Greece to Introduce Major Changes to Golden Visa Program in 2025

Starting January 1, 2025, Greece’s Golden Visa Program will undergo significant reforms, shifting its focus from real estate investments toward more productive avenues, such as startup investments and attracting foreign investors.

In Greece’s Draft Budgetary Plan for 2025, the government has detailed a new “Startup Investment” pathway as part of a tax bill introduced by the Ministry of National Economy and Finance.

The bill includes several provisions aimed at revamping the Golden Visa Program, encouraging investors to contribute to Greece’s economy in ways that foster innovation and job creation.

This year, Greece’s Golden Visa Program is on track to reach a record high in foreign investments, expected to exceed €3 billion. Demand for the program remains high, with over 8,500 applications submitted in 2023, of which 1,802 were approved.

New Requirements for Residency by Investment in Greece

If the proposed bill is passed, the Golden Visa Program will introduce several requirements for investors seeking residency in Greece:

Equity Investment Limits: Foreign investors can purchase up to 33% of a company's capital or voting rights.
Job Creation Mandate: The company must create at least two new jobs within the first year after the investment.
Long-Term Job Retention: The company must maintain these jobs, or an equivalent larger workforce, for a minimum of five years.

While the Greek Golden Visa Program has offered various investment options, real estate remains the most popular. Yet, this popularity has led to rising property prices, exacerbating Greece’s housing crisis.

In response, Greece raised the minimum investment threshold for real estate in high-demand areas to €800,000 to help address this issue. However, according to Dimitris Biniaris, president of the Federation of Real Estate Brokers of Greece, this move has led to market distortions, impacting affordability and availability in popular locations.

With its upcoming adjustments, Greece’s Golden Visa Program is set to balance attracting foreign investment with a focus on sustainable economic contributions, potentially steering interest toward startups and other business ventures.

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