Greece is set to introduce the Startup Visa, in an attempt to attract foreign investors in sectors beyond that of real estate. This new visa will be modelled after the Golden Visa, and will be granted to any foreign citizen who invests 250,000 euros in a startup that is registered in the National Startup Registry, with the additional requirement of creating two jobs within the first year.
The program is anticipated to attract investors as the the minimum amount required for the Startup Visa is significantly lower, compared to the amount necessary for the acquisition of the Golden Visa. At the same time, startups themselves become more appealing to foreign backers.
In recent years, Greek startups have increasingly attracted foreign investors, with some experiencing significant growth as a result. According to the British outlet Sifted, in its “Greeking Out 2.0” report, the capitalization of Greek startups now stands at approximately 8-10 billion dollars, a sharp increase from almost negligible levels just eight years ago.
Since 2021, Greek-related startups have seen exits (acquisitions) totaling over 800 million dollars, excluding the 1.2 billion dollar deal involving BETA CAE in 2024.
Data from Endeavor Greece further supports this trend, showing that, in 2023 alone, there were 10 acquisitions, amounting to a total value of 300 million dollars.
So far in 2024, two acquisitions have taken place, including the notable purchase of Beta CAE, a company with Greek roots, by Nasdaq-listed Cadence Design Systems for 1.2 billion dollars.
Tech Visa and Talent Visa
To address the shortage of highly skilled workers, a problem particularly faced by the country’s large companies, the Greek government aims to attract top talent, especially in the tech sector, not only from the pool of Greek expatriates, but also from other countries.
In this effort, Greece has introduced the Tech Visa, allowing highly specialized workers to come and work for one of the 828 startups registered in the national startup registry, Elevate Greece.
The visa initially valid for one year, will be granted through a fast-track process, also granting the applicant’s family eligibility for residency, with options for renewal and the possibility of permanent residence.
Similar Tech Visa programs have been introduced in other countries, including the UK, France, Portugal, Spain, Germany, and even Turkey, with some offering visas of longer duration.
