Greece
Key entity, tax, banking, visa, and compliance guidance for foreign founders incorporating in Greece.
Foreign Ownership Eligibility
Greece welcomes 100% foreign-owned companies
Fully remote formation — you never need to set foot in the country.
- 100% foreign ownership permitted
- 1 manager/director minimum, no residency requirement
- Minimum capital: EUR 1 (IKE)
- IKE recommended for SMEs (online formation in 1–3 days)
- No restrictions on foreign shareholders
Ownership
100% Foreign OK
Formation
100% Remote
Tax at a glance
Greece Tax Overview
22%
Corporate Income Tax (CIT)
24%
VAT (standard)
13%
VAT (reduced)
6%
VAT (super-reduced)
17% / 9% / 4% / 3%
VAT (Aegean islands)
9–44%
Personal Income Tax
57+
Tax treaties
Pros & cons
Advantages & Considerations
Key Advantages
Golden Visa among lowest EU investment thresholds — EUR 250K in most areas
GEMI e-OSS online IKE formation in 1–3 days — fastest in Europe
Full EU market access since 1981 — Eurozone member (no currency risk)
Strategic Mediterranean location — gateway to Balkans, Middle East, North Africa
57+ tax treaties — reduced WHT on dividends/interest/royalties
Digital Nomad Visa with 50% tax exemption for 7 years
EUR 1 minimum capital for IKE — symbolic requirement
No director residency requirement — fully accessible for foreign directors
Skilled workforce in shipping, tourism, logistics, fintech
Growing tech startup ecosystem — government support for innovation
Considerations
Banking delays — 2–6 week account opening timeline, strict KYC for foreign shareholders
Bureaucratic complexity — frequent tax law changes, complex labor regulations
High VAT — 24% standard rate (one of highest in EU)
Economic instability perception — legacy of 2010s debt crisis
Language barrier — Greek-only for many official processes outside major cities
Corruption perception — mid-tier on Transparency International index
Brain drain — skilled workers emigrate to Western Europe
Tax compliance burden — frequent audits, strict transfer pricing documentation
Political uncertainty — regulatory changes, strikes, public sector inefficiency
Incorporation Process
The process is strictly digital. Each stage builds on the previous one.
Name reservation
Prepare Articles of Association
Online submission via GEMI e-OSS
GEMI approval and registration
AFM (tax ID) issuance
What you'll pay
Cost Architecture
Government Fees
Annual Ongoing
Professional Services
Total formation: EUR 70–1,200 (~USD 75–1,300). IKE via GEMI e-OSS. AE (notary required) costs EUR 27,000–30,000+ including EUR 25K capital.
Still unsure about costs?
These are estimates — your actual cost depends on your structure
Every Greece setup is different. A 15-minute call with one of our specialists will give you a personalised cost breakdown — completely free.
Fintech & Banking
Can non-residents open accounts without visiting? YES.
Banking options for non-resident founders in Greece. Remote account opening availability varies by institution.
| Institution | Type | Ease for Non-Residents | Notes |
|---|---|---|---|
| National Bank of Greece | Traditional bank | Low (Visit Required) | 2–6 weeks (due diligence delays common for foreign-owned companies) • EUR 10–50/month • EUR 0–500 (varies by bank) • GEMI certificate, Articles, AFM (tax ID), board resolution, KYC for directors/beneficial owners (passport, proof of address, source of funds), business plan • All major banks offer online banking |
| Piraeus Bank | Traditional bank | Low (Visit Required) | 2–6 weeks (due diligence delays common for foreign-owned companies) • EUR 10–50/month • EUR 0–500 (varies by bank) • GEMI certificate, Articles, AFM (tax ID), board resolution, KYC for directors/beneficial owners (passport, proof of address, source of funds), business plan • All major banks offer online banking |
| Alpha Bank | Traditional bank | Low (Visit Required) | 2–6 weeks (due diligence delays common for foreign-owned companies) • EUR 10–50/month • EUR 0–500 (varies by bank) • GEMI certificate, Articles, AFM (tax ID), board resolution, KYC for directors/beneficial owners (passport, proof of address, source of funds), business plan • All major banks offer online banking |
| Eurobank | Traditional bank | Low (Visit Required) | 2–6 weeks (due diligence delays common for foreign-owned companies) • EUR 10–50/month • EUR 0–500 (varies by bank) • GEMI certificate, Articles, AFM (tax ID), board resolution, KYC for directors/beneficial owners (passport, proof of address, source of funds), business plan • All major banks offer online banking |
| Revolut Business | Fintech | High (Remote) | 2–6 weeks (due diligence delays common for foreign-owned companies) • EUR 10–50/month • EUR 0–500 (varies by bank) • GEMI certificate, Articles, AFM (tax ID), board resolution, KYC for directors/beneficial owners (passport, proof of address, source of funds), business plan • All major banks offer online banking |
| Wise Business | Fintech | High (Remote) | 2–6 weeks (due diligence delays common for foreign-owned companies) • EUR 10–50/month • EUR 0–500 (varies by bank) • GEMI certificate, Articles, AFM (tax ID), board resolution, KYC for directors/beneficial owners (passport, proof of address, source of funds), business plan • All major banks offer online banking |
Regulatory requirements
Annual Compliance Matrix
| Requirement | Deadline | Details |
|---|---|---|
Annual financial statements | Ongoing | Prepare within 6 months of year-end. File with GEMI. |
Corporate tax return | Ongoing | File between 15 March and 15 July following tax year-end. |
Annual General Meeting (AGM) | Ongoing | Within 6–9 months of year-end (AE/EPE). Approve financial statements. |
GEMI annual fee | Ongoing | ~EUR 60–240/year depending on entity type and activity. |
Statutory audit | Ongoing | Required if 2 of 3 thresholds met: revenue > EUR 4M, assets > EUR 2M, employees > 50. AE always audited. |
Beneficial ownership register | Ongoing | Maintain at GEMI. Update within required period of any change. |
VAT returns | Ongoing | Monthly or quarterly depending on turnover. |
Annual compliance cost | Ongoing | EUR 2,000–8,000/year for small IKE (accounting, tax filing, audit if required). |
Frequently Asked
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