December 1, 2024
We are about to witness the approval of a forthcoming startup investment residency in Greece that includes investing in local startups, which constitutes a chance of a lifetime for investors who desire to earn a Golden Visa in such a bewitching and heritage-rich country.
Kyriakos Mitsotakis, the Prime Minister of Greece made this legislation draft public at the Thessaloniki International Exhibition in September 2024.
Some Key Points of Greece’s Startup Investment Residency
The new legislation of Greece’s Startup Golden Visa lays the first stone for those who want to live, work, and invest with a minimum investment budget equivalent to EUR 250,000 into the registered startups in Greece.
The draft comes with its specific obligations, part of which include the following criteria:
- The investor’s equity share in the venture shouldn’t exceed 33% of its total capital. Such a requirement prevents the investor from having the upper voice in the enterprise decisions.
- Moreover, Greece’s Startup investment residency requires a financial contribution to minimizing unemployment in the country by opening no less than two vacant jobs during the first year of investment, while keeping these jobs going or even creating new ones for five years after the investment finance.
- The Greek government will make a list of all startups eligible to receive the pre-set EUR 250,000 as a bare minimum for the investment amount to gain the Greek Golden Visa through startup investment. The National Register of Startups institution will be in charge of determining the firms on the list.
- The legislation draft set the residency time frame in the country to 5 years, which may facilitate the process of gaining Greek citizenship later on.
Some Insights about the New Legislation of Golden Visa in Greece and What it Means for Investors
While the new Greece startup investment residency opens up additional avenues for obtaining a Golden Visa, the real estate investment option remains available. The government announced that the property assets will continue in 2025 as a pathway for getting the Golden Visa since it observed its positive impact on the economy which led to some law amendments that raise the property purchase threshold to EUR 400,000.
The new startup-focused Golden Visa is a part of Greece’s all-encompassing pursuit to encourage innovation and new technologies by attracting international talent and capital. That’s why most hypotheses claim that Greece will soon rapidly progress in the tech and green energy sectors as a result of the expected heavy financial funding coming from Greece’s Startup investment residency program. The most of income will be directed to the tech-based startups exhibiting a strong willingness to boost Greece’s economic development by innovating new products and services.
For a long time, Greece’s Golden Visa program has been highly privileged as a preferred choice for investors seeking residency in an EU country. This is because of its relatively low investment approach compared to other European nations. Now, with the introduction of the new startup investment legislation, this track is set to become even more convincing.
