Greece is expanding its Golden Visa Program to include investments in startups, according to an announcement by Prime Minister Kyriakos Mitsotakis. This new policy is part of a broader economic strategy revealed at the 88th Thessaloniki International Fair, aimed at strengthening the national economy, Schengen.News reports.
Under the revised program, foreign investors who invest €250,000 in Greek startups will be eligible for a five-year residence permit. Details about the implementation of this new option have not yet been released by the government.
Christos Th. Vardikos, a partner at the international law firm Vardikos & Vardikos, told Imi Daily that this new investment opportunity demonstrates Greece’s commitment to innovation and attracting international talent. Vardikos noted that this could attract tech-savvy investors interested in Greece’s startup scene.
Prime Minister Mitsotakis emphasized that his proposals focus on practical and effective solutions. He highlighted measures to raise wages, tackle housing issues, and support families.
However, labor unions have criticized the government’s handling of living costs and wages, leading to calls for protests in Thessaloniki.
Changes to the Golden Visa Program Effective from September 1
As of September 1, significant changes have been made to Greece’s Golden Visa Program. The program, which offers residency in exchange for financial investment, has seen an increase in the minimum investment amounts.
Prime Minister Mitsotakis announced that the minimum investment required has risen from €500,000 to €800,000 for properties in high-demand areas such as Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100. In other regions, the investment amount has increased from €250,000 to €400,000.
Despite these changes, the program still offers two €250,000 investment options: purchasing commercial properties for residential conversion or restoring listed buildings.
Mitsotakis indicated that further increases in the investment threshold might be considered, particularly for areas with high rents, potentially raising the amount to €800,000.
Vardikos pointed out that further clarification is needed regarding the new rules for converting commercial properties into residential ones under the €250,000 option. There are speculations that such properties must have been vacant for the past five years.
The Golden Visa Program has been a significant contributor to Greece’s economy. According to Imi Daily, Greece received 4,734 applications for the program in the first seven months of this year, generating over €1.2 billion. However, there are currently nearly 30,000 pending applications awaiting review.