Key Highlights:

1. New Investment Path for Greek Golden Visa: Greece’s Golden Visa program is expanding to include a €250,000 investment option in startups, offering a unique opportunity for foreign investors to gain residency while supporting innovation.
2. Rising Real Estate Investment Requirements: The Golden Visa’s real estate threshold has risen to €800,000 in prime locations, but more affordable options remain for specific projects like converting commercial properties into residential spaces.
3. Boosting Greece’s Economy: The program has already seen a surge in interest, with over €1.2 billion in potential investment in 2024, as Greece aims to attract international talent and capital through this expanded initiative.

Greece Expands Golden Visa Program to Attract Startup Investments

Greece is taking bold steps to expand its Golden Visa program by adding a new investment route that could revolutionize how foreign investors engage with the country’s growing startup ecosystem. Announced by Prime Minister Kyriakos Mitsotakis at the 88th Thessaloniki International Fair, this new initiative is part of a broader economic strategy designed to attract international capital and foster innovation.

For years, Greece’s Golden Visa has been a magnet for real estate investors seeking to gain residency in the Mediterranean country. But the game is about to change. Investors can now secure a five-year residence permit through a €250,000 investment in Greek startups. Though the government has yet to provide all the fine details, this addition to the Golden Visa program could open up exciting new opportunities for tech-savvy entrepreneurs.

Christos Th. Vardikos, a prominent legal expert from Vardikos & Vardikos, views this expansion as a significant step for the country’s future. He notes, “This startup investment option signals Greece’s commitment to fostering innovation and attracting international talent.” Vardikos believes this €250,000 route could serve as a gateway for investors eager to tap into the energy and potential of Greece’s burgeoning startup scene.

Greece’s Economic Vision for Growth

This announcement comes as part of a larger economic plan that encompasses 45 key measures aimed at boosting the country’s financial health. These include pension increases, minimum wage hikes, and initiatives to stimulate entrepreneurship. The new startup investment option for the Golden Visa fits into this broader framework, highlighting Greece’s efforts to create an environment ripe for both domestic and international investment.

While the startup option is generating buzz, the traditional real estate investment route remains an integral part of the Golden Visa program. Investors who want to secure residency through real estate now face a higher threshold of €800,000 in prime locations like Attica, Thessaloniki, and popular islands with more than 3,100 inhabitants. However, there are still opportunities to invest €250,000 in converting commercial properties to residential use or restoring listed buildings.

Vardikos highlights some uncertainties regarding these lower-priced investment options. “Within the next days, the government should clarify the conditions of how a converted commercial property into a residential property is eligible for the €250,000 threshold,” he says. There’s speculation that to qualify, the commercial property may need to have been vacant for five years, but this remains unconfirmed.

Golden Visa Surge: A Boon for Greece’s Economy

Greece’s Golden Visa program is experiencing unprecedented demand. Nearly 30,000 unprocessed applications are waiting to be reviewed, and in just the first seven months of 2024, 4,734 applications were submitted. These investments have the potential to inject over €1.2 billion into the Greek economy, underscoring the program’s growing appeal to foreign investors.

As Greece navigates this transitional phase with its Golden Visa program, the government’s efforts to diversify investment options—such as through startups—could prove to be a game-changer. By appealing to a broader audience, from tech investors to traditional real estate enthusiasts, Greece is positioning itself as an attractive destination for both innovation and investment. Whether through startups or real estate, these new pathways offer global investors a chance to participate in Greece’s bright economic future.