Greek Prime Minister Kyriakos Mitsotakis recently announced an expansion of Greece’s Golden Visa Program to include startup investments. This strategic move, unveiled during the 88th Thessaloniki International Fair, aims to further boost the country’s economy.
Under this new initiative, third-country nationals will be eligible for a five-year residence permit through a €250,000 investment in Greek startups. While detailed information is yet to be released, this expansion offers an exciting pathway for global investors to support Greece’s thriving startup sector while gaining long-term residency.
The government’s decision to include startup investments in the Golden Visa Program reflects a shift in focus from real estate to innovation. By attracting investors to fund domestic startups, particularly in high-technology sectors, Greece aims to stimulate its startup ecosystem and drive economic growth.
Set to launch on January 1, 2025, this initiative is expected to accelerate investment in a wide range of new companies. Eligible startups will be those registered in the national startup register, Elevate Greece.
This expansion of the Golden Visa Program demonstrates Greece’s commitment to fostering innovation and attracting foreign investment, potentially positioning the country as an emerging hub for startups in the Mediterranean region.
Greece Launches Tech Visa to Attract Global Talent and Boost Startup Ecosystem
Greece has introduced a new Tech Visa program to address the shortage of highly skilled workers, particularly in the country’s large companies and burgeoning tech sector. This initiative aims to attract top talent not only from the pool of Greek expatriates but also from other countries worldwide.
The Tech Visa allows highly specialized workers to come and work for one of the 828 startups currently registered in the national startup registry, Elevate Greece. This strategic move is designed to bolster Greece’s growing startup ecosystem and address the skills gap in the technology sector.
Key features of the Tech Visa include:
- Fast-track application process
- Initial validity of one year
- Eligibility for residency extended to the applicant’s family
- Options for renewal
- Potential pathway to permanent residence
By implementing this program, Greece is positioning itself as an attractive destination for international tech talent. The Tech Visa not only aims to fill critical roles in the country’s startups but also seeks to stimulate innovation and economic growth in the technology sector.
This initiative demonstrates Greece’s commitment to fostering a dynamic and competitive tech industry, potentially transforming the country into a significant tech hub in the Mediterranean region.
Greece’s Economic Resurgence: Strong Growth and FDI Surge in 2024
2024 is being hailed by analysts as the year Greece’s economic rebound will finally be complete. Following a reduced but still solid economic performance in 2023, GDP growth is expected to accelerate slightly in 2024 and 2025, driven by exports, investments, and private consumption.
Key economic indicators:
- The Greek economy is forecast to grow by nearly 3% in 2024.
- This growth is approaching Greece’s pre-crisis size of 2009.
- Greece’s growth far outpaces the euro zone average of 0.8%.
According to the EY Attractiveness Survey Greece 2024, the country has shown the strongest performance in Foreign Direct Investment (FDI) for two consecutive years. This achievement is particularly noteworthy given the broader European context:
- Investments in Europe decreased by 4% in 2023.
- Europe has seen a cumulative decline of 14% in investments since 2017.
- Despite this trend, Greece has managed to attract an increasing number of FDI projects.
The qualitative composition of investments in Greece continues to improve, with a significant focus on:
- Knowledge-intensive and high value-added activities.
- Sectors critical for transforming Greece’s economic production model.
Key sectors attracting FDI include:
- Software and IT services (ranked first with 24% share, down from 40% last year)
- Professional services and business services (16%)
- Transportation and logistics (16%)
This data suggests that Greece is not only recovering from its economic crisis but is also positioning itself as an attractive destination for high-value investments, particularly in technology and service-oriented sectors.
Golden Visa Program Updates: New Investment Thresholds and Real Estate Options
The Greek Residency by Investment Program, widely known as the Golden Visa Program, has undergone significant changes effective September 1. This program, which offers international residency in exchange for financial investments, has been modified to align with current economic goals and market conditions.
Key updates to the program include:
- An increase in the minimum investment amount required for participation in the program.
- Retention of two specific €250,000 real estate investment options:
- Converting commercial properties to residential use
- Restoring listed buildings
These changes reflect Greece’s effort to balance attracting foreign investment with managing its real estate market and preserving its architectural heritage. By maintaining lower investment thresholds for property conversion and restoration of listed buildings, Greece aims to encourage urban regeneration and the preservation of historically significant structures.
The retention of these specific investment options at the €250,000 level, while presumably increasing thresholds for other types of investments, suggests a strategic approach to directing foreign capital towards areas of particular interest to the Greek government.
These updates to the Golden Visa Program demonstrate Greece’s commitment to refining its investment migration policies, potentially making the program more selective while still offering attractive options for international investors interested in gaining residency in the country.
For more information on eligible properties and investment opportunities, interested parties are encouraged to contact Golden Visa Greece.
