GREECE Trends and Developments Contributed by: Petros Machas, Ioannis Charalampopoulos, Vasileios Tsintzos and Sofia-Maria Sventzouri, Machas & Partners
Start-Up Visa: A New Framework for Innovation- Driven Residency The Start-Up Visa (type B.6 residence permit), intro - duced via Article 100A of Law 5038/2023 (as inserted by Article 44 of Law 5162/2024, Government Gazette Α’ 198), provides an alternative route for third-country nationals to gain residency through entrepreneurial activity in Greece. Starting from December 2024, the Golden Visa programme has embraced the growing Greek start-up ecosystem by enabling residency eligi - bility through investments in start-ups registered with Elevate Greece, the official national registry for inno - vative companies. This change aligns the programme with Greece’s broader economic development strat - egy, fostering international investment in local inno - vation, and accompanies the introduction of a new tax regime for venture capital mutual funds. In 2025, a new Joint Ministerial Decision, No 216761/2025 (Government Gazette B 6138/18.11.2025), was issued, determining the supporting documents for investments in start-ups. This decision sets out the required documents, certification process, and moni - toring framework for investments in Greek start-up companies registered on the Elevate Greece platform under Article 100A. Moreover, pursuant to Article 38 of Law 5162/2024 (Government Gazette Α’ 198), two alternative tax regimes are available for newly established venture capital mutual funds. These include the existing tax- transparent regime and a tax opaque regime where the mutual fund is subject to tax at a rate equal to 5% of the applicable interest rate for the main refinanc - ing operations of the European Central Bank’s Euro - system. The taxable base is the difference between the value of the capital’s corporate participations on 31 December 31 of each tax year and the cost of acquiring the corporate participations, increased by the cumulative operating expenses of the fund; pay - ment of such tax exhausts the tax obligations of its unitholders. Since the beginning of 2025, there has been a nota - ble surge in enquiries from Greek start-up founders seeking to connect with potential international inves - tors via the Golden Visa scheme. Concurrently, pro - spective investors have expressed heightened interest in exploring equity opportunities in these start-ups,
reflecting a maturing ecosystem and increasing con - fidence in Greece’s innovation potential. The new leg - islation requires: • a minimum investment of EUR250,000 into the share capital or bond issuance of start-ups listed in the Elevate Greece registry; • investor equity participation must not exceed one third of the company’s share capital or voting rights; and • the invested start-up must create at least two new jobs within the first year and maintain those jobs for a minimum of five years, ensuring sustained economic impact. In 2026, Law 5275/2026 (Government Gazette A’ 17/06.02.2026) introduced the Tech Visa for Startups. The Tech Visa (Article 79A Law 5038/2023 – Z.13A national visa) creates a fast-track entry route for highly skilled third-country nationals employed by start-ups registered with Elevate Greece. Other Eligible Investments of the Greek Golden Visa Regime The Golden Visa programme, initially popular among real estate investors seeking lifestyle benefits, has expanded to other asset classes, which are increas - ingly becoming traditional asset classes as Greece evolves into a prominent venue for the global invest - ment ecosystem. Under the revised legal framework, non-EU nationals may obtain a residence permit through a wide variety of eligible investments. • A fixed-term deposit of at least EUR500,000 in a Greek credit institution for at least one year, with a standing renewal order. This pathway is particu - larly attractive to individuals seeking a low-risk and straightforward route to residency, without the need for active asset management. • Purchase of Greek government bonds (EUR500,000 minimum) with a residual maturity of at least three years, held through a Greek custodi - an bank, offering a combination of sovereign credit security and reliable returns. • Purchase of units or shares in an alternative invest - ment fund (AIF) – EUR350,000 minimum – provided the fund invests exclusively in Greece and main - tains assets of at least EUR3 million. This option
253 CHAMBERS.COM
Powered by FlippingBook