Concept
Greece Golden Visa is a Greek residence-by-investment permit for citizens of countries outside the EU, EEA and Switzerland. The permit is normally issued for 5 years and renews as long as the investment is maintained and the program conditions are not breached.
After the 2024 reforms, Greece became one of the last major routes in the EU where real estate can still be the basis for an investment residence permit. But the old logic of "any property from €250,000" no longer works: since 2024 the threshold depends on location and asset type, and a Golden Visa property cannot be used for short-term rental.
Legal framework
- The core logic of the program is set out in Greek immigration law; the Ministry of Migration publishes the document list for the investor residence permit: migration.gov.gr/en/golden-visa.
- The citation for the 2024 reform is worth getting right: the €800,000 / €400,000 thresholds were introduced by article 64 of Law 5100/2024 (Government Gazette Α' 49), which rewrote article 100 of the Immigration Code — Law 5038/2023, in force since 1 January 2024 in place of the earlier Law 4251/2014. The new wording applies from 5 April 2024. Within article 100 itself the €250,000 threshold survives for two cases only — conversion of a non-residential property into housing and restoration of a listed building; investment in a Greek startup rests on a separate legal basis, not on the real-estate route.
- Enterprise Greece explains the policy logic of the reform — rising housing prices and an attempt to steer foreign demand into less overheated segments: Enterprise Greece, April 2024.
- For the startup route it is critical that the company sits in the Greek National Startup Registry: Elevate Greece.
Greek Golden Visa opens three independent regimes, each with its own logic: the residence permit itself, tax residence and citizenship. The permit leaves the investor a tax non-resident until they spend enough days in Greece or elect a special tax regime; the path to a passport runs on a separate naturalization track.
Investment routes in 2025–2026
| Amount | What you buy / where you invest | Practical meaning |
|---|---|---|
| €800,000 | Real estate in Attica, Athens, Thessaloniki, Mykonos, Santorini and on islands with a population above 3,100 | Main route for liquid but expensive markets |
| €400,000 | Real estate in the rest of Greece | Working route for a family that needs the residence permit, not just an address in Athens |
| €250,000 | Conversion of a commercial property into housing, restoration of a protected building or investment in a qualifying Greek startup | Narrow route for specific projects — conversion, restoration or startup — with heightened due diligence on the property or company. |
Two restrictions matter for real estate, and property sellers often skip them:
- In most cases you need a single property of at least 120 sq m, not a set of small apartments.
- A Golden Visa property cannot be let on short-term rental via Airbnb / Booking: the ban covers daily lettings shorter than 60 days without additional services. Long-term rental and handover to a hotel operator with a full service package remain permitted. A breach means a €50,000 fine and revocation of the permit.
Because of this, the economics of the property must be calculated on long-term rental, liquidity and building quality, not on tourist yield.
The details that most often break a deal are set out in the official circular of the Ministry of Migration of 24 September 2024 on article 100 of Law 5038/2023:
- the threshold follows the location of the property: €800,000 for the Attica Region, the regional unit of Thessaloniki, Mykonos, Thira (Santorini) and islands with a population above 3,100; €400,000 for the rest of the country;
- the amount must be met through a single property; parking and storage acquired under the same contract count as part of that property;
- the 120 sq m of "main spaces" applies to built properties and to properties holding a building permit; it does not apply to undeveloped land without a permit;
- on the €250,000 route the 120 sq m minimum does not apply, but the change of use into residential must be completed before the application is filed, and full restoration or reconstruction of a listed building must be completed before the first renewal at year five — with resale prohibited until the works are finished;
- a property converted into housing under the €250,000 route cannot serve as a company's registered seat;
- the short-term rental ban rests on article 111 of Law 4446/2016 — it targets accommodation of under 60 days let through digital platforms without additional services; the sanction is revocation of the permit plus a standalone administrative fine of €50,000;
- where spouses hold the property jointly, one investment at the threshold suffices: one spouse receives the investor permit, the other a family-member permit.
The reform's transitional windows have closed: the old thresholds were preserved where a 10% deposit or the full price was paid by 31 August 2024 and the transaction completed by 31 December 2024 (or by 30 April 2025 where the property was substituted). As at 14 August 2026 the threshold levels in article 100 are unchanged: the 2025–2026 amendments went to procedure and evidence, not to the amounts.
Why the market became harder
Greek real estate has appreciated for several years in a row. According to the Bank of Greece, in 2025 apartment prices rose by 7.8% on average after a 9.1% rise in 2024; in Q4 2025 growth was 7.6% year on year: Bank of Greece, Q4 2025.
This changes the practical due diligence on a property. Buying "exactly at the threshold" is dangerous if the price already includes a premium for migration value rather than genuine market liquidity. Three questions matter for the client:
- is there an independent valuation and a clear ownership history;
- can the property be sold without a discount if the residence permit is no longer needed;
- is the yield built on prohibited short-term rental.
Who can apply
Basic requirements
- Age 18+.
- Citizenship outside the EU, EEA and Switzerland.
- Valid passport and lawful entry status.
- Health insurance valid in Greece.
- Documents on the lawful origin of funds.
- Maintenance of the investment for the entire permit term.
- A visit to Greece for biometrics.
Presence
Renewing the investment residence permit usually carries no requirement to live in Greece a minimum number of days. This makes the program convenient as a backup Schengen footprint for clients whose main tax residence stays in the UAE, Switzerland, Singapore, the United Kingdom or another jurisdiction.
The absence of a day-count requirement for renewing the permit does not automatically help with citizenship: naturalization turns on a genuine connection with the country, language and integration.
Documents and source of funds
The standard package includes a passport, a criminal-record certificate, family documents, health insurance, a Greek AFM tax number, a banking channel to pay for the investment, documents on the property or investment, an apostille and a sworn translation into Greek.
For a client with capital of Russian origin, deeper compliance preparation is usually needed:
- tax returns for 2–3 years;
- bank statements for at least 12 months;
- a description of the origin of wealth and the source of the specific payment;
- sanctions screening of the client, beneficiaries and business;
- a supporting letter from a lawyer, auditor or tax adviser if the bank asks for an external comfort letter.
A Greek bank reviews the client separately from the migration authority. Formal eligibility for the Golden Visa does not guarantee that the bank will accept the transfer if the source of funds is weakly presented. More details: Source of Funds.
Process and timeline
| Stage | What happens | Timeline guide |
|---|---|---|
| Preliminary review | route selection, sanctions screening, source-of-funds check, choice of property or investment | 2–4 weeks |
| Investment | property purchase, conversion / restoration, startup investment or another eligible instrument | 1–3 months |
| Submission | application, documents, insurance, proof of payment, biometrics | 1 month |
| Review | examination by the migration authority and issuance of the residence card | 2–4 months |
| Ordinary clean case | 3–6 months | |
| Complex capital / Russian profile | 6–10 months |
The first permit under the classic investor route is issued for 5 years. Renewal requires maintaining the qualifying investment and the absence of breaches, including the short-term rental ban.
Taxes: Golden Visa separate, Non-Dom separate
Golden Visa on its own does not make the client a Greek tax resident. If the client does not spend 183+ days in the country and does not move the center of vital interests to Greece, the permit can be used as a migration tool without changing the main tax base.
The transactional side of a purchase: a 3.09% transfer tax on resale property; 24% VAT on new builds is suspended until 31 December 2026 (L.5246/2025; an extension and the abolition of the real-estate capital-gains tax are under discussion); the annual ENFIA follows cadastral zones; from 2026 long-term rental is taxed on a 15/25/35/45% scale.
| Regime | Suitable for | Rate / effect |
|---|---|---|
| Standard tax residence | client actually lives in Greece | progressive PIT up to 44% |
| Greek Non-Dom | wealthy client with substantial foreign income | €100,000/year on foreign income, up to 15 years |
| Pensioner regime | foreign pensioner willing to become a Greek tax resident | 7% on foreign pension income, up to 15 years |
| Relocating-worker regime | qualified employee or entrepreneur with a genuine relocation | relief on part of employment income |
Greek Non-Dom can be of interest to a UHNW client with passive foreign income, but it is a separate tax choice, not a consequence of buying property.
There is nevertheless a concrete link between the two regimes, and it is worth money. The regime under article 5A of the Income Tax Code (Law 4172/2013) — €100,000 a year covering all foreign-source income, for up to 15 tax years — as a general rule requires an investment of at least €500,000 in Greece within three years. That condition does not apply to a person who already holds an investment residence permit: a Golden Visa holder need not top the capital up to €500,000, even where the property was bought at the €400,000 or €250,000 threshold. More detail in Greek non-dom and tax residency under a golden visa.
Path to citizenship
Greek citizenship is a separate procedure at the state's discretion. Golden Visa can be part of a long route but is not a promise of a passport.
Typically you need:
- 7 years of lawful residence in Greece;
- knowledge of Greek at B1 level;
- an exam on history and culture;
- a clean criminal record;
- demonstrated integration;
- a genuine connection with the country, not just ownership of a property.
Once the term is met, the procedure itself can take another 18–36 months. In a practical model the path to a passport is about 8–9 years, and only for a client genuinely ready to build a connection with Greece.
Family
Who can be included
- Spouse or partner in a registered union.
- Unmarried children under 21.
- Parents of the main applicant.
- Parents of the spouse.
Important
Family members receive a permit tied to the main applicant and their investment. But the path to citizenship is counted separately: language, integration and actual residence are not "transferred" automatically from the investor to children or parents.
Russian client in 2025–2026
Greece remains practically accessible for a client with Russian citizenship or capital of Russian origin, provided the profile is clean and the documents are strong. But it is not a soft jurisdiction without scrutiny.
What must be clean
- The client, beneficiaries and business are not on the sanctions lists of the EU, the United Kingdom, the United States or Switzerland.
- No unexplained PEP / SOE risk.
- The sector of capital origin is not linked to sanctioned goods or a defense supply chain.
- The money comes from a clear banking source.
- The client can travel to Greece for biometrics.
Practical difference with Portugal
After closing its real estate route and tightening banking compliance, Portugal is often harder for Russian capital. Greece keeps real estate as a route but requires careful banking preparation: a weak source-of-funds package can stop the deal before the migration filing.
Case studies from practice
€400,000 + tax neutrality
A family based mainly in the UAE picks a property outside the overheated zone, keeps its tax residence in Dubai and uses Greece as a backup Schengen footprint. The focus of due diligence is not the "passport" but the property's liquidity, long-term rental and the bank transfer.
€250,000 via conversion
A client with a budget of around €300,000 is looking at a former commercial space being converted into housing. We check the permits, the date and quality of the conversion, the cadastre, the floor area, construction risks and whether a migration premium is being sold instead of a normal asset.
Property intended for Airbnb
A client came with a property already chosen, where the yield was calculated on short-term rental. We declined to run the filing on that property: for a Golden Visa this is a risk of permit revocation and a fine. We rebuilt the route around long-term rental and clean legal use.
Where the program fits and where it does not
Fits
- A Schengen residence permit is needed without the obligation to live in Greece.
- The client wants real estate specifically, not a fund.
- A budget of €400,000–800,000, or a genuine special route at €250,000.
- Including parents matters to the family.
- There is a clean source of funds and readiness for the banking review.
- Tax residence is engineered separately.
Does not fit
- The investment model relies on Airbnb or other short-term rental.
- The client wants a fast EU passport.
- No readiness for Greek language and integration for citizenship.
- There is sanctions, PEP, SOE or sector risk.
- The source of funds cannot be shown through documentation.
- The client cannot travel to Greece for biometrics.
Greece vs. Portugal
| Parameter | Greece | Portugal |
|---|---|---|
| Real estate | preserved, but with €400,000 / €800,000 thresholds and narrow €250,000 exceptions | the real estate route is closed |
| Minimum amount | from €250,000 only in special cases; a typical property is €400,000 or €800,000 | often €500,000 via a fund |
| Days of presence | usually no requirement to renew the permit | a minimum presence applies |
| Citizenship | roughly 7 years of residence + B1 language + integration | usually faster on residence term, but with a separate procedure and Portuguese language |
| Best client profile | real estate, family, backup Schengen, tax base outside Greece | fund investment and a focus on citizenship over a shorter horizon |
For a client who wants a fast passport and is not ready to own real estate, Greece often loses to Portugal. For a client who needs a clear family residence permit with real estate and without the obligation to live in the country, Greece remains one of the working routes.
Regulatory update 2025–2026
Two later acts completed the basic design of the 2024 reform: Ministerial Decision No. 214926/2025 (Government Gazette, 11 November 2025) and Circular No. 1/2026 of the Greek Ministry of Migration dated 22 April 2026. They resolved contested technical points under the updated Article 100 of the Immigration Code — how to count the area of "main premises" within the 120 sq m threshold, how to document conversion and restoration, and how to treat spouses' joint ownership. A practically important clarification: you can now apply for the permit right after making the investment, without waiting for the payment to fully clear. Another change is Law 5275/2026 (February 2026): the five-year term of the investor permit is now counted from the date the card is issued, not from the date of the decision, and the evidence requirements for family members have been tightened.
Demand stays high and timelines are stretched. In 2025 Greece approved a record 8,879 initial investor permits (+95% on 2024), and the first quarter of 2026 added a further +61% in applications; the largest groups are China (~48% of active cards), Turkey (+160% year on year) and Israel. Meanwhile the backlog is clearing: the average wait has fallen to about 14 months from the 2025 peaks, and clean new cases in some regions run in 4–6 months — Attica is slower. For a Russian client, this adds source-of-funds verification and sanctions screening, and — once the status is granted — notification to the Russian MVD of a second residence permit.
Frequently asked questions
Can a Greek Golden Visa property be let on Airbnb
No. After the 2024 reform, a property used for the investment residence permit cannot be used for short-term rental. Yield must be calculated on long-term rental and future liquidity, not on tourist flow.
Does a Golden Visa mean Greek tax residence
No. The residence permit and tax residence are different regimes. A client can hold a Golden Visa and remain a tax resident of another country if the facts of life and the center of interests are not moved to Greece.
What is Greek Non-Dom
It is a separate tax regime for wealthy new Greek tax residents: a fixed payment of €100,000 a year on foreign income for up to 15 years. It does not switch on automatically when you buy property and requires separate tax analysis.
Can you go through the €250,000 route
You can, but only if the route genuinely fits a special category: conversion of a non-residential property into housing, restoration of a protected building or an eligible investment in a Greek startup. It is not a general threshold for any apartment.
How long does the process take
A clean case usually fits into 3–6 months. A Russian profile, a complex source of funds, a non-standard property or the banking review can stretch the process to 6–10 months.
Can parents be included
Yes. The Greek program is strong on family coverage: you can include a spouse or partner, children under 21, the parents of the main applicant and the parents of the spouse.
What is most important to check before the deal
The source of funds, the sanctions profile, the legal cleanliness of the property, its area and category, the absence of short-term rental, genuine liquidity and the ability to make a bank transfer to Greece.