Greece has announced an expansion of its Golden Visa program to include a new startup investment option. Prime Minister Kyriakos Mitsotakis revealed the details during the Thessaloniki International Fair in September 2024. The Greek government provided more information about the new pathway in its Draft Budgetary Plan for 2025, which was submitted to the European Commission.
Foreign investors can now obtain residency by investing €250,000 in startups registered in the National Register of Startups (Elevate Greece). To qualify, investors must limit their equity participation to no more than 33% of the enterprise’s capital or voting rights. They must also create at least two new jobs within the first year following the investment and maintain this increased workforce for at least five years after investment.
Despite recent media reports suggesting that the government plans to eliminate real estate investment options, the official budget document confirms that this new bill will complement the existing investment options, rather than replace them.
Startup pathway for Golden Visa
Alexander Varnavas of Varnavas Law emphasized that the Greek government does not plan to abolish the real estate option, as they have publicly recognized its significant contribution to the Greek economy.
He added that this point is further confirmed by the recent updates to the law, which are now being implemented under the new provisions for real estate investments. For the proposed changes to become law, the bill must pass through the Greek Parliament, where the current government holds an absolute majority. Given the government’s parliamentary majority, the bill is expected to pass without significant modifications when it comes to a vote next week.
Varnavas stated that the government intends to implement this option as soon as possible, likely by the end of the year. He revealed that he was in contact with startups and entrepreneurs in the industry to review the draft bill and propose the best practices for obtaining a golden visa through investment in the 893 officially registered startups in Greece. This planned addition follows changes to the program’s real estate investment thresholds, which established an €800,000 minimum investment requirement for prime locations, a €400,000 threshold for all other regions, and two €250,000 investment options for converting commercial properties to residential use and restoring listed buildings.
