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Greek Prime Minister Announces New €250,000 Golden Visa Investment Option

The new investment option, which is part of a broader economic plan, will allow investors to obtain a Golden Visa by investing in startups

Greek Prime Minister Kyriakos Mitsotakis has announced plans to expand the country’s Golden Visa program to include startup investments. The move is part of a comprehensive economic strategy announced at the 88th Thessaloniki International Fair.

The new investment route will allow foreign investors to obtain a five-year residence permit through a €250,000 investment in Greek startups. The government, however, has not released detailed information on this new option.

Christos Th. Vardikos of Vardikos & Vardikos believes the proposed startup investment option “signals Greece’s commitment to fostering innovation and attracting international talent.” He notes this €250,000 route could “open doors for tech-savvy investors looking to engage with Greece’s growing startup ecosystem.”

Christos Th. Vardikos

This move aligns with Mitsotakis’s broader vision for economic growth and innovation. Mitsotakis emphasized he brings “only suggestions for useful and effective options” rather than “a bag of frivolous benefits,” outlining a series of measures to increase wages, support families, and address housing challenges.

The economic plan encompasses 45 measures, including pension increases, minimum wage hikes, and interventions to boost entrepreneurship.

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The startup investment option for the Golden Visa program fits into this framework, potentially attracting fresh capital and expertise to Greece’s tech sector.

New real estate investment thresholds for the Golden Visa program took effect on September 1, 2024, placing the program in a transitional phase.

Investors must now commit €800,000 in prime locations such as Attica, Thessaloniki, and popular islands with over 3,100 inhabitants. However, the program retains two €250,000 real estate investment options: converting commercial properties to residential use or restoring listed buildings.

Vardikos points out that clarity is still needed on some aspects of these 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 explains. There are “rumors that say the commercial property had to be vacant for the past five years.”

The Golden Visa program has experienced a surge in popularity. Nearly 30,000 unprocessed applications currently await review. In the first seven months of 2024, investors submitted 4,734 applications, potentially injecting over €1.2 billion into the Greek economy.

Vardikos emphasizes the importance of considering “how this new option will integrate with the existing investment pathways and the program’s current backlog of applications.”

Greece's commercial property market has shown robust growth even before the Golden Visa changes took effect. Transactions exceeded €800 million in the first half of 2024, marking a 15% increase from the previous year. Office buildings and hotels absorbed 70% of the total transaction volume.

The government has also implemented restrictions on property use for Golden Visa holders, prohibiting short-term rentals and the use of converted properties as company headquarters. Non-compliance can result in permit revocation and a €50,000 fine.

The Golden Visa program also offers several other investment options, all at a minimum threshold of €400,000. These include capital contributions to Greek companies, real estate investment companies, and venture capital funds.

Investors can also purchase Greek treasury bonds, make term deposits in Greek banks, or invest in mutual funds and alternative investment funds focused on Greek assets. One option requires an €800,000 investment in shares, corporate bonds, or Greek treasury bonds traded on Greek markets.

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