the 2026 fiscal year, myDATA-transmitted income and expense data is used by AADE to pre-fill the corporate tax return — reducing the annual filing exercise to a verification rather than a data-entry task. For a foreign founder, this dramatically reduces accounting workload provided your invoicing system is myDATA-integrated from day one.

GEMI Annual Filing

Every Greek company must file its annual financial statements (balance sheet, P&L, cash flow if applicable) with GEMI within nine months of fiscal year-end. For a calendar-year company, this means by 30 September of the following year. The filing is digital via the GEMI portal, includes a small filing fee (€20–€40), and is the only mechanism by which the company's financials become publicly searchable.

Failure to file annual statements with GEMI within 12 months of the deadline triggers automatic company suspension under Article 56 of Law 4919/2022, with the GEMI status changing to "anenergi" (inactive) — banks freeze the account, contracts can be voided, and reinstatement requires both back-filings and a Ministry of Development decision.

10. Cross-Border Taxation — Treaties, OSS and Repatriation

Greece's Treaty Network

Greece has 57+ bilateral double-tax treaties (DTTs) in force as of 2026, covering all OECD members and most major emerging economies. Particularly relevant for foreign founders:

• Greece–Turkey DTT (2003): 15% dividend WHT cap, 12% interest, 10% royalties — important for Turkish founders running Greek operations or Greek founders with Turkish suppliers;
• Greece–Germany DTT (1966, protocol 2024): 10% dividend cap (5% for >25% shareholding), 0% interest, 0% royalties — the gold standard treaty;
• Greece–UK DTT (1953, modern interpretation): 15% dividend cap; with the UK out of the EU, dividend flows now rely on treaty rather than parent-subsidiary directive;
• Greece–USA DTT (1950): 30% statutory dividend WHT reducible to treaty rates with W-8BEN-E filing;
• Greece–UAE DTT (2010): 5% dividend cap for qualified shareholdings — increasingly relevant for MENA HQ structures;
• EU directives apply automatically: Parent-Subsidiary Directive (zero WHT on qualifying intra-EU dividend), Interest-Royalty Directive (zero WHT on qualifying intra-EU interest/royalty), Merger Directive (tax-neutral cross-border restructurings).

OSS / IOSS for E-Commerce Founders

If your Greek company sells goods or services to consumers across the EU, the One-Stop-Shop (OSS) regime is mandatory above the €10,000 distance-sales threshold. A Greek-incorporated company registers for OSS via myAADE, files a quarterly OSS return aggregating cross-border B2C sales by destination country, and AADE remits each portion to the respective national tax authority. This replaces 26 separate EU VAT registrations.

For imports of low-value goods (≤€150) from outside the EU, IOSS (Import OSS) performs the same role and is being upgraded under the EU "VAT in the Digital Age" (ViDA) reform from 2026 onwards.

CRS, FATCA and Beneficial-Ownership Reporting

Greece is a signatory to the OECD Common Reporting Standard (CRS) via Law 4428/2016 — all Greek bank accounts of non-resident foreign founders are automatically reported to the founder's country of tax residence. US founders also fall under FATCA via the Greece–US IGA. There is no opt-out; the only correct strategy is full disclosure on both sides.

Greek beneficial-ownership reporting under Law 4557/2018 (transposition of EU 5AMLD) requires every Greek company to file the names and shareholdings of all individuals holding ≥25% to the central UBO register. Annual confirmation is required, and material changes within 60 days. Non-compliance fines under Law 4557/2018 range from €10,000 to €100,000.

Repatriating Profits to the Founder's Home Country

The standard repatriation route: 22% Greek CIT → 5% dividend WHT (or lower treaty rate / 0% EU parent-subsidiary) → foreign shareholder reports in country of tax residence with treaty credit. For a fully-distributed €100K Greek profit, the 2026 effective rates land roughly at ~25.9% for Greece-resident standard PIT, ~26% for Germany-resident, ~30% for Turkey-resident and ~25.9% for UAE-resident. Treaty mechanics deliver close to single-taxation in every reasonable case.

Foreign Founder Greece FAQ 2026