The government plans to introduce a scheme decoupling the Greek Golden Visa Program from real estate investments starting in 2025. The aim is to shift focus away from property investments towards fostering startup entrepreneurship.
The Greek government wants to steer investor capital towards more productive ventures, stepping back from real estate capital placements, which have previously caused issues in the housing market, including rising rents.
This year, the is expected to set a new record, with investments exceeding €3 billion. Last year, foreign capital inflows surpassed €2.54 billion, up from €1.3 billion in 2022, with 8,516 applications submitted and 1,802 approvals granted.
The tax bill from the Ministry of National Economy and Finance includes provisions altering the Golden Visa framework. From January 1, 2025, conditions for granting the Greek Golden Visa will require investments in Greek startups.
Requirements for Golden Visa Investors
According to the tax bill, the following requirements must be met for the issuance and renewal of the residence permit:
- Equity Participation: Acquired shares, stakes, or equity must not exceed 33% of the enterprise’s capital or voting rights.
- Job Creation: The company must create at least two new jobs within the first year following the investment.
- Job Maintenance: The enterprise must maintain this increased workforce for at least five years post-investment.
Greece’s decision to follow the example of Spain and Portugal, which have disconnected Golden Visa issuance from real estate investments, was made due to rising property prices. Portugal, grappling with a severe housing crisis, now mandates investment in capital rather than property for visa eligibility. Similarly, Spain no longer allows real estate investments for obtaining a Golden Visa but requires deposits in national banks.
