Changes to the Greek Golden Visa program from January 1, 2025: new conditions for investors

On January 1, 2025, significant changes came into force in Greece's Golden Visa program, which provides foreign investors with a residence permit in exchange for financial investments. The reform aims to reorient investments from real estate to more productive and socially responsible sectors such as startups, small businesses and job creation.

What will change in the Greek Golden Visa program from 2025?

1. Investing in startups: Under the program, investors will now be able to invest in innovative startups and projects with high growth potential.
2. Investments in companies: The program will encourage investment in businesses, including the purchase of shares or stakes in companies, but the share in the company may not exceed 33%.
3. Job creation: Companies that have received investments through the program will have to create at least two new jobs in the first year and keep them for five years.
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Increase in the minimum amount of investment in real estate

Due to the ongoing housing crisis in Greece, the minimum amount for investment in real estate has been increased to €800,000 in key regions of the country. This change is aimed at reducing pressure on the housing market and preventing further price increases, which have made it difficult for local residents to purchase real estate.

Reasons for the changes

Greece is striving to balance the attractiveness of the program for foreign investors and social stability in the real estate market. The increased demand for a golden visa has contributed to rising housing prices in the past, which has exacerbated the problem of housing affordability for citizens. With the introduction of new investment options, the government expects to reallocate funds to more productive areas such as business and innovative technologies.

Statistics of the Golden Visa program in Greece

• In 2023, the program raised €2.54 billion, which is almost twice as much as in 2022 (€1.3 billion).
• In 2023, 8,516 applications were submitted, of which 1,802 were approved.
• In 2024, it is projected that the volume of investments under the program will exceed €3 billion.

Expected changes from 2025

If the draft law of the Ministry of National Economy and Finance of Greece is approved, the new rules of the program will enter into force on January 1, 2025. The changes will be aimed at:

• Attracting long-term and productive investments.
• Reducing the negative impact on the real estate market.
• Strengthening Greece's competitiveness in attracting international investors.

Examples of similar changes in other countries

• In 2023 Portugal has ruled out the possibility of investing in real estate as part of its Golden Visa program.
• In 2024, Spain stopped accepting applications for residence permits through real estate investments.