The route exists, but it differs sharply from the usual expectation on one point: forming a company and obtaining a residence permit are two separate procedures with different requirements.
Two procedures, not one
Company formation — relatively open in the EU, including to non-residents. A tax number, an address and capital are largely enough.
Residence on a business basis — far more demanding: a credible business plan, real capital, and often a commitment to create employment.
The common error: owning a company does not automatically confer the right to live there. People form the entity and then discover they still have no residence basis.
Entity types — choose by liability
- Sole trader — lightest to set up, but you are liable with your entire personal estate
- Private limited company — separates personal and business assets; heavier accounting
- Public limited company — for larger scale, with higher capital and governance requirements
For a foreigner unfamiliar with the environment, limited liability is almost always the right answer, even at small scale.
Six real costs that get overlooked
- Mandatory accounting — EU reporting obligations are heavier than many arrivals expect
- Social security contributions for the business owner — payable in many cases even before revenue
- VAT registration and periodic filings
- Office or registered address
- Compliance costs — translation, notarisation, advice
- Employment costs — salary plus contributions is materially above gross pay
Item two is what breaks plans: a fixed monthly obligation from the day you open, not from the day you profit. Model it for the full runway.
Testing the plan before you start
- Who exactly buys this here — not who would buy it at home
- Are there local competitors, and what are they strong at
- Does the activity need a sector licence
- How long can the business absorb losses
- If it closes, does your residence survive
The last question is asked least and matters most: when residence rests on the business, the business stopping puts the status at risk. Know the alternative basis in advance.
Frequently asked questions
Does owning a company give residence?
No — formation and residence are separate procedures with different requirements.
Which cost breaks most plans?
Owner social security contributions — a fixed monthly obligation from opening, not from first profit.
Which entity type suits a newcomer?
A limited liability form, even at small scale — a sole trader is liable with their entire personal estate.
What if the business closes?
Residence resting on it becomes vulnerable — identify an alternative basis before you need it.
Need a tailored roadmap?
Viking Global Group walks with you from paperwork to settlement. Call +849.219.219.88 or email [email protected] for a free consultation.
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- Housing in Greece: rent or buy as a newcomer
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Frequently Asked Questions
Can foreigners open a company?
Company-formation rules are covered above.
Does business grant residency?
The business-residency link is explained above.
Information is for reference and may change under the latest official policy. Please contact us for current regulations.
