Making Greece Home: How Some Investors Fully Relocated and Started Businesses

Reading time: 15 minutes

Table of Contents

• Introduction
• The Allure of Greece for Investors
• Economic Landscape in Greece
• Relocating to Greece: Legal Considerations
• Starting a Business in Greece
• Real Estate Investment Opportunities
• Success Stories: Investors Who Made the Move
• Challenges and How to Overcome Them
• The Future Outlook for Greece’s Economy
• Conclusion
• FAQs

Introduction

Greece, with its rich history, stunning landscapes, and Mediterranean lifestyle, has long been a magnet for tourists and expatriates alike. In recent years, however, a new trend has emerged: investors are not just visiting or buying vacation homes, but fully relocating and starting businesses in this ancient land. This comprehensive analysis delves into the economic factors, legal considerations, and personal experiences that are driving this phenomenon, offering insights for those considering a similar move.

The Allure of Greece for Investors

Greece’s appeal extends far beyond its picturesque islands and historical sites. For investors, the country offers a unique blend of opportunity and quality of life that is increasingly hard to find in more established markets. Let’s explore the key factors drawing investors to Greek shores:

Quality of Life

The Mediterranean lifestyle, characterized by a relaxed pace of life, emphasis on family and community, and world-renowned cuisine, is a significant draw. Cities like Athens offer a blend of modern amenities and ancient charm, while coastal and island locations provide unparalleled natural beauty. For many investors, the ability to improve their quality of life while pursuing business opportunities is a compelling proposition.

Cost of Living

Compared to many Western European countries and major global cities, Greece offers a relatively low cost of living. This extends to both personal expenses and business costs, allowing investors to stretch their capital further and potentially achieve a higher standard of living than they might in their home countries.

Strategic Location

Greece’s position at the crossroads of Europe, Asia, and Africa makes it an ideal base for businesses with international aspirations. The country’s membership in the European Union provides access to the single market, while its historical and cultural ties to the Eastern Mediterranean and Middle East offer unique networking and expansion opportunities.

Economic Landscape in Greece

Understanding Greece’s economic context is crucial for any investor considering relocation. While the country has faced significant challenges in the past decade, recent trends paint a picture of resilience and potential growth.

Recovery from the Debt Crisis

Greece has made substantial progress in recovering from its severe debt crisis of the early 2010s. Structural reforms, fiscal discipline, and support from European institutions have helped stabilize the economy and restore investor confidence. Key economic indicators to consider include:

• GDP Growth: After years of contraction, Greece has returned to positive growth rates, with expectations of continued expansion.
• Unemployment: While still high by European standards, unemployment has been steadily decreasing from its peak during the crisis.
• Foreign Direct Investment: FDI inflows have shown a marked increase, reflecting growing international confidence in the Greek economy.

Emerging Sectors

Several sectors are showing particular promise for investors:

• Tourism: Always a cornerstone of the Greek economy, tourism is evolving with opportunities in luxury and sustainable travel.
• Technology: Greece is fostering a growing startup ecosystem, particularly in Athens, with government initiatives supporting innovation.
• Renewable Energy: The country’s abundant sun and wind resources are attracting significant investment in solar and wind power projects.
• Agriculture: There’s renewed interest in Greece’s high-quality agricultural products, with opportunities in organic farming and food tech.

Relocating to Greece: Legal Considerations

For investors looking to make Greece their new home, understanding the legal framework is essential. The Greek government has introduced several initiatives to attract foreign investment and talent.

Golden Visa Program

Greece’s Golden Visa program offers residency permits to non-EU nationals who make significant investments in the country. Key points include:

• Minimum Investment: €250,000 in real estate or other approved investment options.
• Benefits: Five-year residency permit, renewable as long as the investment is maintained.
• Family Inclusion: Spouse and dependent children under 21 can be included.
• Path to Citizenship: After seven years of residency, investors may be eligible to apply for Greek citizenship.

Digital Nomad Visa

Recognizing the growing trend of remote work, Greece has introduced a Digital Nomad Visa, allowing professionals to live in Greece while working for employers or clients abroad. This visa offers a unique opportunity for investors who may want to transition gradually or maintain international business connections.

Starting a Business in Greece

For those looking to establish or expand business operations in Greece, the process has been streamlined in recent years, though it still requires careful navigation of local regulations.

Business Structures

Common business structures in Greece include:

• Sole Proprietorship (Atomiki Epicheirisi)
• Limited Liability Company (EPE)
• Corporation (AE)
• Branch or Representative Office of a Foreign Company

Each structure has its own requirements for minimum capital, number of shareholders, and tax implications. Consulting with a local legal expert is advisable to determine the best structure for your specific business goals.

Registration Process

The Greek government has worked to simplify the business registration process, introducing online platforms and one-stop-shops for many procedures. Key steps typically include:

1. Obtaining a tax registration number (AFM)
2. Registering with the appropriate chamber of commerce
3. Obtaining necessary licenses and permits (sector-specific)
4. Registering for social security (if employing staff)

Real Estate Investment Opportunities

Real estate remains a cornerstone of many investors’ strategies when relocating to Greece. The market offers diverse opportunities, from urban apartments in Athens to houses for sale in athens and luxury villas on the islands.

Market Trends

The Greek real estate market has shown resilience and growth potential in recent years:

• Urban Centers: Cities like Athens and Thessaloniki have seen increasing demand, particularly in areas popular with tourists and digital nomads.
• Island Properties: Luxury properties on islands like Mykonos and Santorini continue to attract high-net-worth individuals looking for both personal use and rental income.
• Commercial Real Estate: With the growth of tourism and the tech sector, there’s increasing demand for quality office space and hospitality properties.

Investment Strategies

Investors are pursuing various strategies in the Greek real estate market:

• Buy-to-Let: Taking advantage of the strong tourism sector to generate rental income.
• Value-Add: Purchasing and renovating older properties in up-and-coming areas.
• Development: Some investors are engaging in new construction projects, particularly in the luxury segment.

Success Stories: Investors Who Made the Move

To illustrate the potential of relocating and investing in Greece, let’s explore a few success stories of individuals who have made the leap:

Tech Entrepreneur in Athens

Maria, a software engineer from Germany, moved to Athens in 2018 and founded a fintech startup. Leveraging Greece’s growing tech ecosystem and lower operating costs, her company has grown to 50 employees and recently secured Series A funding from international investors.

Boutique Hotelier on Paros

John, a former marketing executive from the UK, purchased and renovated a small hotel on the island of Paros. By focusing on sustainable luxury and authentic experiences, he’s created a highly successful property that’s consistently booked throughout the extended Greek tourist season.

Organic Olive Oil Producer in Kalamata

Sofia, an Italian agronomist, relocated to the Peloponnese region and established an organic olive oil business. Combining traditional Greek cultivation methods with modern marketing strategies, her products are now exported to gourmet markets across Europe and North America.

Challenges and How to Overcome Them

While the opportunities in Greece are significant, investors should be prepared for certain challenges:

Bureaucracy

Despite improvements, navigating Greek bureaucracy can still be complex. Working with experienced local partners or consultants can help streamline processes and avoid common pitfalls.

Language Barrier

While English is widely spoken in business and tourism sectors, learning Greek can be invaluable for deeper integration and networking. Many cities offer language courses specifically designed for expatriates.

Cultural Differences

Business practices and social norms may differ from what investors are accustomed to. Taking time to understand and adapt to Greek culture can be crucial for long-term success.

The Future Outlook for Greece’s Economy

As we look to the future, several factors suggest continued growth and opportunity in Greece:

• EU Recovery Funds: Greece is set to receive significant funding from the EU’s recovery package, aimed at digitalization, green energy, and infrastructure improvements.
• Tourism Evolution: The sector is adapting to new travel trends, with a focus on sustainable and experiential tourism.
• Tech Hub Ambitions: Government initiatives and private investments are positioning Greece, particularly Athens, as a potential tech hub for Southern Europe.
• Green Energy Push: Ambitious targets for renewable energy adoption present opportunities in both infrastructure and technology.

Conclusion

Greece’s combination of economic potential, quality of life, and strategic location makes it an increasingly attractive destination for investors looking to relocate and start businesses. While challenges exist, the experiences of successful transplants demonstrate that with careful planning and local engagement, the rewards can be substantial. As Greece continues its economic transformation, early movers may find themselves well-positioned to capitalize on emerging opportunities across various sectors.

For those considering such a move, thorough research, networking with both expatriate and local communities, and potentially starting with exploratory visits or temporary relocations can provide valuable insights and smooth the transition. The journey of making Greece home while pursuing business ambitions is not without its complexities, but for many, it has proven to be a rewarding adventure that combines professional growth with a enhanced quality of life.

FAQs

1. Q: What are the main advantages of relocating to Greece as an investor?
   A: Key advantages include a high quality of life, relatively low cost of living, strategic location within the EU, emerging business opportunities in sectors like tech and renewable energy, and attractive investment incentives such as the Golden Visa program.
2. Q: How has Greece’s economy recovered since the debt crisis?
   A: Greece has made significant progress through structural reforms, fiscal discipline, and EU support. The economy has returned to positive growth, unemployment is decreasing, and foreign direct investment is increasing, indicating growing international confidence.
3. Q: What are the most promising sectors for investment in Greece currently?
   A: Promising sectors include tourism (particularly luxury and sustainable travel), technology (with a growing startup ecosystem), renewable energy (leveraging Greece’s natural resources), and agriculture (focusing on high-quality and organic products).
4. Q: What legal pathways are available for non-EU investors looking to relocate to Greece?
   A: The main pathways include the Golden Visa program (requiring a minimum investment of €250,000 in real estate or other approved options) and the Digital Nomad Visa for remote workers. Both offer residency permits with potential paths to long-term residency or citizenship.
5. Q: What are the biggest challenges investors face when relocating to Greece, and how can they be mitigated?
   A: Common challenges include navigating bureaucracy, overcoming language barriers, and adapting to cultural differences. These can be mitigated by working with experienced local partners or consultants, investing in language learning, and taking time to understand and integrate into Greek culture and business practices.

Article reviewed by Liina Tamm, Real Estate and Investment Expert | Consultant for Commercial and Residential Properties | Market Analysis and Strategies for International Investors, on March 30, 2025