Greece’s announcement on start-up investments will qualify foreign nationals for residency marks a smart diversification of their Golden Visa offer, writes Christina Georgaki.
The start of this month marked an occasion that always causes rumbles of excitement through the business community in my home city of Thessaloniki – the annual Trade Fair. One of the highlights of the business calendar, the Fair often provides a home for major Government policy announcements, and this year was no exception.
This year, Prime Minister Kyriakos Mitsotakis (pictured) used the Fair to set out a National Economy and Finance Ministry Bill. This innovative new piece of legislation sets out tax incentives for research and development, measures to encourage new angel investors and incentives for the commercial utilization of patents, and a new rule granting Golden Visa eligibility for investment in SMEs.
Overall, the Bill is well-placed to stimulate investment in Greek businesses, both internally and externally. For would-be investors in Greece however, the last item should stand out as particularly interesting. It’s another positive update to Golden Visa legislation, following the series of targeted changes that came into effect at the start of this month, and adds an entirely new option for those looking for residency by investment.
In practice, it will make foreign nationals eligible to obtain a five-year residence permit through a €250,000 investment in Greek startups.
In practice, it will make foreign nationals eligible to obtain a five-year residence permit through a €250,000 investment in Greek startups. Introducing this extra tier is at once bold, considered, and potentially transformative. It will boost the nation’s thriving start-up ecosystem – opening up Greece’s best and brightest new businesses to an influx of investment.
It’s expected that our tech sector – already burgeoning – will be one of the most positively affected, with new investment in SMEs to rival the recent influx of major corporations into locations such as Thessaloniki. It also shifts the impetus of Golden Visa investment away from the residential sector, which under the pre-September regime was beginning to feel the pressure of the visa’s popularity. It will move instead to the commercial sector, with savvy foreign investors primed to support the best Greek businesses with the highest chance of success.
The fact that Golden Visas are an increasingly critical component of Greece’s foreign investment mix is no secret. In the first seven months of this year alone, the nation saw a total of 4,734 applications for its Golden Visa programme, bringing more than €1.2 billion of economic benefit. This new change will help safeguard the programme’s future, enhance its benefits, and provide a welcome boost to our start-up sector more widely.
Article written by Christina Georgaki, originally published on eureporter
