Prime Minister Kyriakos Mitsotakis has announced that Greece will extend its Golden Visa Program to encompass startup investments with a view to stimulating the country’s economy and innovation sector further. The initiative was unveiled at the 88th Thessaloniki International Fair earlier this month. Under the new scheme, foreign nationals can secure a five-year residence permit by investing €250,000 in Greek startups.

This announcement follows recent changes to the existing Golden Visa Program, effective September 1, 2024. These modifications include increased minimum investment thresholds for certain regions, rising from €500,000 to €800,000 in popular areas like Thessaloniki and Mykonos, as well as 32 islands with over 3,100 permanent residents. As for the rest of Greece, the minimum jumped from €250,000 to €400,000.

The program retains two €250,000 investment options for converting commercial properties to residential use or restoring listed buildings. However, some aspects of these changes still require clarification from the government.

The Golden Visa Program continues to significantly contribute to Greece’s economy. In the first seven months of 2024, it attracted 4,734 applications, generating over €1.2 billion.