Investment opportunities are abundant and attractive across a number of sectors in Greece. Additionally, massive reform efforts are continually opening up new frontiers including sustained growth in tourism, ICT, energy, environmental sciences, agriculture, logistics and life sciences. As a member of the European Union (EU) and the Eurozone, Greece is the economic hub of Southeast Europe.Download PDF
Tariffs and duty rates are constantly revised and subject to change without notice. As such, these should be reconfirmed prior to selling to Greece. There are three free trade zones located at the Piraeus, Thessaloniki and Heraklion port areas. A World Trade Organization (WTO) member, Greece has both EU mandated and Greek government-initiated trade barriers. Additionally, Greece maintains nationality restrictions on a number of professional and business services, including legal advice.
Entity Registration and Incorporation Requirements
Setting up a new business or expanding an existing one in Greece is straightforward. Choose how your company operates from a range of entity types which suit your individual circumstance.
Banking Hours: Monday - Friday from 8:00 am - 2:30 pm
The standard working week is from Monday to Friday from 9:00 am - 5:00 pm
June 2021 saw the introduction of labor law reforms that expand flexible work arrangements and increase the duration of paid paternity leave. Reforms set rules on remote work and include safeguards against sexual harassment in the workplace. However, there was also criticism against these reforms, because under the legislation, employees would be forced to work overtime and be content with a day off instead of extra pay.
Tourism, shipping, industrial products, food and tobacco processing, textiles, chemicals, metal products, mining and petroleum
Dates & Numbers
Official State Name
The Hellenic Republic
International Dialing Code
Employment income is subject to withholding tax. The tax is withheld by the employer and calculated by applying the taxpayer’s progressive income tax schedule.
It is acceptable to provide employees with online payslips
Payroll report must be kept for 10 years
Full-time employees receive 20 days of annual leave per year
Employees who have completed 15 years of service are entitled to 4 months paid sick leave. 15+ years of service are entitled to 6 months paid sick leave.
17 weeks of paid maternity leave and 14 days of paid paternity leave
Maternity & Paternity Leave
Only to be paid from a minimum employment term of 2 months
Employees in the private sector may get a Christmas or Easter bonus (that must be paid in cash)
13th month salary
758.33 EUR per month
Overtime hours are paid at 120% of the employee’s basic salary rate for daytime hours and 125% for night-time work
It ranges from 1-6 months of wages. The severance payment is doubled if the employer does not provide the required notice.
Greece charges a number of taxes and levies that impact importers and exporters including income taxes, capital gains tax, excise (consumption) taxes, VAT (value added tax) as well as inheritance and gift tax and more. Individuals are subject to national income tax. Most individuals employed in the public and private sectors and who render dependent personal services are principally, and compulsorily insured in the Electronic National Social Security Fund (e-EFKA).
Proper accounts must be kept or there may be scope for deemed income to be taxed. Individuals and residents pay income tax based on income and income-producing assets on a sliding scale. Companies who operate a multi-country payroll should take note that all individuals who complete 18 years of age are obliged to file a tax return regardless of whether they have taxable income or not.
Corporate Income Tax
Personal Income Tax
The e-EFKA compulsorily collects contributions for other minor funds created for the employee’s benefit (Unemployment Benefits Funds etc). Contribution for health coverage is included in the contribution payable to e-EFKA.
Social Security Rate
Social Security Rate for Employers
Social Security Rate for Employees
All employers shall implement an electronic system of registration of working hours of their employees. The Digital Employment Card is implemented to monitor compliance of the employers with the legal requirements regarding the working schedule of employees.
This is governed by Articles 648 to 680 of the Greek Civil Code which define the nature of the employment contract. The enforcement of employment statutes and regulations is controlled by the Ministry of Labour and Social Security.
Employees can request to work up to 10 hours per day and offset the additional hours worked against another working day. The annual overtime cap has increased to 150 hours. Eligible employees who are caregivers or who have children up to age 12 can request to work flexibly. This includes telework arrangements (permanent or temporary) and other flexible work patterns.
New laws incorporating Directive (EU) 2019/1158 concern balance of work and family life and include provisions to all employees of the private and/or public sector who are parents (including parents of adopted children, through surrogacy and/or caretakers).
Greek employment law stipulates that an employment contract may be lawfully terminated at any time without any cause. Termed a ‘causal transaction’, the employer is not obliged to justify it. The dismissal may take place either with or without prior notice but the severance payment must be paid to the employee according to the law.
Minimum notice period for terminating an employee
Total number of public holidays
Working hours per week
Total number of days for Compassionate & Bereavement Leave
Non-EU citizens who have made an investment through the three options of the Greek Golden Visa program can apply for a residence permit through a proxy without the obligation to previously enter Greece. Residence permits are also granted to third country nationals and members of their families who purchase real estate in Greece, the value of which exceeds €250,000. As a member of the EU and the Schengen Zone, every holder of a Greek residence permit can travel visa-free to all Schengen countries for 90 days every semester.
Residence permits can be obtained for a number of categories including permit for non-EU family member of Gree or EU citizen, permit for financially independent people, permit for self-employed entrepreneurs, permit for non-EU spouse or child of a non-EU citizen living and working in Greece for two years, permit for executives, administrators or board members and finally, permit for foreign investment.
Work Permit validity
Fully completed D visa application form in English or Greek
Passport valid for at least three months after the expiration date of the D visa
Copies of data page and residence permit
A recent passport-sized color photo not older than six months
Travel medical insurance valid for the D visa’s period
A medical fitness certificate
Copy of the applicant’s criminal record
Build the best team and hire top talent compliantly in Greece. Get in touch with Greece payroll outsourcing & PEO specialists for a free consultation!