Starting January 1, 2025, Greece will implement new changes to its Golden Visa Program in an effort to attract more productive investments, moving away from the heavy reliance on real estate options.
The Greek government revealed further details on the proposed changes in the Draft Budgetary Plan for 2025. The Ministry of National Economy and Finance introduced a new tax bill that outlines provisions to modify the Golden Visa Program. Among these changes is the option to invest in startups, offering a fresh avenue for foreign investors seeking residency.
Foreign investment through the Golden Visa Program is projected to reach a new record in 2024, surpassing €3 billion. In 2023, the program generated €2.54 billion—almost double the €1.3 billion recorded in 2022. A total of 8,516 applications were submitted in 2023, with 1,802 approved, underscoring the continued high interest in the program.
New Requirements for the Golden Visa Program
If the proposed changes are approved, several new requirements will be added to the Residency by Investment Scheme. Key provisions include:
- Foreign investors can acquire shares or stakes in a company, but this must not exceed 33% of the company’s capital or voting rights.
- The company must create at least two new jobs within one year of the investment.
- The company is required to maintain the larger workforce for at least five years following the investment.
Real Estate Investment Option Remains Popular
While Greece is introducing the startup investment option, the most popular route to Golden Visa residency remains purchasing real estate. However, this real estate option has contributed to the ongoing housing crisis in the country.
To address the housing issue, the Greek government plans to raise the minimum investment required for Golden Visa real estate purchases. In some of Greece’s most sought-after areas, the minimum investment threshold will now reach €800,000.
Despite these changes, Dimitris Biniaris, president of the Federation of Real Estate Brokers of Greece, has warned that increasing the investment amount could lead to market distortions.
