Greece is set to broaden its Golden Visa Program to encompass startup funding.
The most recent adjustments are a component of the economic plan that was unveiled at the 88th Thessaloniki International Fair in an effort to strengthen the nation’s economy
According to the ruling, international nationals with substantial wealth who invest €250,000 in Greek companies will be able to secure a five-year residency permit. On the other hand, about the recent announcement, the administration has not released any comprehensive details.
According to Christos Th. Vardikos of the international law firm Vardikos & Vardikos, the proposed startup investment option demonstrates the Hellenic Republic’s dedication to promoting innovation and drawing in talent from around the world, as reported by Imi Daily.
Vardikos added that the new modifications might provide opportunities for tech-savvy investors to interact with the startup community in the Hellenic Republic.
Prime Minister Mitsotaiks emphasized a number of initiatives to raise salaries, solve housing issues, and assist families, saying that he only makes recommendations for practical and viable solutions rather than a satchel of unnecessary advantages
Nonetheless, labor unions in Thessaloniki issued a call for rallies, criticizing the government’s handling of living expenses and low pay.
On September 1, New Golden Visa Revisions Went Into Effect
New modifications to Greece’s Residency by Investment Program, also referred to as the Golden Visa Program, went into effect on September 1. The program grants foreign residency in return for financial investments.
An increase in the minimum amount needed to be invested through this program was also included in the new adjustments
The minimum amount needed for investments in some areas of the country, such Thessaloniki, Mykonos, and Santorini, as well as islands with a population greater than 3,100, would increase from €500,000 to €800,000 as of September 1, according to Greek Prime Minister Kyriakos Mitsotakis
Rich foreign investors will need to pay €400,000 in other regions rather than €250,000 to own a home under this program.
However, two €250,000 real estate investment options—converting commercial assets to residential use or repairing listed buildings—remain available under the program.
Vardikos informed IMI that further information is still required about the recent modifications made to the Residency by Investment program.
The Greek economy benefits greatly from the Golden Visa Program. According to data from Imi Daily, Greece received 4,734 applications for the Golden Visa program in the first seven months of this year, generating almost €1.2 billion for the country’s economy.
Nevertheless, there are currently close to 30,000 unanswered requests for this program that are pending review.
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