Greece has just made an important move in attracting more international investment when Prime Minister Kyriakos Mitsotakis announced plans to expand the Golden Visa program, including a new option with an investment of EUR 250,000 in startups in Greece. This is part of a comprehensive economic development strategy. presented at the 88th Thessaloniki International Fair.

1. New Investment Options: Startups and Technology

The new investment option allows foreign investors to receive a five-year residence card through a EUR 250,000 investment in Greek startups. Although the specifics of the program have not yet been announced, Christos Th. Vardikos from the law firm Vardikos & Vardikos said this is a major step forward for Greece in terms of revenue. attract international investors with expertise in technology, contributing to the country’s growing startup ecosystem.

Vardikos said that the opportunity to invest in this startup will “open the door for technology investors who want to access and grow in Greece’s potential startup ecosystem.”

2. In line with Prime Minister Mitsotakis’ vision for economic development

Prime Minister Mitsotakis presented the plan as part of Greece’s long-term vision for economic growth and innovation. He stressed that the government has not only put in place “useful and effective measures” but also has a concrete strategy to increase wages. support families and address housing issues. This expanded Golden Visa program is an important part of attracting more investment capital in the technology and startup sectors.

3. Change the real estate investment level for the Golden Visa program

In addition to the startup option, the Greek government has also changed the level of real estate investment for the Golden Visa program from September 1, 2024. Investors must now commit an investment of EUR 800,000 in key areas such as Attica, Thessaloniki and large islands with populations of over 3,100 people. However, the program retains two investment options of EUR 250,000 for the conversion of commercial real estate into housing or the restoration of buildings of historic value.

Vardikos said there is still a need for clarification on how commercial properties converted into housing will qualify for the EUR 250,000 investment. There are rumors that commercial properties need to be vacant for at least five years to meet this condition.

4. Strong growth of the commercial real estate market

Shortly before the Golden Visa changes came into effect, the Greek commercial real estate market saw significant growth. In the first half of 2024, the total value of commercial real estate transactions exceeded EUR 800 million, up 15% year-on-year. Office buildings and hotels account for 70% of the total transaction value.

This proves that the real estate market in Greece is still very vibrant and continues to attract the interest of international investors, especially in the context of changes to the Golden Visa program that are creating new opportunities.

5. Other investment options in the Golden Visa program

In addition to real estate and startups, the Greek Golden Visa program also offers many other investment options with a minimum of 400,000 EUR. These options include:

• Contributing capital to Greek companies,
• Invest in real estate investment funds,
• Buy government bonds,
• Invest in venture capital funds and alternative asset funds.

Another option requires an investment of EUR 800,000 in stocks, corporate bonds, or Greek government bonds traded on the Greek market.

Conclude

Greece’s Golden Visa program is continuing to expand and offers many attractive opportunities for international investors. With new investment options in startups and attractive real estate investment opportunities, Greece has been establishing itself as one of the most notable investment destinations in Europe.

If you are considering investing to get a residence card in Europe, the Greek Golden Visa is definitely a program you can’t afford to miss.

Contact Portico & Bridge now for detailed advice on the Golden Visa program and investment opportunities in Greece!