Golden Visa Greece: Residence Permit through Real Estate Investment

The Greek “Golden Visa” is a residence permit granted by the Greek state to nationals of third countries (non-EU/EEA citizens), provided they make a qualifying investment in the country — in the great majority of cases, by acquiring real estate. Since the programme launched in 2013, official figures show that nearly 90,000 residence permits have already been issued to investors and their family members (combining first-time and renewal permits); in the period from March 2025 to March 2026 alone, more than 7,300 new investor applications were received. The programme therefore remains one of the most widely used investor residence schemes in Europe. The overview below sets out the legal basis, the currently applicable minimum investment amounts, the requirements, the procedure, and important recent developments in the Greek Golden Visa programme.

Legal basis and development of the programme

The legal basis for the Golden Visa is Greece’s investor/migration legislation, originally Law 4251/2014 (the Migration Code). The programme itself has existed since 2013 and initially provided for a uniform minimum investment of €250,000 for a real estate purchase. In recent years, the legal framework has been reformed repeatedly, and in some respects fundamentally — most recently by Law 5038/2023 and, in particular, by Law 5100/2024, in force since 1 September 2024, which introduced the currently applicable system of regionally staggered investment thresholds together with additional qualitative requirements, such as a minimum living area. Given the frequency of reform in recent years, it is advisable to verify the requirements applicable in the individual case before any investment decision.

Who is eligible for the Golden Visa?

Eligible applicants are adult nationals of third countries who make, or have already made, a qualifying investment in Greece, who can fully evidence the origin of the funds used, and who have no criminal record that would preclude the grant of the permit. EU and EEA citizens do not need the Golden Visa, since they already enjoy freedom of establishment in Greece. The topic can nonetheless become relevant for them, for example where they advise, or wish to involve in a real estate transaction, business partners, investors, or family members from non-EU states.

The investment routes at a glance

The law recognises various forms of qualifying investment. In practice, the purchase of real estate dominates by a wide margin; other options include, among others:

• a lease or timeshare agreement of at least ten years for a hotel room or a furnished apartment in a tourist establishment,
• capital participations in Greek companies, investment funds, or real estate investment companies (REICs),
• fixed-term deposits with Greek credit institutions,
• the purchase of Greek government bonds.

Separate thresholds, in some cases higher, and additional requirements apply to these alternatives. Because the purchase of real estate is the practically most relevant route, the following discussion concentrates on it.

Minimum investment amounts for real estate acquisition (current position)

Since Law 5100/2024 entered into force, a two-tier regional threshold system applies, with a reduced special category:

• €800,000 in high-demand areas such as the Attica region (Athens), Thessaloniki, and islands with more than 3,100 inhabitants (e.g. Mykonos, Santorini, Crete).
• €400,000 in all other, less densely populated regions of the country.
• €250,000 (regardless of region) for converting commercial property into residential property, or for the complete restoration of a listed heritage building.

In addition, the following requirements have applied since the 2024 reform:

• Single property: in Zones A and B, the minimum investment amount must be met by a single property unit; the combination of several smaller properties, formerly common, is no longer permitted here.
• Minimum living area: for developed properties, or plots with a building permit already granted, a living or usable area of at least 120 sq. m is required; this requirement does not apply to undeveloped plots without a building obligation.
• Co-ownership shares: where only an undivided co-ownership share is acquired, the value of that share alone must reach the €800,000 threshold.
• Special category: for the €250,000 category, the conversion or restoration must be fully completed before the Golden Visa application is submitted.
• Rental alternative: the ten-year hotel or timeshare lease is subject to the same thresholds (€400,000 or €800,000, depending on zone).
• Inheritance and gift: the acquisition of a property above the relevant threshold by inheritance or gift can, in principle, also qualify for the Golden Visa.

Important note: the precise allocation of individual municipalities to Zone A or Zone B, as well as any further special rules, are set out in ministerial decisions and may be adjusted. Before any investment decision, the currently applicable classification for the specific location should be verified — ideally by a lawyer licensed in Greece.

Who is included in the application? – Family members

A key advantage of the Greek programme is the inclusion of the immediate family in the same application, without any additional investment being required. This generally covers:

• the spouse or registered civil partner,
• unmarried, dependent children generally up to the age of 21, including stepchildren under certain conditions,
• under certain conditions, also the dependent parents of both spouses.

This generous arrangement makes the Golden Visa particularly attractive for families seeking a shared residence permit within the EU.

Rights and limits of the residence permit

The Golden Visa allows:

• visa-free travel within the Schengen area for up to 90 days per 180-day period,
• a right of residence in Greece with no minimum-stay requirement — a key difference from classic investor residence permits,
• access to the Greek healthcare and education systems for the holder and their family,
• unlimited renewal, provided the investment is maintained.

It does not, by contrast, allow:

• an automatic right to work in Greece — separate permits are required for this,
• automatic naturalisation: the path to Greek citizenship is a separate, considerably more demanding procedure with its own requirements, including actual residence, language skills, and proof of integration,
• any general right of residence in the rest of the EU beyond the 90/180-day rule

Process: from the investment decision to the residence permit

1. Legal and tax due-diligence review: the chain of title, any encumbrances, cadastral status, and building-law compliance of the property, together with a targeted review of its Golden Visa eligibility, in particular its zone classification and area requirement.

2. Application for the Greek tax identification number (ΑΦΜ) and opening of a Greek bank account, through which the purchase price and proof of investment are processed.

3. Optionally: granting a power of attorney to a lawyer licensed in Greece, so that the purchase, application, and formalities can be handled without the applicant’s continuous presence on site.

4. Notarial execution of the purchase contract and subsequent registration in the land registry or cadastre (Ktimatologio).

5. Submission of the Golden Visa application to the competent immigration and migration authority, including proof of investment, health insurance, a clean criminal record certificate, and biometric data; following submission, a provisional confirmation is initially issued, which secures lawful residence while the application is processed.

6. Decision and issuance of the residence card, in practice generally within a few months of biometric data capture.

Validity period and renewal

The Golden Visa is initially granted for five years and can be renewed an unlimited number of times, provided the investment is maintained — one of the longest initial validity periods among European investor residence permits. A legislative reform is also being prepared for 2026, under which the five-year validity period would in future be calculated not from the date of application but only from the actual issuance of the residence card — a point of practical significance given that processing often takes several months. The current state of implementation of this reform should be checked in the individual case.

Further costs besides the investment amount

In addition to the investment amount itself, the following should regularly be budgeted for:

• the usual ancillary purchase costs (real estate transfer tax or VAT, notary, lawyer, land registry or cadastral registration),
• official fees for processing the Golden Visa application, staggered by main applicant and accompanying family members, as well as a fee for the electronic residence card,
• costs for certified translations and apostilles of foreign documents,
• where applicable, fees for legal support throughout the process.

Recent developments: short-term letting and housing-market reform

Against the background of the tight Greek housing market, the legislature is preparing a further reform for 2026 that would restrict short-term letting via platforms such as Airbnb in certain high-demand urban areas — affecting, among others, parts of Athens and, with effect planned from 1 July 2026, Thessaloniki as well. For investors wishing to use a property acquired via the Golden Visa for short-term letting, this may, depending on the property’s location, entail additional registration and use requirements. Because these rules differ by region and are currently still evolving, the intended use of the property should be reviewed legally before the purchase.

Common practical pitfalls

• Unclear title: unresolved succession or a missing cadastral entry can significantly delay the process.
• Incomplete evidence of the source of funds: Greek banks and authorities require detailed evidence of the origin of the investment amount as part of anti-money-laundering checks.
• Confusing net and gross purchase price: what matters is the value stated in the purchase contract, not the total cost including ancillary expenses.
• Outdated thresholds: given the repeated reforms of recent years, prospective applicants should not rely on older publications.
• Several smaller properties instead of a single property: this arrangement is no longer permitted in Zones A and B since 2024.
• Unauthorised buildings or an insufficient minimum area: either can jeopardise a property’s Golden Visa eligibility, irrespective of its purchase price.

Conclusion

The Greek Golden Visa remains one of Europe’s most accessible and family-friendly investor residence programmes — not least because of the absence of a minimum-stay requirement and the generous inclusion of the immediate family. At the same time, the legal framework is complex and subject to continual adjustment, from the investment thresholds to the area and zone requirements and, more recently, developments in short-term letting. Sound, up-to-date legal support before and throughout the entire investment process is therefore essential.

The expertise of KPAG Kosmidis & Partner

KPAG Kosmidis & Partner, a firm specialising in international law connected with Greece – including German-Greek law – has for many years supported clients through real estate transactions in Greece — from legal and tax due diligence, through contract drafting and notarial completion, to registration in the land registry or cadastre. On this foundation, the firm regularly handles Golden Visa procedures across their full range: from selecting a property suited to the programme, through structuring the application for the whole family, to communicating with the competent Greek authorities. Clients benefit from bilingual advice from a single source, as well as from the firm’s experience in related areas of real estate law, such as inheritance matters concerning Greek property, the tax structuring of property acquisitions, or investments in renewable energy.

Planning an investment in Greek property, or interested in the Golden Visa?

Contact our firm for individual advice. We review your planned investment, support you through the entire acquisition and application process, and ensure that your project meets the currently applicable legal requirements.

Legal notice: the content of this page has been prepared with the greatest care and is intended for general information purposes only. It does not constitute legal advice and does not replace individual legal advice in a specific case. Statutory rules, thresholds, deadlines, and official requirements can change at any time — as the development of the Golden Visa programme in recent years illustrates. For a binding assessment of your personal situation, we recommend individual advice from a lawyer specialising in international law connected with Greece.