Greece Real Estate (Golden Visa)

What is the Greece Real Estate (Golden Visa)?

The Greece Real Estate (Golden Visa) program is one of Europe’s most attractive residency-by-investment schemes. Launched in 2013, it grants a five-year renewable residence permit to non-EU/EEA citizens and their families in exchange for a qualifying real estate investment in Greece. This program is designed to boost the Greek economy by attracting foreign capital, offering investors a straightforward route to living in Greece and accessing the wider European Schengen Area.

Purpose of the Golden Visa

The primary purpose of the Greece Golden Visa is to stimulate foreign direct investment, particularly in the real estate sector, and to foster economic growth within the country. For investors, it serves as a gateway to enhanced global mobility, offering visa-free travel across the Schengen Zone, the right to live and establish a base in Greece, and the potential to pursue Greek citizenship in the long term. It provides a strategic “Plan B” residency option without requiring applicants to live in Greece full-time.

Eligibility Criteria for the Greece Real Estate (Golden Visa)

To qualify for the Greece Golden Visa through real estate investment, applicants must meet specific criteria:

• Non-EU/EEA Citizen: The main applicant must be a citizen of a country outside the European Union or European Economic Area.
• Age Limit: Be at least 18 years old.
• Clean Criminal Record: Possess a clean criminal record from their country of origin/residence.
• Health Insurance: Obtain health insurance coverage valid in Greece.
• Qualifying Real Estate Investment: Make a significant investment in Greek real estate that meets the updated thresholds.

Investment Thresholds by Zone (Updates for 2025)

Significant changes effective August 31, 2024 (and continuing into 2025) have introduced a tiered investment system based on property location and type:

• Zone A (High-Demand Areas): €800,000 Minimum
  • Applies to the entire Administrative Region of Attica (including Athens and Piraeus), Greater Thessaloniki, and popular islands such as Mykonos and Santorini.
  • The investment must be in a single property of at least 120 square meters.
  • Short-term rentals (e.g., Airbnb) for these properties are generally prohibited.
• Zone B (Regional Areas): €400,000 Minimum
  • Applies to regions outside the prime areas mentioned in Zone A.
  • The investment must be in a single property of at least 120 square meters.
• Zone C (Specialized Projects): €250,000 Minimum
  • Applies to properties being converted from commercial to residential use. The conversion must be completed before the visa application.
  • Applies to the restoration of listed buildings of historical or cultural value. Full restoration is a requirement for the first permit renewal after five years.
  • No minimum size or specific location requirements for these properties.

Greece Golden Visa Real Estate Investment Thresholds

Application Process for the Greece Real Estate (Golden Visa)

The process for obtaining the Greece Golden Visa involves several key steps:

• Step 1: Choose Your Investment & Legal Counsel

  Identify a qualifying real estate property based on your budget and preferred location. Engage a reputable Greek lawyer to assist with property due diligence and the entire application process.

• Step 2: Obtain a Greek Tax Identification Number (TIN) & Open a Bank Account

  Your legal representative can help you acquire a Greek TIN and open a local bank account, which is essential for the property purchase and investment transfer.

• Step 3: Property Purchase & Registration

  Finalize the property purchase agreement. Register the property with the competent Land Registry. Pay all applicable taxes, notary fees, and land registration fees.

• Step 4: Gather Required Documents

  Compile all necessary personal documents (passport, birth certificates, marriage certificates for family members). Obtain a clean criminal record certificate and proof of health insurance. Collect proof of investment (notarized purchase agreement, proof of funds).

• Step 5: Submit Your Visa Application

  The complete application, along with supporting documents, is submitted to the Greek Ministry of Migration and Asylum. This can often be done remotely through your legal representative.

• Step 6: Biometric Appointment

  Applicants and included family members must visit Greece to provide biometric data (fingerprints and photograph). An entry visa might be required for this visit if you don’t already have Schengen access.

• Step 7: Receive Visa Decision

  After processing (typically 4-12 months), a decision is issued. Upon approval, the five-year residence permit cards are issued.

Benefits of the Greece Real Estate (Golden Visa)

The Greece Golden Visa offers a multitude of benefits for investors and their families:

• EU Residency & Schengen Travel: Gain the right to live in Greece and enjoy visa-free travel across all 27 Schengen Zone countries for up to 90 days within any 180-day period.
• No Minimum Stay Requirement: Unlike many other residency programs, there is no obligation to reside in Greece to maintain and renew your Golden Visa, offering exceptional flexibility.
• Family Inclusion: The program is highly family-friendly, allowing the main applicant to include their spouse/registered partner, children under 21 (extended to 24 if full-time students), and parents of both the main applicant and spouse.
• Tangible Asset Ownership: Invest in tangible real estate assets in Greece, with the potential for property value growth and rental income (subject to new regulations on short-term rentals in specific areas).
• Path to Citizenship: After seven years of continuous legal residency in Greece, Golden Visa holders may be eligible to apply for Greek citizenship, provided they meet additional requirements such as Greek language proficiency and integration.
• Access to Services: Holders and their families gain access to Greek public services, including healthcare and education.
• Low Cost of Living: Compared to many other European countries, Greece offers a relatively low cost of living.

Updates and Considerations for 2025

The Greek Golden Visa program underwent significant reforms in 2024, impacting 2025 applications. The most notable changes are the increased investment thresholds and the introduction of a zone-based system to redirect investment flows and curb speculative buying in overheated property markets. Investors should also be aware of the new restrictions on short-term rentals (like Airbnb) for properties acquired under the higher thresholds in prime areas. It’s crucial for prospective applicants to be well-informed about these changes and work with legal professionals to ensure compliance. The government continues to streamline processing, but backlogs might still affect overall efficiency.

Tips for a Successful Application

• Early Planning: Start the process well in advance, especially with the recent changes in investment thresholds and property use.
• Expert Guidance: Engage an experienced and reputable lawyer specializing in Greek immigration and real estate law.
• Due Diligence: Conduct thorough due diligence on any property you intend to purchase to ensure it meets the program’s requirements and has no legal encumbrances.
• Document Preparation: Ensure all required documents are accurately prepared, translated (if necessary), and legally certified.
• Financial Planning: Factor in all associated costs beyond the property investment, including legal fees, taxes, notary fees, and application fees.

Final Thoughts

The Greece Real Estate (Golden Visa) remains a highly attractive program for non-EU investors seeking European residency and the associated benefits. While recent changes have increased investment thresholds in popular areas and introduced new regulations, the program continues to offer a valuable opportunity for global mobility, family security, and real estate investment in a beautiful and strategically located country. With careful planning and professional guidance, the Greece Golden Visa can unlock a world of opportunities.