Greece is making significant changes to its Golden Visa program, designed to attract international investors and boost its economy.
Announced by Prime Minister Kyriakos Mitsotakis at the 88th Thessaloniki International Fair in September 2024, these updates include a new €250,000 investment option that allows foreign investors to obtain a five-year residence permit by investing in Greek startups. This move is part of Greece’s broader plan to promote innovation and bring more global investors into the country’s growing tech sector.
New Investment Pathway: Greek Startups
The latest addition to the Golden Visa program is aimed at encouraging investment in startups. By investing €250,000 in a Greek startup, foreign nationals can now secure a residence permit. This new route is expected to attract tech-savvy investors interested in supporting Greece’s startup ecosystem, which has been growing steadily in recent years.
While the Greek government has made this announcement, more specific details regarding the eligibility criteria for these startup investments have yet to be clarified. Investors will need to keep an eye out for further guidance in the coming months.
Economic Reforms and the Broader Vision
The new startup investment option is just one part of a larger economic reform plan led by Prime Minister Mitsotakis. During his speech at the Thessaloniki Fair, he presented 45 measures to boost wages, support families, and encourage entrepreneurship. These reforms include raising the minimum wage, increasing pensions, and implementing policies to tackle housing issues.
The addition of the startup investment route within the Golden Visa program ties directly into this economic vision. By attracting foreign investors to Greece’s startup sector, the country hopes to increase innovation, create jobs, and further strengthen its economy.
Updated Real Estate Thresholds
In addition to the new startup route, Greece has also revised the real estate investment thresholds for its Golden Visa program, which took effect on September 1, 2024. To qualify for a Golden Visa in prime locations like Attica, Thessaloniki, and certain islands, investors now need to invest a minimum of €800,000.
However, there are still two real estate options available for the original €250,000 investment:
- Conversion of Commercial Properties to Residential Use: Investors can qualify by converting commercial properties into residential spaces, though some conditions still need clarification, such as whether the property has to have been vacant for five years.
- Restoration of Listed Buildings: Investors can also choose to restore historically significant buildings, which helps preserve Greece’s architectural heritage while qualifying for the Golden Visa.
Other Investment Options for Golden Visa
While real estate investments have been the primary path for Golden Visa applicants, Greece also offers several other investment options, each requiring a minimum of €400,000. These options include:
- Capital Contributions to Greek Companies
- Venture Capital Funds focused on Greek assets
- Greek Treasury Bonds, Corporate Bonds, or Shares: Investors can also put €800,000 into shares, bonds, or Greek treasury bonds traded in Greek markets.
These diverse investment pathways allow investors to support different sectors of the Greek economy while securing residency.
Growing Demand for Greece’s Golden Visa Program
Greece’s Golden Visa program has seen a surge in popularity over the past few years. By mid-2024, nearly 30,000 applications were still awaiting approval, and in the first seven months of 2024 alone, 4,734 new applications were submitted. This influx of interest could potentially inject over €1.2 billion into the Greek economy.
Greece’s commercial property market has also shown strong growth, with transactions exceeding €800 million in the first half of 2024—a 15% increase from the previous year. Office buildings and hotels made up 70% of this transaction volume, showing that Greece remains a highly attractive destination for property investors.
Restrictions on Property Use for Golden Visa Holders
The Greek government has introduced new restrictions on how Golden Visa holders can use their properties. These include a ban on short-term rentals like Airbnb and the use of converted properties as company headquarters. Violating these rules could result in permit revocation and fines of up to €50,000.
These new rules ensure that the Golden Visa program remains focused on genuine residency rather than purely speculative investment.
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