Greece Expands Golden Visa Program to Include Startup Investments Amid New Changes

Greece’s Prime Minister Kyriakos Mitsotakis has announced that the country’s Golden Visa Program will soon include an option for startup investments, expanding the popular residency-by-investment scheme. The new provisions were part of the economic strategy unveiled during the 88th Thessaloniki International Fair, with the aim of boosting Greece’s economy.

This development allows wealthy foreign nationals to obtain a five-year residence permit by investing €250,000 in Greek startups. Although the government has yet to provide detailed information, the announcement has generated significant interest.

Christos Th. Vardikos, of international law firm Vardikos & Vardikos, told Imi Daily that the introduction of the startup investment option signals Greece's dedication to fostering innovation and drawing international talent. Vardikos added that the changes could present new opportunities for tech-oriented investors eager to engage with Greece’s growing startup scene.

During his speech, Prime Minister Mitsotakis emphasized that his government is offering practical and effective options rather than "a bag of frivolous benefits." He outlined a series of initiatives aimed at increasing wages, addressing housing challenges, and supporting families. Despite these efforts, labor unions organized protests in Thessaloniki, criticizing the government for its handling of living costs and insufficient wages.

The Golden Visa Program has also undergone other significant changes, effective from September 1. One major update is an increase in the minimum investment amount required to participate in the program. Prime Minister Mitsotakis announced that for certain areas, including Thessaloniki, Mykonos, Santorini, and other islands with populations exceeding 3,100, the minimum investment threshold has risen from €500,000 to €800,000. In other regions, investors now need to contribute €400,000, up from the previous €250,000, in order to purchase property through the program.

However, the program maintains two €250,000 real estate investment options—one for converting commercial properties into residential use, and the other for restoring listed buildings. Regarding potential future changes, Mitsotakis stated: “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.”

Despite the new regulations, there is still a need for further clarification. Vardikos explained to Imi Daily that more information is required, especially concerning the eligibility of converted commercial properties for the €250,000 threshold. He added, “There are rumours that say the commercial property had to be vacant for the past five years.”

The Golden Visa Program has played a key role in Greece’s economic growth. According to figures from Imi Daily, the first seven months of this year saw 4,734 applications for the program, generating over €1.2 billion for the Greek economy. However, there is currently a backlog of nearly 30,000 unprocessed applications awaiting review, reflecting the program’s popularity and the government’s challenge in keeping pace with demand.

By fLEXI tEAM