The Golden Visa program will now accept startup financing following the recent announcement by Greek Prime Minister Kyriakos Mitsoutakis. This is intended to further boost the country’s economy. and was announced at the 88th Thessaloniki International Trade Fair. A €250,000 investment in Greek businesses may soon qualify wealthy foreigners for a five-year residency, while specifics are still being worked out.
The startup option, according to Christos Th. Vardikos of the law firm Vardikos & Vardikos, “reflects Greece’s focus on attracting innovative investors.” Tech-savvy people who want to interact with Greece’s startup community might find the adjustments interesting.
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Apart from these adjustments, Prime Minister Mitsotakis emphasized more extensive economic initiatives, such as efforts to enhance salaries and assist families; nonetheless, labor unions have taken issue with the government’s approach to high living expenses.
The Golden Visa Program has implemented new minimum investment criteria as of September 1. The minimum investment needed in places like Thessaloniki, Mykonos, and Santorini is now €800,000, whilst in other locations it is €400,000. To renovate listed buildings or turn commercial properties into residential ones, the €250,000 investment option is still available.
According to rumors, homes must have been empty for five years for them to qualify for the new standards, although Vardikos stressed that further information is required to make this clear.
With 4,734 applications in the first seven months of this year, the Golden Visa Program has generated almost €1.2 billion in revenue, which has made a substantial impact on Greece’s economy. About 30,000 applications are still pending processing despite this achievement.
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