Greece Expands Golden Visa Program to Include Investments in Startups

Greece’s Golden Visa program has attracted billions of euros in real estate investment over recent years, and now the country is offering an alternative pathway for foreign nationals seeking residency.

Starting on January 1, 2025, citizens of third countries will have the opportunity to apply for a Greek Golden Visa by investing in Greek startup companies or equity mutual funds.

According to reports, Greece is aligning with other European nations by moving away from linking its Golden Visa program to real estate and will focus on startups, encouraging “more productive investments”. The shift is aimed at redirecting investor interest from the real estate sector, which has contributed to housing market issues and rising rental costs, to fostering innovation and economic growth through startup funding.

Shifting from real estate to startups

According to a new draft tax law currently under public deliberation until November 19, foreign investors can obtain a Golden Visa by making investments of at least 250,000 euros in startups listed in the official Elevate Greece register. Alternatively, investors may choose to direct funds into venture capital frameworks, such as equity mutual funds, provided they are willing to invest over 500,000 euros.

Industry sources believe this shift toward startup and venture capital investment is a positive development, already being adopted in other European countries. The move is expected to boost the flow of international private investment into the Greek market, diversifying sources of economic growth.

Investment requirements and specifications

To qualify for a Golden Visa through startup investment, foreign nationals must acquire shares or equity in a startup, with the investor’s holding not exceeding 33 percent of the company’s total share capital or voting rights. Additionally, the startup must create at least two new jobs within one year of its establishment and maintain these jobs for a minimum of five years.

If the investment is made through a Greek-established legal entity, the investor can apply for a Golden Visa if they are the sole owner of the company. Alternatively, if the investment is made through a foreign legal entity, up to three shareholders may be eligible for the Golden Visa, with each holding at least 33 percent of the company’s shares.

The initial Golden Visa will be issued for one year, after which it can be renewed every two years, provided the investor continues to meet the program’s requirements.

A Strategic Shift in Investment Focus

This initiative reflects Greece’s effort to shift investments from the real estate sector to more productive ventures, particularly in innovation-driven startups. The government aims to encourage greater economic diversification and foster entrepreneurship.

Greece’s Golden Visa program has already attracted substantial investment, with 1.3 billion euros in real estate investments in 2022, 2.54 billion euros in 2023, and an expected 3 billion euros by the end of this year. However, of the 8,516 Golden Visa applications submitted to date, only 1,802 have been approved.

While real estate remains a major focus for investment, other countries have already begun redirecting funds toward alternative investments. Portugal, for example, directs Golden Visa funds into mutual funds, while Spain requires bank deposits — both strategies aimed at addressing rising housing prices.