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Empowering Innovation: Greece’s Golden Visa Program for Startup Investments

By 19/09/2024 No Comments

 

In a progressive stride toward fostering innovation and attracting global capital, Greece has recently expanded its Golden Visa program. The latest changes, as set out in Law 4251/2014 (Immigration and Social Integration Code) and subsequent amendments, are geared toward encouraging investment in the startup ecosystem, opening doors for international investors to gain residency through contributions to the nation’s emerging enterprises. This move further aligns with Greece’s broader strategy to position itself as a hub for entrepreneurial activity and technological advancement.

Let’s delve into the details of these exciting new developments and what they mean for potential investors.

Exploring the New Framework for Startup Investment

Starting in January 2025, Greece will offer a new route to obtain a Golden Visa by investing in Greek startup companies. This extension to the program, introduced through Article 16 of Law 4251/2014, is tailored to investors who are eager to support innovation-driven enterprises, many of which are part of Greece’s official startup registry, Elevate Greece.

The revised program now allows investors to gain residency through a capital investment of at least €250,000 in Greek startups. This shift is significant, as it lowers the entry threshold compared to the standard €400,000 capital contribution requirement for other types of investments, as outlined in Law 4546/2018 and Law 4686/2020. By focusing on startups, the Greek government aims to create a dynamic, entrepreneur-friendly environment that attracts both financial and intellectual capital from around the world.

Elevate Greece: Nurturing the Startup Ecosystem

An important pillar of this new framework is Elevate Greece, the official Greek startup registry designed to identify and support high-potential, innovative startups. The platform acts as both a facilitator for startups seeking investment and a gateway for investors interested in the cutting-edge ideas driving Greece’s economy forward. With government backing, Elevate Greece offers a range of support services to startups, including access to funding, mentorship programs, and networking opportunities with domestic and international partners.

By investing in startups registered with Elevate Greece, investors not only contribute to Greece’s innovation ecosystem but also gain access to a diverse portfolio of companies that are well-positioned for growth. For more details about Elevate Greece and the registry, you can visit their official site [here](https://elevategreece.gov.gr/startup-registry/ ).

Key Elements of the New Golden Visa for Startup Investment

Under this new provision, investors can contribute a minimum of €250,000 into a registered startup within Elevate Greece, which is the country’s official registry for innovative enterprises. This change is rooted in Article 16 of Law 4251/2014, detailing the investment criteria for residency eligibility. Here’s what you need to know:

– Investment Criteria: The capital investment must be directed toward a startup registered in the Elevate Greece program, ensuring that the funds support innovative and high-growth potential companies.

– Eligibility: Foreign investors will be eligible for the Golden Visa if they meet the financial requirement and follow the investment procedures outlined by Greek authorities, as per Law 4686/2020.

– Streamlined Application Process: The program includes clear guidelines for certification and documentation, allowing for a smooth application process for those interested in residency through startup investments.

The Strategic Importance of Supporting Startups

This new extension of the Golden Visa program aligns with Greece’s broader strategy to enhance its entrepreneurial ecosystem. By encouraging foreign investment in startups, Greece aims to bolster sectors such as technology, healthcare, renewable energy, and other innovation-driven industries. This, in turn, will stimulate economic growth, create new job opportunities, and position Greece as a key player in the global startup scene.

The benefits for investors are twofold: not only does the Golden Visa offer the opportunity to secure residency in an attractive Mediterranean destination, but it also provides access to Greece’s vibrant startup community, with the potential for substantial financial returns as these enterprises scale.

Transitional Provisions: What Existing and New Investors Should Know

For investors already involved in the Golden Visa program under the €400,000 capital contribution model (as outlined in Law 4546/2018), the new provisions offer flexibility. Those who wish to redirect their investments into the startup sector can explore this option within the new framework. Additionally, existing investors may continue with their current investments if they prefer.

This transitional flexibility is an important feature, offering a smooth adjustment for investors and a clear pathway for those eager to engage with Greece’s growing startup landscape.

Looking Ahead: A New Horizon for Investors and Entrepreneurs

As Greece continues to refine its Golden Visa program, these recent changes highlight the government’s commitment to fostering innovation and supporting entrepreneurship. By lowering the investment threshold for startups and offering a streamlined residency process, Greece is making a strong case for international investors to consider its entrepreneurial ecosystem.

The Golden Visa program’s expansion is set to create a ripple effect, attracting a new wave of investors while driving forward the country’s vision of becoming a leader in technology and innovation.

For potential investors, this is a prime opportunity to gain residency in one of Europe’s most culturally rich and economically promising countries, while simultaneously contributing to the future of Greek innovation.

At Amoiridis Law Services®, we specialize in guiding investors through the complexities of the Golden Visa program, particularly in light of these new changes. Our dedicated team of legal and financial experts is ready to help you navigate the process, ensuring that your investments align with both your financial goals and Greece’s regulatory framework.

Interested in learning more about how you can take advantage of these changes?

Contact us today, and let’s explore the possibilities that Greece’s Golden Visa program has to offer. Whether you’re focused on startups or other investment avenues, we are here to ensure your success in the evolving Greek investment landscape.

Let’s embark on this journey together!

For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalized information tailored to your needs and your profile.

You can email us:  or call/text us directly at: +306908351705 (WhatsApp/Viber)

Athens, April 2024

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