Greece has expanded golden visa program to include new startup option, providing a red carpet welcome to young founders to actively participate in building the future of Greek entrepreneurship through Elevate Greece Startup ecosystem.
Greece is home to many aspiring entrepreneurs who are working on promising new ideas and innovative business models The size of Greek startups is not easily measurable. It is estimated around 2000 startups and 2807 investors In the years following the Greek crisis, entrepreneurship in Greece has emerged as a key lever for growth restoration and job creation.
Startup Golden Visa
Law No. 5162/2024 introduced a new type of residence permit, granted through investment in start-up companies (type B.6)
The startup investment option includes:
- A minimum investment of €250,000 in startups listed on the National Register of Startups registered in Elevate Greece portal.
- Maximum equity participation of 33% in company capital or voting rights.
- Creation of at least two jobs within the first year of investment.
- Workforce maintenance for at least five years.
The investment €250,000 in startups is for purpose of
a) acquiring shares in a share capital increase or
b) acquiring bonds during the issuance of a bond loans.
With a minimum investment of €250,000, startup investors can gain a five-year residency permit to encourage more promising startups in Greece. This move is part of Greece’s strategy to diversify investment flows into several sectors, to reduce dependency on the property market.
Conditions for the Issuance of a Residence Permit:
- Shares, quotas, or participations must not exceed 33% of the company’s capital,
- The company must create at least two new jobs within the first year and
- The company must maintain at least the same number of jobs for five years from the investment.
The residence permit is granted for one year, which can be renewed for two years each time, as long as the conditions for issuing the permit are met. The permit holder must retain the shares for at least five (5) years. If they sell the shares, they have the option to reinvest either in another eligible startup or in other investments within the Immigration Code within two (2) months to maintain their residence permit.
Credit: Image by jcomp on Freepik
