This economy profile presents the Doing Business indicators for Greece. To allow useful comparison, it also provides data for other selected economies (comparator economies) for each indicator. The data in this report are current as of June
1, 2014 (except for the paying taxes indicators, which cover the period January–December 2013).

Located near the crossroads of Europe and Asia, Greece forms the southern extremity of the Balkan peninsula in south-east Europe. Its territory includes more than 2 000 islands in the Aegean and Ionian seas, of which only around 165 are inhabited. Mount Olympus is the highest point in the country.

Greece’s economy astonished analysts by accelerating notably in the second quarter despite the ongoing uncertainty over the country’s future during the period. However, the positive result was partly due to plummeting imports and consumers’ likely front-loading of consumption over ‘Grexit’ fears.

Industrial Production in Greece increased by 4.5 percent year-on-year in August of 2015, following an 1.7 percent drop in the previous month. Manufacturing production was the main contributor to the annual increase expanding by 4.2 percent

Overview of Greece Economy – This page summarizes Doing Business 2015 data for Greece. The first section presents the Ease of Doing Business rank (out of 189 economies) and the distance to frontier (DTF)** measure, overall and by topic. The second section summarizes the key indicators for each topic benchmarked against regional averages.

Share the knowledge. Discover the people. Connect your ideas. Be part of the new generation of entrepreneurs in Greece.

In Greece, there are two major forms of business: companies (A.E – company limited by shares, E.P.E-limited liability company) and partnerships (O.E-general partnership, E.E-limited partnership, silent partnership).Also, there are other forms a business can take: joint ventures, single traders, branch offices of foreign companies.

A foreign company with the scope of investing in Greece may choose to establish a branch in Greece, rather than a subsidiary, i.e. a 100% dependent company. Whereas establishing a branch can be easier, setting up a subsidiary with limited liability (i.e. an EPE, AE or IKE) could limit the risks arising from investments in Greece. 

This site from the World Bank provides a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Greece.

Commercial legislation, company legislation and limited liability company legislation define the procedures relating to the formation of a new company in Greece.

VAT is the acronym for Value Added Tax, a surcharge on most goods and services in the European Union. In Greek, it is called the FPA and you may see it as ΦΠΑ on a receipt, usually with a percentage nearby.

The Corporate Tax Rate in Greece stands at 26 percent. Corporate Tax Rate in Greece averaged 32.73 percent from 1995 until 2014, reaching an all time high of 40 percent in 1996 and a record low of 20 percent in 2011. Corporate Tax Rate in Greece is reported by the GSIS, Greece.

Resident corporations are taxed on their worldwide income. Non-resident corporations are taxed in Greece on any Greek-source income they derive.

The Personal Income Tax Rate in Greece stands at 46 percent. Personal Income Tax Rate in Greece averaged 43.58 percent from 1995 until 2014, reaching an all time high of 49 percent in 2010 and a record low of 40 percent in 2002. Personal Income Tax Rate in Greece is reported by the GSIS, Greece.

Due to the economic crisis in Greece and in an effort to stop systemic tax evasion, the Greek government has implemented a significant number of new tax measures since 2010. In 2013, over twelve new measures were introduced and it is possible that further changes to the Tax Code will be implemented. 

The Sales Tax Rate (VAT) in Greece stands at 23 percent. Sales Tax Rate in Greece averaged 20.19 percent from 2000 until 2015, reaching an all time high of 23 percent in 2010 and a record low of 18 percent in 2001. Sales Tax Rate in Greece is reported by the GSIS, Greece.

Greek Ministry of Foreign Affairs Website

All travelers will need a passport valid for at least 90 days following your departure date from Greece. However, we strongly recommend traveling with 6 months validity on your passport at all times.

Residence/work permits for non-EEA nationals are very difficult to obtain for those who are not of Greek origin or not married to a Greek. Once separate permits, the residence permit and the work permit are now all-in-one, meaning residence permits can include the right to work. 

This category of visa is issued for the provision of dependent employment or for the provision of services or work in Greece. Before applying you should confirm that the Approval concerning your case has been issued by the competent Prefecture in Greece and that it has been received officially by the Embassy.

A guide to local transportation in major cities in Greece

Greece has a developed infrastructure that enables the uninterrupted implementation of most investment activities. Within the framework of holding the 2004 Olympic Games in Athens, and the  investment in the following years, a number of changes and improvements in a variety of areas—including the infrastructure of Greece—were materialized.

The telecommunications and postal services market in Greece is regulated by the Hellenic Telecommunications and Post Commission (EETT).

Greece has a modern infrastructure complete with airports, railways, and paved roads and highways. There are a total of 80 airports (1999 est.), 64 of which have paved runways. There are 2,548 kilometers (1,583 miles) of railways and 117,000 kilometers (72,703 miles) of highways, 107,406 kilometers (66,742 miles) of which are paved. As expected from a historically seafaring country, Greece has 12 ports and harbors and a large merchant fleet of more than 700 ships.

Scope of employment regulations including minimum wage, worktime restrictions, employee representation

Labour law in Greece complies with EU Employer Directives, such as: 75/117 

Greece: Employee rights

Unemployed persons in Greece are mainly aided through the unemployment benefit.

Social security insurance is compulsory in Greece. Greek social security benefits are available to Greek and EU citizens. Bilateral agreements have also been signed with the following non EU countries: Switzerland, USA, Canada, New Zealand, Brazil, Argentina, Venezuela, Uruguay, Egypt, Libya and Poland.

Greek labor law has some unique features. The Greek government claims the right to organize the economy in the interest of the Greek people, and economic decisions of whatever kind cannot harm the basic government economic plan. 

The dos and don’ts of business etiquette in Greece

Business etiquette.

The climate of Greece is Mediterranean with summers that are usually hot and dry, and the winters that can be quiet cold and wet. The upper part of Greece can be very cold during the winter and snow is not uncommon. However, for the south of Greece and the islands, the winters will be milder. During the winter much of Greece may have snow, and much snowfall can be expected in the higher mountains of Greece.

Cost of living information includes price indices for rent, food, utilities, transportation, restaurants, clothing and more

The country’s economic difficulties have resulted in the overall cost of living in Greece actually becoming cheaper, largely as a result of a significant drop in  housing and rental prices. This is reflected in Athens dropping from 40th place in the Mercer Cost of Living survey for 2010, to 77th place in 2012. 

The climate in Greece is typical of the Mediterranean climate: mild and rainy winters, relatively warm and dry summers and, generally, extended periods of sunshine throughout most of the year.

Vacationing in Greece might not be a completely safe experience, but as long as reasonable precautions are taken, you have a good opportunity to have a great time and not be the victim of a crime

The Greek educational system consists of three successive levels: Primary (Dimotiko), Secondary (Gymnasio) and Tertiary education level. . However, school life can begin from the age of 2.5 years (pre-school education) in both public and private institutions 

The Greek Educational System consists of three successive levels: Primary, Secondary and Tertiary education level. Education in Greece is compulsory for all children 6-15 years old; namely, it includes Primary (Dimotiko) and Lower Secondary (Gymnasio) Education.

Schedule of national holidays and observances

List of public holidays in Greece.

US Department of State – Go to Safety and Security for updates from the Greek government

Demographic information includes population, quality of life, health, sports, technology, energy and the environment

As of 2010, the population stands at 11.3 million people. Its projected population at 2025 would be 400 000 people more, at 11.7 million people. This means that the population is increasing very slowly. By 2050, the projected population predicts that the population will drop from 11.7 million to 11.5 million people. (PRB)

Import and export regulations from Greek customs

This site provides information on Greece’s participation in the WTO. Greece has been a WTO member since 1 January 1995 and  a member of GATT since 1 March 1950. It is a member State of the European Union(more info). All EU member States are WTO members, as is the EU (until 30 November 2009 known officially in the WTO as the European Communities for legal reasons) in its own right.

Greece is one of the most popular tourist destinations worldwide, as every year it welcomes more than 12 million tourists, placing it among the top ranked countries on the World Tourism Organization’s list of countries with inbound tourists (according to WTO data).

Apartments and houses for rent in Greece.

One can travel to Greece in many different ways: by road, plane, train or sea. Major roads link Greece with Europe and Asia. The country’s airports provide top-notch services. Rail connections with Europe allow for a lovely nostalgic journey. And last but not least, Greek ports welcome ocean-going ships and local ferries all year round.