The Greek government recently announced a new option for its Golden Visa program, which is more affordable than traditional real estate investment, based on the current required amounts.
This option involves investment in startups, an initiative aimed at boosting entrepreneurship in the Hellenic country, stated Prime Minister Kyriakos Mitsotakis. The minimum amount will be €250,000.
The figure is interesting because, as of September 1st this year, the threshold for real estate investments eligible for the Golden Visa have increased: up to €800,000 in popular areas such as Attica (which includes the capital, Athens), Thessaloniki, or islands with more than 3,000 inhabitants.
There are two types of real estate investment where the €250,000 amount remains: conversion of commercial or industrial buildings into residences, or restoration of heritage buildings.
What is this new investment option about?
To qualify, the investment must be made in companies registered in the Greek National Startup Registry, with a minimum amount of €250,000. This will grant the investor, starting from January 1, 2025, a residence permit for 5 years.
As an additional requirement, at least two jobs must be created during the first year.
According to local media Ekathimerini.com, the related bill will be voted on by Parliament within the next two months.
The main idea is to transform Greece’s productive model into one based on the production of innovative and high-value-added products.
What about real estate?
As mentioned earlier, the minimum amount for a real estate investment compatible with the Golden Visa has increased to €800,000 in the most popular areas, and to €400,000 in other parts of the country. Exceptionally, if the investment is to convert commercial or industrial premises into residences, or to restore heritage buildings, the amount can be €250,000.
As we can see, the minimum barrier of €250,000 for startup investment represents an interesting alternative to the real estate option in Greece under the current rules.
On the other hand, as reported by IMI Daily, there are still doubts among local real estate actors regarding the conditions under which a converted commercial property can qualify for the €250,000 threshold; there are rumors that the commercial property must have been unused for the last five years.
Other investment options in this Golden Visa program, such as capital contributions to Greek companies, investment in venture capital funds, or real estate investment companies, have a minimum amount of €400,000.
If you’re interested in investing in the Greek market, whether in real estate or startups, schedule a meeting with our team. We have the best professionals to help you make the investment decision that best suits your projects and investor profile.
