Greece Golden Visa: EUR 250,000 Real Estate Route to EU Residency

Greece's golden visa programme is one of the most affordable pathways to European residency. Launched in 2013, it has attracted significant investment — particularly from Chinese, Turkish, and Middle Eastern applicants. Recent changes to the investment thresholds have created a two-tier system, with lower thresholds in less developed regions and higher thresholds in high-demand areas.

Current Investment Thresholds (2026)

Greece introduced differentiated thresholds in August 2023, significantly increasing the minimum investment in popular areas:

Tier 1 — EUR 800,000

Applies to properties in:

• Athens (Attica region)
• Thessaloniki
• Mykonos
• Santorini
• Other high-demand islands and municipalities

Tier 2 — EUR 400,000

Applies to properties in:

• All other regions of mainland Greece
• Most Greek islands not classified as Tier 1
• Commercial and industrial conversions

Tier 3 — EUR 250,000

Applies to:

• Conversion of commercial properties to residential (in any location)
• Listed and heritage buildings requiring restoration

The EUR 250,000 threshold — once available for any property anywhere in Greece — now applies only to specific property types. Most applicants will face the EUR 400,000 or EUR 800,000 thresholds.

Programme Structure

Residency Permit

The golden visa grants a 5-year renewable residence permit to:

• The main applicant
• Spouse
• Children under 21
• Parents and parents-in-law of both the applicant and spouse

The residence permit allows:

• Living in Greece
• Schengen travel (90 days within 180 days across 27 Schengen countries)
• Access to Greek education and healthcare
• No work rights (the golden visa does not include work authorisation — a separate work permit is needed)

Renewal

The residence permit is renewed every 5 years, provided the real estate investment is maintained. There is no physical residency requirement for renewal — the investment alone is sufficient.

Path to Citizenship

Greek citizenship by naturalisation requires:

• 7 years of continuous legal residency
• Physical presence in Greece for a significant portion of each year (the exact requirement is subject to interpretation but generally requires substantial presence)
• Greek language proficiency (B1 level)
• Knowledge of Greek history and culture
• Integration into Greek society

Unlike Portugal's golden visa (which requires only 35 days over 5 years for citizenship), Greece requires genuine, sustained physical presence. This makes the Greek golden visa better suited for applicants who plan to actually live in Greece.

Real Estate Market

Athens

Athens has experienced significant real estate appreciation since the post-2015 recovery:

• Central Athens apartment prices: EUR 2,000-4,000/m² depending on district
• Rental yields: 4-6% for short-term (Airbnb) or 3-4% for long-term
• EUR 800,000 can acquire a high-quality 2-3 bedroom apartment in central Athens or multiple smaller units

Islands

• Mykonos and Santorini: EUR 5,000-10,000+/m² for premium properties
• Other Cycladic islands: EUR 2,000-5,000/m²
• Crete: EUR 1,500-3,000/m²

Regional Mainland

• Thessaloniki: EUR 1,500-3,000/m²
• Peloponnese: EUR 1,000-2,500/m²
• Northern Greece: EUR 800-2,000/m²

The EUR 400,000 threshold in regional areas provides genuine investment opportunity in undervalued markets with tourism growth potential.

Tax Considerations

Property Taxes

• ENFIA (annual property tax): EUR 2-13 per square metre depending on location and property value
• Property transfer tax: 3.09% of the purchase price (or 24% VAT for new builds)
• Notary fees: 0.7-1% of the property value
• Legal fees: 0.5-1%
• Agent commissions: Typically 2% (paid by the buyer, though negotiable)

Income Tax for Residents

If the applicant becomes a Greek tax resident:

• Employment/self-employment income: Progressive rates from 9% to 44%
• Rental income: Progressive rates from 15% to 45%
• Capital gains on property: 15% (with exemptions after 5 years of ownership)
• Dividends: 5%

Non-Dom Regime

Greece introduced a flat tax regime for foreign retirees and investors transferring their tax residency to Greece:

• Article 5A: Flat tax of EUR 100,000 per year on worldwide income (plus EUR 20,000 per family member) for qualifying individuals. Minimum investment of EUR 500,000 in Greek real estate, business, or government bonds required.
• Article 5B (retirees): 7% flat rate on all foreign-source income for individuals transferring pension income to Greece.

These regimes can make Greek tax residency highly efficient for the right profile.

Process and Timeline

1. Property selection: 2-8 weeks (depends on search intensity)
2. Tax number (AFM) and bank account: 1-2 weeks
3. Property purchase and registration: 4-8 weeks (including legal due diligence, notarisation, and land registry)
4. Golden visa application: Submit after property registration
5. Biometrics appointment: Scheduled by the Decentralised Administration
6. Residence permit issuance: 2-6 months from application

Total: 4-8 months from property search to residence card in hand.

Costs Summary (EUR 400,000 Regional Property)

Component	Cost
Property purchase	EUR 400,000
Transfer tax (3.09%)	EUR 12,360
Notary fees	EUR 3,000-4,000
Legal fees	EUR 3,000-4,000
Agent commission	EUR 8,000
Golden visa application fee	EUR 2,000
Residence card fee	EUR 16 per person
Total	EUR 428,000-432,000

Comparison with Other European Golden Visas

Feature	Greece	Portugal	Spain	Malta
Min. investment	EUR 250,000-800,000	EUR 500,000 (fund)	EUR 500,000 (RE)	EUR 690,000+ (CBI)
Property route	Yes	No (since 2023)	Yes	N/A
Schengen access	Yes	Yes	Yes	Yes
Path to citizenship	7 years	5 years	10 years	12-36 months
Physical presence for renewal	None	7-14 days/year	None	N/A
Work rights	No	Yes	Yes	N/A

Key Takeaways

• Greece's golden visa remains one of the most affordable routes to EU residency, particularly at the EUR 250,000 threshold for heritage/conversion properties and EUR 400,000 in regional areas
• The EUR 800,000 threshold for Athens and major cities has significantly reduced the programme's appeal for those targeting prime locations
• No physical residency requirement for permit renewal makes it attractive as a "plan B" residence or Schengen travel card
• The path to Greek citizenship requires 7 years and genuine physical presence — unlike Portugal's minimal presence requirement
• Greece's flat tax regime (Article 5A) at EUR 100,000/year on worldwide income can be highly efficient for UHNW individuals
• Real estate in regional Greece offers genuine investment value at the EUR 400,000 level, with improving infrastructure and tourism growth
• Applicants should factor in total acquisition costs (transfer tax, notary, legal) of approximately 5-7% above the property price