Real Estate Investment in Greece: Golden Visa Thresholds, Property Rules, and Investment Routes

• Investment thresholds: EUR 250,000 (two specific exception routes only), EUR 400,000 (standard zone), EUR 800,000 (high-demand zone)
• Permit duration: 5 years, renewable
• Minimum physical stay required to renew: none
• Family included: spouse or partner, children under 21, parents and parents-in-law of the applicant and spouse
• Work rights: none — the permit does not authorise employment, freelancing, or sole-trader activity
• Route to citizenship: separate process requiring 7 years of actual residence at 183 days per year, plus language and integration requirements

Greece’s residential property market has sustained a recovery since 2017. Urban centres — Athens in particular — attracted international buyers in the years following Greece’s economic rebound, and tourism-driven regions such as Mykonos and Santorini have seen sustained demand from lifestyle and investment buyers.

The Golden Visa programme, introduced in 2013 and substantially amended in 2023 and 2024, combines the purchase of qualifying real estate with a five-year residence permit for the investor and their family. The investment serves two purposes: a real estate asset with the potential for capital appreciation and rental income, and a legal basis for long-term EU residence with Schengen travel rights.

Greece and Portugal are the two programmes investors most often weigh against each other. They differ on investment thresholds, minimum-stay rules, and tax structure — and the right fit depends on the investor’s specific situation. Contact a My Golden Visa adviser to discuss which programme suits yours.

For the specifics of the benefits — Schengen travel, family coverage, healthcare and education access — see the Greece Golden Visa benefits page.

The 2024 reform (Law 5100/2024, Article 64, amending Law 5038/2023, Article 100) replaced the former single-tier EUR 250,000 minimum with a zone-and-type framework. There are now three effective thresholds for standard real estate, plus two exception routes that retain the EUR 250,000 level.

Sources: Mitos National Registry change-of-use procedure ^[2]

Mitos National Registry — Permanent golden visa (change of use) — Initial issuance

Commercial-to-residential change of use

The change-of-use route allows an investor to purchase a property at EUR 250,000 regardless of location or size, provided the property is being converted from commercial use — office, hotel, industrial building, or similar — to residential use.

Key conditions for this route, from the Mitos National Registry procedure ^[2]

Mitos National Registry — Permanent golden visa (change of use) — Initial issuance

• The conversion is carried out by the developer, not by the investor after purchase. The developer must hold the necessary conversion licence.
• The change of use must be completed — formally registered — before the investor submits the Golden Visa application. An application cannot be submitted on the basis of an ongoing conversion.
• For industrial buildings: no industrial activity may have been in operation for at least five years prior to conversion.
• The investment must be in a single property.
• Permit fee: EUR 2,000 plus EUR 16 for the digital printout (total EUR 2,016).
• Processing time: approximately 50–60 days from online application submission.

This route suits investors with property development or renovation experience. The developer’s licensing position and the quality of the conversion are central due-diligence questions. My Golden Visa’s advisory team can assist with developer vetting and with identifying change-of-use projects where long-term rental management arrangements are already in place.

From a client consultation (June 2026): “I have a development company here in the UK. So renovating an old property is very easy for us.” The investor was specifically drawn to EUR 250,000 change-of-use projects and confirmed with the adviser that the investment property could be rented out while they maintained a separate personal residence.

Listed building restoration

The listed-building route also applies at EUR 250,000 and has no location restriction. The qualifying property must be a listed or heritage building requiring restoration or reconstruction under the relevant heritage designation requirements.

Key conditions from the Mitos National Registry procedure ^[3]

Mitos National Registry — Golden visa programme (investment in a listed real property) — Initial issuance

• Full ownership and possession of the designated property is required.
• The investment is in a single property.
• Permit fee and processing time are the same as the change-of-use route: EUR 2,016 total, approximately 50–60 days.
• Resale of the qualifying property during the permit’s validity period results in automatic revocation of the residence permit.

For standard residential or commercial property at the EUR 400,000 and EUR 800,000 thresholds, Law 5100/2024 (Article 64) imposes additional conditions.

Single-property rule. The entire qualifying investment must be in one property. Two or more properties whose combined value reaches the threshold do not qualify. Each property must independently meet the applicable zone threshold.

Minimum 120 m² area. The qualifying property must have a usable area of at least 120 square metres. This applies to both the EUR 400,000 and EUR 800,000 tiers.

Zone classification. Whether the EUR 400,000 or EUR 800,000 threshold applies depends on property location:

• EUR 800,000 zone: Municipality of Athens, Municipality of Thessaloniki, Mykonos, Santorini, and islands with a registered population of 3,500 or more inhabitants.
• EUR 400,000 zone: All other areas — the suburbs of Athens and Thessaloniki that fall outside those central municipal boundaries, regional cities, rural areas, and smaller islands.

Zone classification is a key due-diligence step before purchase. A property in the Athens suburbs outside the Municipality of Athens applies the EUR 400,000 threshold; a property inside the Municipality of Athens applies EUR 800,000.

Law 5100/2024 restricts the use of qualifying properties purchased under the EUR 250,000 change-of-use route and under the EUR 400,000 and EUR 800,000 standard routes. The qualifying property cannot be used for short-term holiday rental (Airbnb-style letting) during the period it is held as the qualifying investment.

Long-term rental is generally permitted. An investor who is not residing in the qualifying property may rent it out on a standard long-term lease agreement. Many EUR 250,000 change-of-use projects include managed rental arrangements — typically long-term or medium-term lease agreements — structured to remain compliant with the use restrictions while generating rental income for the investor. Yields vary substantially by property location, type, and local market conditions; your adviser can give you a realistic figure for specific projects under review.

Resale terminates the permit. Selling the qualifying property automatically revokes the Golden Visa. The investor must retain ownership for as long as the permit is to be held and renewed. The investment-retention condition applies only while the permit is being maintained — once the permit is not being renewed or has been surrendered, there is no programme-imposed restriction on resale timing or price.

The Greece Golden Visa also offers financial investment routes that do not require property purchase. These include capital contributions to Greek companies, government bonds, bank deposits, and investment-fund units.

These are distinct products with separate conditions and are not covered in this article. For a full programme comparison including financial routes, see the main Greece Golden Visa programme page.

The five-year Greece Golden Visa residence permit provides:

• Legal residence in Greece for the duration of the permit, renewable while the qualifying investment is maintained.
• No minimum physical-stay requirement. The permit can be renewed without the investor having spent a minimum number of days in Greece per year. The investor does not need to live in the qualifying property, or in Greece, to keep the permit valid.
• Schengen Area travel for up to 90 days in any 180-day period.
• Access to Greek public healthcare and education for the permit holder and included family members.

What the permit does not provide:

• Employment rights. The permit does not authorise dependent employment, freelancing, or sole-trader activity in Greece. A Golden Visa holder may hold a non-executive shareholder or board-observer position in a Greek company and receive dividends, but may not be the legal representative, executive director, or an active employee. Remote work for a non-Greek employer requires a separate Digital Nomad Permit under Article 18.
• Greek citizenship. Holding the Golden Visa is not itself a basis for naturalisation.

The Greece Golden Visa leads to residence, not citizenship. Naturalisation in Greece requires meeting a separate, more demanding set of conditions:

• Seven years of legal and continuous residence in Greece.
• Physical presence of at least 183 days per year for each of those seven years. The Golden Visa alone — without actual physical residence — does not count toward naturalisation.
• Greek language proficiency, demonstrated through a formal test.
• Integration, criminal-record, and tax-compliance requirements.

An investor can hold the Golden Visa for decades without it creating any path to citizenship if they do not physically reside in Greece. The permit grants the right to reside; it does not impose a requirement to reside.

For those planning to pursue naturalisation, see Getting Greek citizenship after a Golden Visa.

Buying the qualifying property is only part of the financial picture. You also need to budget for transfer tax on acquisition and the annual property tax while you hold the asset.

Real estate transfer tax. Greece levies a transfer tax on property acquisitions, payable by the buyer. The applicable rate and calculation basis vary by property type and date of building permit. Current rates and methodology are set out by the Greek Independent Authority for Public Revenue (AADE) at aade.gr — Real Estate Transfer Tax.

Unified Tax on Real Estate Ownership (E9 / ENFIA). All real estate owners in Greece, including non-residents, are subject to the annual ENFIA property tax. The amount varies by property value, area, and location. The filing obligation and current rates are at aade.gr — ENFIA.

Special tax regimes for new tax residents. Greece offers three optional income-tax incentives for foreign nationals who transfer their tax residence to Greece:

• Article 5A: an alternative annual lump-sum tax on foreign-source income for qualifying high-net-worth new residents.
• Article 5B: a flat-rate tax for foreign pensioners who transfer tax residence to Greece.
• Article 5C: a preferential regime for employed or business income of new residents.

These regimes require the investor to establish Greek tax residence — a separate step from holding a Golden Visa. Holding a Golden Visa does not create Greek tax residence automatically. Whether a Golden Visa holder becomes a Greek tax resident depends on actual physical presence and the centre of their life interests. Details are at aade.gr — Tax incentives for new tax residents.

Confirm the applicable rates and your specific obligations with a qualified Greek tax adviser before purchase.

The 2024 zone-reform transition. Law 5100/2024, effective from 2025, fundamentally changed the qualification standard for most real estate. Investors who entered the market under the old EUR 250,000 universal minimum are protected by transitional rules only if they paid a 10% deposit or signed a preliminary contract by 31 August 2024 and completed the purchase by 31 December 2024 — or identified an alternative qualifying property by 30 April 2025. After those deadlines, the new zone thresholds apply in full.

Zone reclassification risk. Zone boundaries are set by legislation and can be changed. The current EUR 800,000 zone list reflects the 2024 reform. Investors acquiring property near zone boundaries should consider the possibility of future reclassification.

Short-term rental restrictions. A qualifying property used for Airbnb-style short-term holiday letting is in breach of the use conditions established by Law 5100/2024. This can affect permit renewal. Investors who plan to list the qualifying property on short-term rental platforms should take separate legal advice before proceeding.

Selling the property during the permit period. Sale of the qualifying property immediately revokes the permit. Investors who may need liquidity within the five-year permit period should consider this before committing to the real-estate route. Once the permit is not being renewed or has been surrendered, there is no programme-imposed restriction on resale.

Russian and Belarusian nationals. Eligibility for Russian and Belarusian nationals requires careful review of current restrictions. Confirm eligibility at the time of application.

If you are weighing the Greece real-estate route against other options — or want to understand which threshold applies to a specific property — a My Golden Visa adviser can walk you through the decision based on your situation. Get in touch to start the conversation.

For a detailed walkthrough of each application step, see the Greece Golden Visa by real estate investment guide.