Greek Prime Minister Kyriakos Mitsotakis recently announced significant updates to Greece’s Golden Visa program, aiming to stimulate the country’s economy by attracting foreign investment. The new program focuses not only on real estate but also includes incentives for startup investors, as part of a broader economic strategy.
Key Announcements:
Startup Investment Option: Under the revised Golden Visa scheme, foreign nationals can secure long-term residency by investing a minimum of €250,000 in Greek startups. This move is designed to attract entrepreneurs and boost innovation, particularly in tech sectors.
Increased Real Estate Thresholds: For real estate investments, the minimum threshold has risen to €400,000 in some regions and €800,000 in others, such as in Attica (Athens), Thessaloniki, and popular tourist destinations like Mykonos and Santorini.
Targeted Economic Growth: Mitsotakis’ government sees this updated visa as a means to modernize the economy, promote high-value investments, and attract international capital that can create jobs and foster economic development, particularly in the innovation and tourism sectors
Impact on the Greek Economy:
The expanded scope of the Golden Visa program is expected to bolster Greece’s economy in several ways:
Increased Foreign Direct Investment (FDI): By broadening the visa options, Greece hopes to attract more diverse investors beyond just real estate buyers. The startup focus aims to foster innovation and entrepreneurship, driving long-term economic growth.
Real Estate Market Growth: With higher investment thresholds for key regions, the real estate sector, particularly in high-demand areas like Athens and Mykonos, will see increased foreign demand, potentially boosting property values and infrastructure.
Tourism and Infrastructure Development: Restrictions on short-term rental properties in some regions will regulate the housing market, helping address issues like housing affordability and maintaining infrastructure.
Overall, these changes reflect the government’s broader vision of an economically vibrant Greece, powered by innovation, tourism, and strategic investments.
