Greek startups offer residence

Greek startups offer residence

Following the lead of countries like Spain and Portugal, Greece plans to revise its Golden Visa program by linking it to startup investments rather than real estate. From January 1, 2025, investors who put at least €250,000 into (registered at elevate Greece) Greek startups offer residence. This initiative aims to attract foreign capital, boost the startup ecosystem, and reduce inflation in the housing market. While the move is positively received, stakeholders await details, particularly regarding whether investments in venture capital funds will also qualify.

This change is seen as a step toward channeling foreign interest into productive sectors like technology and innovation instead of real estate, a shift that other European nations like Portugal and Spain have already undertaken. However, some experts are cautious, noting that similar measures haven’t always delivered the desired results and emphasizing the need for proper regulatory safeguards.

In Europe, many countries are reforming or discontinuing their Golden Visa programs. Portugal and Spain, for example, no longer permit real estate investments for Golden Visas and instead focus on productive investments such as venture capital funds or bank deposits.

The Greek government is set to invigorate the startup sector through a series of new measures outlined in a bill from the National Economy and Finance Ministry. This legislation includes significant tax incentives for research and development, with deductions of up to 315%, alongside additional benefits for “angel investors” – private individuals who fund innovative, small-scale companies. There are also provisions aimed at encouraging the commercialization of patents, all designed to strengthen the domestic startup ecosystem, which currently boasts a capitalization exceeding €8 billion.

One of the most notable elements of this bill is the extension of Greece’s Golden Visa program to include startup investments. Previously, the Golden Visa was primarily linked to real estate, granting foreign investors a five-year residence permit. However, from January 1, 2025, those who invest at least €250,000 in Greek startups will also qualify for this visa. This new pathway aims to address the overheated real estate market and provide an alternative for international investors.

The startups eligible for investment under this program are primarily technology companies registered with Elevate Greece, the national registry of startups, which currently lists over 800 companies across various sectors such as edtech, agrotech, fintech, and enterprise software. This initiative is designed to replicate the success of previous high-profile investments in Greek startups. For instance, the company Hack the Box secured $55 million from the U.S.-based Carlyle Group, while Augmenta, a company from Volos, was acquired by CNH Industrial, a global leader in agricultural machinery.

In addition to institutional investors, individual foreign investors have also supported Greek startups. One prominent example is Lars Rasmussen, co-founder of Google Maps, who now resides in Greece and has invested in local startups like Phos Print, a 3D cell printing company, and ResQ Biotech, which focuses on biotechnology innovations.

Take advantage and qualify for the Golden Visa in Greece, because from 1-1-2025 greek startups offer residence. You just need to invest at least €250,000 in a Greek startup. Once your investment is approved, you will receive a five-year residence permit, which can be renewed as long as you maintain the investment.

Contact the best lawyers for residence in Greece of Economou & Economou Law Office in Athens today for a consultation by email at econlaw@live.com, by tel. (+30)2103603824 or complete our contact form  https://www.econlaw.gr/contact/ and make your wish come true!Feel like Greek living in your new country!Enjoy the Greek sun and summer, the amazing Greek cuisine, the beautiful sea and the Greek unique hospitality.