The European Golden Visa programs have seen significant changes in recent months, reflecting shifting priorities and policies across the region. Below, we outline the key updates in Greece and Spain, two countries that have historically attracted investors seeking residency through their respective programs.
Greece Expands its Golden Visa Program to Include Startup Investments
In a move aimed at fostering innovation and entrepreneurship, Greece will introduce a new investment pathway to its Golden Visa program starting next year. This change will allow foreign investors to obtain a residency permit by supporting the country’s startup sector.
To qualify for this new option, applicants must meet the following criteria:
1. Minimum Investment: Invest at least €250,000 in startups registered in Greece's National Startup Registry.
2. Equity Stake: Hold a 33% share in the company’s capital or voting rights.
3. Job Creation: Create at least two jobs within the first year of investment.
4. Sustainability: Retain the workforce for a minimum of five years.
This initiative highlights Greece’s commitment to boosting its entrepreneurial ecosystem while offering investors a unique opportunity to contribute to its economic growth. More details about the updated Golden Visa process and requirements can be found in official government publications.
Spain to Phase Out Real Estate Investment Option for Golden Visas
Spain is taking a different approach by moving to terminate its Golden Visa program for real estate investments. On July 24, 2024, the Spanish government presented amendments to Congress aimed at discontinuing this pathway to residency.
The Socialist Workers’ Party of Spain (PSOE) and its parliamentary partners recently approved these amendments through the Justice Commission. As a result, there is a strong likelihood that the Golden Visa program in its current form will cease to exist by January 2025.
This change reflects growing concerns about the impact of real estate-driven investments on local housing markets, as well as a broader push for sustainable and equitable development. Investors are encouraged to stay informed about the legislative process to understand how this change may affect their plans.
The evolving landscape of European Golden Visa programs demonstrates a shift in focus among member states. While Greece is leveraging its program to stimulate economic innovation, Spain is phasing out a popular investment option to address domestic challenges. These changes emphasize the need for potential investors to stay updated on local regulations and consider the long-term implications of their investment strategies.