Is Greece no longer allowing real estate investments for Golden Visas?

In September 2024, Prime Minister Kyriakos Mitsotakis announced plans to expand Greece’s Golden Visa Program with a startup investment option at the Thessaloniki International Fair. Now, the Greek government has provided more details about this new program in its draft budget plan for 2025.

The new draft law will open up an attractive residency path for foreign investors, allowing them to obtain a residence permit by investing €250,000 in startups registered in the Elevate Greece system. Investors must meet three key requirements:

• Hold a maximum of 33% of the company’s shares or voting rights
• Create at least two new jobs in the first year after investment
• Maintain this number of jobs for at least five subsequent years

Contrary to some reports suggesting that Greece will discontinue the real estate investment option, the government has confirmed that the new Golden Visa program will simply add to the existing options.

The draft states: “The Golden Visa program will be reformed from 2025 to attract more productive investments. Specifically, Golden Visas will also be granted for minimum investments of €250,000 in startups.”

Lawyer Alexander Varnavas from Varnavas Law Firm asserts that speculations about abolishing the real estate investment option are inaccurate: “The Greek government has no intention of eliminating this option as it has acknowledged the significant economic contribution it brings.” He also stated that the latest regulations regarding real estate investments have already come into effect under Greek law.

To become law, the draft must be passed by the Greek Parliament, and the current government holds an absolute majority, making it likely that the bill will be approved without significant changes in the upcoming vote.

Varnavas also revealed that he is collaborating with startups and entrepreneurs to “review the draft and propose optimal solutions to help investors easily obtain Golden Visas through investments in 893 officially registered startups in Greece.”

This expansion follows Greece’s adjustment of the minimum investment threshold for real estate in September 2024, as follows:

• €800,000 investment for prime locations such as Attica, Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100
• €400,000 investment for all other regions
• Two €250,000 investment options for converting commercial properties into residential use and restoring historical buildings

In essence, the new Golden Visa program in Greece provides investors with an additional option to invest in startups while maintaining the existing real estate investment path.