Greece Expands Golden Visa Program to Include Startup Investments

Greece is set to expand its Golden Visa Program to encompass investments in startups, according to an announcement by Prime Minister Kyriakos Mitsotakis.

The move is part of a broader economic strategy introduced during the 88th Thessaloniki International Fair, aimed at boosting the country’s economy.

Under the new changes, foreign nationals will now be eligible for a five-year residence permit in exchange for a €250,000 investment in Greek startups. Although the government has yet to provide detailed information about how this will be implemented, the announcement has already garnered significant interest.

Christos Th. Vardikos, of international law firm Vardikos & Vardikos, shared his perspective with IMI Daily: "The proposed startup investment option indicates the Hellenic Republic’s commitment to fostering innovation and attracting international talent." He also noted that this change could appeal to tech-savvy investors interested in engaging with Greece’s growing startup ecosystem.

Prime Minister Mitsotakis emphasized that the changes are designed to provide "useful and effective options" rather than what he termed "frivolous benefits." Along with the expansion of the Golden Visa program, he outlined a series of measures to address key issues like wage increases, housing challenges, and family support.

However, not everyone welcomed the announcement. Labour unions in Thessaloniki staged protests, criticizing the government’s handling of rising living costs and what they view as inadequate wages.

The expansion of the Golden Visa Program coincides with other changes that took effect on September 1. Under these new rules, the minimum investment required for residency through the program has increased. Specifically, for regions such as Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100, the investment threshold has surged from €500,000 to €800,000. In other areas, the amount required has risen from €250,000 to €400,000 for property investments.

Despite these increases, the program still offers two €250,000 real estate investment options. These include converting commercial properties to residential use or restoring listed buildings. However, as Vardikos pointed out, "Clarity is still needed when it comes to the new changes applied to the Residency by Investment scheme."

The lawyer added, "Within the next few days, the government should clarify the conditions of how converted commercial property into a residential property is eligible for the €250,000 threshold. There are rumours that say the commercial property had to be vacant for the past five years."

Prime Minister Mitsotakis hinted at the possibility of further raising the threshold for Golden Visa investments in areas where rents are high, saying, "What we are discussing with the finance minister is a further increase in the threshold for golden visa investments, and it will concern all areas where rents are high. It can go to €800,000."

The Golden Visa Program has played a substantial role in Greece’s economic recovery, with more than €1.2 billion brought into the country’s economy in the first seven months of this year alone, according to figures from IMI Daily. During this period, 4,734 applications were submitted. However, nearly 30,000 requests remain unprocessed, awaiting government review.

As Greece continues to refine its Golden Visa Program, the startup investment option represents a significant new opportunity for both international investors and the country's burgeoning entrepreneurial scene.

By fLEXI tEAM