What is the procedure of setting up a business as a Golden Visa holder in Greece?

You indeed can be the shareholder of a company in Greece.

Running your own business is not included as a right to work in Greece because you are a Greek Golden Visa holder. This resident permit doesn't provide any right to work in Greece.

In no case does the resident permit of property owners to provide access to any type of employment. Employment, according to paragraph 6, article 20, of Law 4251/2014, does not include the exercise of economic activity in the capacity of a shareholder or a chief executive officer for an already existing company. So in your case, you could be engaged under the above roles only in an already existing company as the legal frame exists right now. The truth is that we are waiting for some significant adjustments in the whole Golden Visa scheme, but the above is per the legal terms in force.

Please be aware that the following are acceptable according to existing law applicable: You may, as a physical entity, either directly buy a property of at least 250,000 euros or proceed to investment in the categories listed below. The scope of the existing scheme is expanded by adding intangible investments to investment activities to stimulate the development of the national economy: a) Purchase of bonds issued on a bond loan, or shares of companies based in Greece, located in Greece or listed in the Greek stock market. b) Capital contribution to a real estate investment company (REIC of Law 2778/1999), which invests exclusively in real estate in Greece for the acquisition of shares, upon the increase of its share capital. c) Acquisition of shares or shares in domestic alternative investment organizations (Equity Holdings - ACS of Law 1992/1992 and Equity Holdings Companies - EGTC of Law 2367/1995) investing exclusively in companies with headquarters or establishment in Greece. d) Purchase of bonds issued by Greece. e) Forward deposit with a national banking institution. f) Purchase of shares, corporate bonds and/or Greek government bonds admitted to trading or traded on the Greek stock market. g) Purchase of units in a mutual fund incorporated in Greece or another country and investing exclusively in securities (shares and corporate bonds or Greek government bonds) that are admitted to trading or traded on the Greek stock market. h) Purchase of shares or shares in an Alternative Investment Organization which is incorporated in Greece or another country of the European Union and invests exclusively in real estate in Greece. After buying or investing in the afore-mentioned amount, you will be able to apply to the relevant authority for a Golden Visa. Please also note that funds for construction are not included.

It is true that as a Golden Visa holder, you are not permitted to work for other employers. The procedure of setting up your own business depends on the type of business you choose to set up. It may be simple if you set up a private business, or complicated if you set up a limited liability company, which requires a notary.