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Greek Prime Minister Announces New €250,000 Golden Visa Investment Option · IMI Podcasts

• 0:00
  SPEAKER_00: Greek Prime Minister Kyriakos Mitsutakis has announced plans to expand the country's golden visa program to include startup investments.
• 0:09
  SPEAKER_00: The move is part of a comprehensive economic strategy announced at the 88th Thessaloniki International Fair.
• 0:18
  SPEAKER_00: The new investment route will allow foreign investors to obtain a five-year residence permit through a 250,000 euro investment in Greek startups.
• 0:30
  SPEAKER_00: The government, however, has not released detailed information on this new option.
• 0:35
  SPEAKER_00: Christos Vardikos of Vardikos and Vardikos believes the proposed startup investment option signals Greece's commitment to fostering innovation and attracting international talent.
• 0:45
  SPEAKER_00: He notes this€250,000 route could open doors for tech-savvy investors looking to engage with Greece's growing startup ecosystem.
• 0:56
  SPEAKER_00: This move aligns with Mitsutakis's broader vision for economic growth and innovation.
• 1:01
  SPEAKER_00: Mitsutatakis emphasized he brings, quote, only suggestions for useful and effective options, end quote, rather than a bag of frivolous benefits, outlining a series of measures to increase wages, support families, and address housing challenges.
• 1:20
  SPEAKER_00: The economic plan encompasses 45 measures, including pension increases, minimum wage hikes, and interventions to boost entrepreneurship.
• 1:31
  SPEAKER_00: The startup investment option for the Golden Visa program fits into this framework, potentially attracting fresh capital and expertise to Greece's tech sector.
• 1:43
  SPEAKER_00: New real estate investment thresholds for the Golden Visa program took effect on September 1, 2024, placing the program in a transitional phase.
• 1:54
  SPEAKER_00: Investors must now commit€800,000 in prime locations such as Attica, Thessaloniki, and popular islands, with over 3,100 inhabitants.
• 2:06
  SPEAKER_00: However, the program retains two€250,000 real estate investment options, converting commercial properties to residential use or restoring listed buildings.
• 2:20
  SPEAKER_00: Vardikos points out that clarity is still needed on some aspects of these options.
• 2:41
  SPEAKER_00: He explains.
• 2:43
  SPEAKER_00: There are rumors that say the commercial property had to be vacant for the past five years.
• 2:50
  SPEAKER_00: The Golden Visa program has experienced a surge in popularity.
• 2:55
  SPEAKER_00: Nearly 30,000 unprocessed applications currently await review.
• 3:01
  SPEAKER_00: In the first seven months of 2024, investors submitted 4,734 applications, potentially injecting over 1.2 billion euros into the Greek economy.
• 3:15
  SPEAKER_00: Vardikos emphasizes the importance of considering, quote, how this new option will integrate with the existing investment pathways and the program's current backlog of applications.
• 3:27
  SPEAKER_00: End quote.
• 3:29
  SPEAKER_00: Greece's commercial property market has shown robust growth even before the Golden Visa changes took effect.
• 3:36
  SPEAKER_00: Transactions exceeded 800 million euros in the first half of 2024, marking a 15% increase from the previous year.
• 3:46
  SPEAKER_00: Office buildings and hotels absorbed 70% of the total transaction volume.
• 3:52
  SPEAKER_00: The government has also implemented restrictions on property use for golden visa holders, prohibiting short-term rentals and the use of converted properties as company headquarters.
• 4:04
  SPEAKER_00: Non-compliance can result in permit revocation and a 50,000 euro fine.
• 4:11
  SPEAKER_00: The Golden Visa Program also offers several other investment options, all at a minimum threshold of 400,000 Ady.
• 4:21
  SPEAKER_00: These include capital contributions to Greek companies, real estate investment companies, and venture capital funds.
• 4:29
  SPEAKER_00: Investors can also purchase Greek treasury bonds, make term deposits in Greek banks, or invest in mutual funds, and alternative investment funds focused on Greek assets.
• 4:42
  SPEAKER_00: One option requires an 800,000 euro investment in shares, corporate bonds, or Greek treasury bonds traded on Greek markets.
• 4:52
  SPEAKER_00: This episode first appeared as an article by Ahmed Abbas on IMIDaily.com.
• 4:59
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