Greece Startup Visa

What is the Greece Startup Visa?

The Greece Startup Visa is a specialized pathway under the Greek Golden Visa program, introduced to facilitate the entry and residency of non-EU/EEA nationals who wish to invest in and contribute to the Greek startup scene. Unlike traditional Golden Visa routes focusing on real estate, this option emphasizes fostering innovation. It grants a 5-year renewable residence permit in exchange for a qualifying investment in a Greek startup registered with the National Startup Registry, Elevate Greece. This initiative aligns with Greece’s strategic vision to diversify its economy, attract cutting-edge ideas, and create new job opportunities.

Purpose of the Greece Startup Visa

The primary purpose of the Greece Startup Visa is to invigorate the Greek economy by:

• Attracting Foreign Direct Investment: Channeling capital into the high-potential technology and innovation sectors.
• Fostering Innovation: Encouraging the development of new technologies, products, and services within Greece.
• Creating Jobs: Generating employment opportunities for both Greek and international talent within innovative enterprises.
• Diversifying Investment: Expanding the scope of the Golden Visa beyond real estate to support a more dynamic and knowledge-based economy.
• Building an Entrepreneurial Ecosystem: Strengthening Greece’s position as a competitive player in the global startup landscape.

Eligibility Criteria for the Greece Startup Visa

To qualify for the Greece Startup Visa, applicants must meet specific requirements, primarily centered around their investment and the nature of the startup:

1. Qualifying Investment: A minimum investment of €250,000 must be made in a Greek startup company.
2. Elevate Greece Registration: The target startup must be officially registered with Elevate Greece, the National Startup Registry.
3. Investment Modality: The investment can be made through the acquisition of shares in a capital increase or through the acquisition of bonds during a bond issuance.
4. Equity Limitation: The investor’s participation (shares or voting rights) in the startup must not exceed 33% of the company’s capital. This ensures the startup retains operational independence.
5. Job Creation Obligation: The invested company is required to create at least two new full-time job positions within the first year following the investment. These positions must be maintained for a minimum of five years.
6. Proof of Funds: Applicants must demonstrate that the investment funds originate from abroad and are legally sourced.
7. Clean Criminal Record: The main applicant and all adult dependents must provide a clean criminal record from their country of origin and any country where they have resided for over a year in the last five years.
8. Health Insurance: Proof of health insurance covering medical care and hospitalization in Greece is required.
9. Age Requirement: The main applicant must be at least 18 years old.

Application Process for the Greece Startup Visa

The application process for the Greece Startup Visa generally follows these steps:

1. Identify an Eligible Startup

   Research and select a Greek startup registered with Elevate Greece that aligns with your investment goals and meets the program’s criteria. This often involves due diligence on the startup’s business plan, financial projections, and growth potential.

2. Make the Investment

   Formalize the €250,000 investment in the chosen Greek startup. Ensure all legal and financial transactions are properly documented.

3. Gather Required Documentation

   Compile all necessary personal documents (passport copies, birth/marriage certificates, police clearance, health insurance, etc.) and investment-related documents (proof of investment, business plan, Elevate Greece registration of the startup). All foreign documents must be officially translated into Greek and apostilled/legalized.

4. Submit Visa Application

   Submit the Golden Visa application to the relevant Greek authorities (Ministry of Migration and Asylum). This typically involves an initial submission of documents and then providing biometrics in Greece.

5. Receive Residence Permit

   Upon approval, the investor and their included family members will be issued a 5-year residence permit, allowing them to live in Greece and travel freely within the Schengen Area.

6. Maintain Investment & Job Creation

   The investment must be maintained for the duration of the residence permit, and the startup must continue to meet the job creation requirements. The permit is renewable every five years as long as conditions are met.

7. Apply for Citizenship (Optional)

   After holding continuous residency for at least seven years, applicants may be eligible to apply for Greek citizenship. This requires demonstrating Greek language proficiency (B1 level), knowledge of Greek history and culture, and potentially proving genuine ties to the country.

Benefits of the Greece Startup Visa

• EU Residency: Gain a 5-year renewable residence permit in Greece, granting the right to live, work (within the startup), and study in the country.
• Schengen Mobility: Enjoy visa-free travel across all 27 Schengen countries, facilitating business travel and personal leisure within Europe.
• Family Inclusion: The program allows for the inclusion of spouses, dependent children under 21 (extended to 24 with annual renewals), and dependent parents of both the investor and spouse, offering security for the entire family.
• No Minimum Stay Requirement: Unlike many other residency programs, there is no minimum physical stay requirement in Greece to maintain the residence permit. This offers significant flexibility for investors.
• Pathway to Citizenship: After 7 years of continuous residency, investors can apply for Greek citizenship, providing a strong European passport with extensive visa-free travel.
• Dual Citizenship: Greece recognizes dual citizenship, meaning you typically do not have to renounce your current nationality.
• Favorable Tax Environment: Benefit from a competitive corporate tax rate and potential access to Greece’s attractive non-domicile tax regime, offering significant tax advantages for high-net-worth individuals.
• Access to Growing Ecosystem: Become part of a supportive and rapidly expanding startup ecosystem, with access to mentorship, funding opportunities, and a skilled talent pool.
• Quality of Life: Experience the renowned Mediterranean lifestyle, excellent healthcare, and a rich cultural heritage.

Updates and Considerations for 2025

The Greece Startup Visa came into effect on January 1, 2025, as a significant expansion of the Golden Visa program. Key updates and considerations include:

• New Investment Route: This €250,000 startup investment option is a new addition, diversifying the Golden Visa’s offerings beyond its traditional real estate focus, which saw increased thresholds in popular areas (e.g., €800,000 for Athens, Thessaloniki, major islands, and €400,000 for other regions, with €250,000 remaining for specific heritage or commercial conversion projects).
• Focus on Innovation: The program explicitly targets innovative businesses registered with Elevate Greece, indicating Greece’s commitment to becoming a European tech hub.
• Tax Incentives: Greece is enhancing tax incentives for angel investors (increasing deduction limits up to €900,000) and for businesses investing in scientific and technological research (deductions up to 250-300% for R&D expenses), further supporting the startup ecosystem.
• Compliance and Due Diligence: The Greek authorities conduct thorough background and financial due diligence checks. Ensuring all documentation is impeccable and compliant with Greek law is paramount.
• Long-term Commitment: While there’s no minimum stay for residency, those aiming for citizenship will need to demonstrate significant integration, including language proficiency and continuous tax residency for 7 years.

Tips for a Successful Application

• Consult Expert Legal Counsel: Work with an experienced Greek immigration lawyer specializing in Golden Visa and startup investments. They can guide you through the complexities, ensure compliance, and streamline the process.
• Robust Business Plan: If you’re establishing a new startup, prepare a comprehensive business plan that clearly outlines your venture’s objectives, market analysis, financial projections, and job creation strategy. For investing in an existing startup, thorough due diligence on its business plan is crucial.
• Verify Elevate Greece Registration: Ensure the target startup is genuinely registered with Elevate Greece and meets all the criteria for the program.
• Secure Funds Legally: All investment funds must be transferred from abroad through official banking channels and their legal source must be unequivocally demonstrated.
• Plan for Job Creation: Have a clear strategy for creating and maintaining the required two full-time job positions within the first year and for the subsequent five years.
• Begin Language Learning: If citizenship is a long-term goal, start learning Greek early. Language proficiency is a non-negotiable requirement for naturalization.
• Stay Informed: Keep abreast of any further legislative changes or updates to the Golden Visa program, as policies can evolve.

Investment Overview: Greece Startup Visa

Associated Fees (Estimates, subject to change)

Note: All fees are estimates and subject to change by the Greek government. It is crucial to obtain the most current information from official sources or a qualified legal professional.

Final Thoughts

The Greece Startup Visa represents a strategic opportunity for ambitious entrepreneurs and investors seeking a foothold in the European market. By combining an attractive investment threshold with the flexibility of a 5-year renewable residence permit and a clear path to EU citizenship, Greece is positioning itself as a compelling destination for innovation. For those ready to contribute to a vibrant startup ecosystem and embrace the Mediterranean lifestyle, the Greece Startup Visa offers a promising and rewarding journey.