The Greek Golden Visa Explained

The Golden Visa program in Greece is essentially a residency-by-investment scheme, where foreign nationals (from non-EU countries) can gain Greek residency by investing in real estate. With a real estate purchase of a certain value, you can qualify for a residency permit, allowing you and your family to live, work, and travel freely within the Schengen Area.

Introduced in 2013, the Golden Visa program quickly became one of the most popular residency-by-investment schemes in Europe, largely due to Greece’s attractive real estate market and natural beauty.

Golden Visa in numbers: Popularity and growth

The Greek Golden Visa program has proven to be a magnet for international investors. As of 2020, more than 10,000 Golden Visas have been granted to foreign investors, with Chinese nationals representing the largest share of applicants. Other countries and regions, such as the Middle East, Asia, USA and Russia, have also been major contributors to the program. In 2021, more than 1,500 Golden Visa applications were submitted, showing significant year-on-year growth despite the pandemic. In 2024, the Golden Visa program saw an all-time high in demand, with 9,289 new applications received, representing a 10% rise compared to 2023. This notable increase highlights Greece’s continued attractiveness as a prime location for foreign investment and residency.

Since its introduction, the program has raised over €2 billion in direct investment into Greece, not just in real estate but also in other sectors like tourism and hospitality. This surge in foreign investment has positively impacted the Greek economy and real estate market, particularly in high-demand areas.

Changes to the Golden Visa Program

The Greek government has recently updated the Golden Visa requirements, which now include:

• €800,000 minimum investment for properties in Athens, Thessaloniki, popular islands (like Crete, Mykonos and Santorini), and areas with a population over 3,100 residents.
• €400,000 minimum investment for properties in smaller islands (like Koufonisia) and the mainland (outside of Athens and Thessaloniki).

These updates, effective from 2023, reflect Greece’s strategy to focus on urban centers and high-demand tourist destinations while still attracting investment to less populated regions.

Additionally, one significant change to the Golden Visa program is that properties purchased for Golden Visa purposes can no longer be used for short-term rentals (via platforms like Airbnb or Booking.com). This aims to prevent excessive short-term rental activity that could disrupt the local housing market.

Do you need a Golden Visa to buy property in Greece?

While the Golden Visa offers residency perks, it’s important to understand that you don’t need it to buy property in Greece. If you’re from a non-EU country, you can still buy property without applying for a Golden Visa. This applies to various types of real estate, including second homes, vacation properties, or retirement residences.

For EU citizens, the Golden Visa program isn’t relevant as they can freely purchase property in Greece and live or work without any residency requirements.

Your property purchase options in Greece as a non-EU resident

As a non-EU national, your options will depend on the location and type of property you wish to buy. With the recent changes to the Golden Visa program, here are your available choices:

1. Purchase property for €400,000 or more

This applies to properties in lesser-known areas of the mainland, as well as islands with fewer than 3,100 residents (such as Koufonisia). Here, you can buy property for use as a second home, a holiday retreat, or a permanent residence. Just remember that you can’t use this property for short-term rentals, like on Airbnb.

2. Purchase property for €800,000 or more

For properties in major cities like Athens and Thessaloniki, or islands with more than 3,100 residents (such as Crete, Santorini and Mykonos), the investment threshold is €800,000. This gives you the same options for personal use as above but with access to higher-value properties in some of Greece’s most coveted locations.

3. Buy a commercial property for €250,000

Another option is to invest in commercial real estate worth at least €250,000, which can later be converted into a residential property. This is a viable solution for those interested in renovating old buildings or changing the function of the property while still securing residency.

Greece offers flexible investment opportunities for non-EU citizens

While the Golden Visa remains an attractive option for non-EU nationals seeking residency, it’s not the only route for purchasing property in Greece. If you’re not interested in the residency benefits, you can still invest in property without applying for the visa. Whether you’re looking to buy a holiday home or make a long-term investment, Greece’s real estate market offers opportunities for every type of investor.

The latest changes to the Golden Visa program have made it even more important for investors to understand their options and the specific requirements for each type of property purchase. With attractive areas across the mainland and islands, now is a great time to explore Greece’s property market and take advantage of these exciting investment opportunities.