Greece to Offer Golden Visas for Startup Investors
In a significant move to bolster economic growth and innovation, Greece is rolling out a pioneering “golden visa” program aimed at attracting entrepreneurial talent and investment into the country’s startup ecosystem. Prime Minister Kyriakos Mitsotakis recently unveiled this new initiative, promising long-term residency to individuals willing to invest a minimum of €250,000 in Greek startups.
The announcement came during the 88th International Thessaloniki Fair, an event that served as a platform for the Prime Minister to present a comprehensive plan designed to stimulate the economy while also addressing social challenges. Among the key proposals were measures to uplift low-income citizens, including increases in pensions and civil servant salaries, coupled with reductions in social security contributions.
Understanding the critical issue of Greece’s declining population, Mitsotakis committed to bolstering financial aid for families, aiming to ease the financial burden of parenting. This move aligns with broader efforts to reverse population trends and stimulate demographic growth.
Addressing the housing crisis, especially in areas heavily frequented by tourists, the Greek government is introducing tax incentives for homeowners to encourage the rental of vacant properties. In a bid to manage the shift towards short-term rentals, which has significantly impacted the availability of long-term housing, Mitsotakis announced an increase in taxes for properties transitioning from long-term to short-term rental markets. Furthermore, the government is implementing restrictions on new short-term rentals in select neighborhoods of Athens, attempting to balance the needs of tourists and residents alike.
The tourism sector, a cornerstone of the Greek economy, is also undergoing adjustments. The Prime Minister unveiled plans to increase port fees for cruise ships during the peak summer months, with an emphasis on imposing higher charges for visits to sought-after destinations such as Santorini and Mykonos. The additional revenue garnered from these fees is earmarked for enhancing infrastructure in these tourist hotspots, ensuring the sustainability of the tourism boom and improving experiences for both visitors and locals.
However, the government’s policies have not been met without criticism. Labor unions in Thessaloniki have voiced their concerns, organizing protests against what they perceive as insufficient government action to address the soaring cost of living and stagnant wages. These demonstrations underscore the balancing act the government must perform between fostering economic growth and ensuring the well-being of its citizens.
With the introduction of the golden visa program for startup investors, Greece is positioning itself as a forward-thinking destination for international entrepreneurs. By providing a pathway to residency for those willing to invest in innovation, the Greek government aims to invigorate the local startup scene, drive economic development, and ultimately, secure a prosperous future for the nation.
