New Greece 250k Golden Visa Option: What We Know So Far
After announcing an increase in the real estate threshold for its Golden Visa program, Greece has now declared that a new EUR 250,000 option will soon be available. The news was communicated by the Prime Minister Kyriakos Mitsotakis at the 88th International Exhibition of Thessaloniki, along with other measures such as incentives to greenhouse cultivations, abolition of the 15% tax on health insurance for children up to 18 years old, and the goal to increase the minimum wage to EUR 950,00 Euros by April 2027, to name a few.
As far as the Residency by Investment program is concerned, Mr. Mitsotakis stated that the country will start issuing Golden Visas to applicants who invest at least EUR 250,000 in the finance of startups.
It is not clear when this new measure will become effective. Also, it is still not known if the government will have a list of selected companies that could be invested in or if any startup business will be eligible to receive an investment in turn for a Residency. Lastly, according to media outlets, the visa will be valid for 5 years.
As experts are in the hopes that the government will soon give more information on another EUR 250,000 Golden Visa option – that encompasses turning commercial properties into residential ones – it is expected that new instructions on this startup investment pathway to residency will be shared as well.
What the New Greek Golden Visa Startup Investment Tells Us About the Future
More than just being another affordable option for obtaining residency in one of the most sought-after destinations in Europe, the announcement of a new startup-oriented pathway to the Greek Golden Visa gives us some important signals.
First of all, this new measure shows that Greece is committed to improving the tech sector in the country and to fostering innovation. That, in turn, will most likely attract international talent, as a response to the great potential of growth the Greek technology ecosystem will have, maybe even turning into a new and important hub in this sector.
Besides that, this is a clear indication that the current government sees its Residency by Investment program as an important source of revenue for the nation and its various goals. According to Euronews, from 2021 and 2023 alone, the Golden Visa Program generated €4.3 billion to the Greek economy. Therefore, we should not be seeing the Greece Golden Visa being discontinued any time soon. If anything, the program is becoming more complete and interesting to investors, even when compared to some of the most successful Golden Visa programs currently in operation.
Our Business Development Manager, Keith Poston, seconds that and believes this announcement shows further commitment from the Greek government to continue growing their economy. “Greece is one of the fastest recovering economies in whole of Europe and with this new announcement alongside the anticipated clarity to come regarding the new EUR 250,000 real estate option, the future looks exciting and will further enhance the Greece Golden Visa Program. These new options will only add to the already impressive EUR 6.2 billion through direct foreign investment last year alone with around a third of that being property investments”, says Poston.
However, the Greece Golden Visa has been under considerable alterations and, because of that, it is clear that the sooner the better for investors who are interested in moving to the country, before thresholds increase again.
Properties in Greece: Always a Good Option
Even though, from September 1, 2024, the minimum threshold for obtaining residency in Greece through the purchase of a real estate property increased, it is important to keep in mind that, in some areas, the minimum required investment is of EUR 400,000, which is still affordable given everything a Greek residency offers, and taking into account the fact that, after 7 years, residents can apply for citizenship, becoming holders of the desirable European passport. Also, the real estate market in the country keeps seeing an increase in appreciation, posing as a great investment option.
If you wish to find the perfect home for you in Greece, count on us and on our selection of amazing properties, to help you in the journey of becoming the happy owner of a Greek Property.
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