Greece to Offer Golden Visas to Entrepreneurs Investing €250,000 in Startups
Key Points
1. Greece plans to extend its Golden Visa program to include investors in startups.
2. Foreign nationals will be able to obtain a five-year residence permit by investing €250,000 in Greek startups under the new initiative.
3. Further details about the changes are yet to be announced by the government.
Greece's Golden Visa program is set to expand to include investments in startups, as announced by Prime Minister Kyriakos Mitsotakis.
The initiative is part of Greece's broader economic strategy, unveiled at the 88th Thessaloniki International Fair, aimed at further boosting the country's economy.
This new measure will allow wealthy foreign nationals to secure a five-year residency permit by investing €250,000 in Greek startups. However, specific details regarding the program’s implementation have yet to be released.
Christos Th. Vardikos, a representative from the international law firm Vardikos & Vardikos, told Imi Daily that this new option highlights Greece's commitment to fostering innovation and attracting global talent. Vardikos also mentioned that the change could appeal to tech-focused investors looking to engage with Greece’s startup ecosystem.
Prime Minister Mitsotakis emphasized practical solutions for economic challenges, including wage increases, housing support, and family aid, as part of his overall economic strategy. However, labor unions have criticized the government’s approach to rising living costs and low wages, leading to protests in Thessaloniki.
New Golden Visa Requirements Effective from September 1
Greece's Residency by Investment Program, commonly known as the Golden Visa program, underwent significant changes effective September 1. These changes include higher investment thresholds for certain areas of the country.
Prime Minister Mitsotakis announced that, starting September 1, the minimum investment amount in areas like Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100 would increase from €500,000 to €800,000. In other parts of the country, the investment requirement for property purchases under the program rose from €250,000 to €400,000.
However, two investment options at the €250,000 level remain in place, including the conversion of commercial properties into residential use and the restoration of listed buildings.
Mitsotakis noted that further increases in the minimum investment thresholds for Golden Visa investments may be introduced, particularly in areas with high rental demand, where the amount could rise to €800,000.
Vardikos also emphasized that clarity is still needed on certain aspects of the revised Residency by Investment scheme, particularly regarding eligibility for commercial property conversions.
The Golden Visa program has significantly contributed to Greece's economy. Data from Imi Daily shows that in the first seven months of this year, Greece received 4,734 Golden Visa applications, bringing in over €1.2 billion. However, there remains a backlog of nearly 30,000 unprocessed applications.