Latest / IMI Podcasts / Greece Outlines Golden Visa Startup Investment Requirements, Real Estate to Stay
Transcript
- 0:00SPEAKER_00: Prime Minister Kyriakos Mitsotakis first announced plans to expand Greece's Golden Visa program with a start-up option at the Thessaloniki International Fair in September 2024.
- 0:11SPEAKER_00: The government has now included more details regarding the new option in its draft budgetary plan for 2025, which it submitted to the European Commission this month.
- 0:21SPEAKER_00: The bill outlines a new pathway that will enable foreign investors to obtain residency by investing€250,000 in startups registered in the National Register of Startups.
- 0:34SPEAKER_00: According to the bill, investors must meet three key requirements limit their equity participation to no more than 33% of the enterprise's capital or voting rights, create at least two new jobs within the first year following the investment, maintain this increased workforce for at least five years after investment.
- 0:54SPEAKER_00: Contrary to recent media reports suggesting that the government plans to eliminate real estate investment options, the official budget document confirms that this new bill will only add to the existing investment options.
- 1:07SPEAKER_00: The bill states the Golden Visa Scheme will be reformed from 2025 onwards in order to attract more productive investments.
- 1:15SPEAKER_00: Specifically, a golden visa will also be granted for investments of minimum€250,000 in startups.
- 1:23SPEAKER_00: Alexander Varnavas of Varnavas Law emphasizes that recent speculation about the real estate option has been inaccurate, noting that, quote, the Greek government does not plan to abolish this option, as they have publicly recognized its significant contribution to the Greek economy, end quote.
- 1:41SPEAKER_00: He says that this point is, quote, further confirmed by the recent updates to the law, which we are now implementing under the new provisions for real estate investments, end quote.
- 1:51SPEAKER_00: For the proposed changes to become law, the bill must pass through the Greek Parliament, where the current government holds an absolute majority.
- 2:00SPEAKER_00: The legislative process involves review by parliamentary committees, followed by debate and voting in the plenary session.
- 2:07SPEAKER_00: Given the government's parliamentary majority, the bill should pass without significant modifications when it comes to a vote next week.
- 2:14SPEAKER_00: Quote, we understand that the government intends to implement this option as soon as possible, likely by the end of the year.
- 2:21SPEAKER_00: End quote, Varnava stated, he revealed that he was in contact with startups and entrepreneurs in the industry to review the draft bill and propose the best practices for obtaining a golden visa through investment in the 893 officially registered startups in Greece.
- 2:38SPEAKER_00: This planned addition follows the September 2024 adjustments to the program's real estate investment thresholds, which established an€800,000 minimum investment requirement for prime locations, including Attica, Thessaloniki, Mykonos, Santorini, and Islands, with populations exceeding€3,100 inhabitants, a€400,000 threshold for all other regions, two€250,000 investment options for converting commercial properties to residential use and restoring listed buildings.
- 3:13SPEAKER_00: This episode first appeared as an article by Ahmad Abbas on IMIDaily.com.
- 3:19SPEAKER_00: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry.
- 3:25SPEAKER_00: And upgrade your membership to IMI Pro to get access to our exclusive professional community, citizenship catalogue, investment migration company Rollodex, private briefings, and more members only content.