The Greek Golden Visa

Greece’s Golden Visa grants non-EU nationals a renewable five-year residence permit in exchange for a qualifying investment – most commonly in real estate. It covers the main applicant, their spouse or registered partner, children under 21, and parents on both sides, with no minimum stay requirement in Greece.

Since its launch in 2013, the program has become one of Europe’s most popular residency-by-investment schemes. It has also changed considerably. The rules in place today – particularly following the September 2024 overhaul and further refinements in early 2026 – look very different from those that attracted the first wave of investors. If you’re considering an application, or already hold a permit and need to navigate what’s changed, current and precise legal advice is essential.

INVESTMENT THRESHOLDS – THE ZONE SYSTEM

The flat €250,000 entry point that defined the program for a decade is gone. Since September 2024, Greece operates a three-tier system based on location:

Zone A — €800,000. High-demand areas: the entire Attica region (Athens, Piraeus and surroundings), greater Thessaloniki, Mykonos, Santorini, and all islands with a population exceeding 3,100 residents. The property must be a single residential unit of at least 120 square metres.
Zone B — €400,000. The rest of the country – most of the mainland and smaller islands. The same 120 sqm minimum and single-property requirement apply.
Zone C — €250,000. Available only for the conversion of commercial properties into residential use or the restoration of listed heritage buildings. The conversion or restoration must be fully completed before the application is submitted. There is no size restriction, and these projects can be located anywhere in Greece.
In all cases, the investment must be funded from overseas – Greek mortgages do not qualify.

BEYOND REAL ESTATE

Property remains the dominant route, but it’s not the only one. The program also accepts:
Startup investment. A minimum of €250,000 in a company registered with Greece’s National Startup Registry (Elevate Greece). The investor’s stake cannot exceed 33% of shares or voting rights, and the startup must create at least two new jobs within the first year.
Capital contributions. At least €500,000 in Greek companies, real estate investment firms, or closed-end funds investing in Greek businesses.
Financial instruments. Shares, corporate bonds, Greek government bonds, or fund units, with minimum thresholds ranging from €350,000 to €800,000 depending on the instrument.
Bank deposits. A fixed-term deposit of at least €400,000 in a Greek bank for a minimum of one year, with automatic renewal.

SHORT-TERM RENTALS – A HARD NO

Golden Visa properties may not be listed on short-term rental platforms such as Airbnb. This is not a suggestion – it is an enforceable rule. Violations result in revocation of the residence permit and an administrative fine of €50,000. Long-term rentals, however, are permitted and represent a legitimate source of income for investors.

THE APPLICATION PROCESS

The process is relatively straightforward in structure, though the details matter. After completing the qualifying investment, applicants obtain a Greek tax identification number and secure health insurance. A power of attorney allows legal representatives to handle much of the process remotely – particularly useful for non-resident investors.

Applications are submitted online through the Greek migration portal. Once filed, a certificate of submission is issued within approximately one week, granting the right to remain legally in Greece for up to one year while the application is processed. All applicants and family members must attend in person to submit biometric data at designated immigration offices in Greece.

Processing times and the backlog. At its peak in mid-2025, the pending application backlog exceeded 49,000 cases. That figure has since been reduced significantly – to around 10,600 as of January 2026 – through decentralised processing and increased throughput. Current processing times range from roughly four to twelve months, depending on the case and the issuing authority.

The 2026 permit validity fix. Under the previous system, the five-year permit validity was backdated to the application filing date – meaning that by the time the card was physically issued, sometimes a year or more of that validity had already elapsed. Legislation introduced in early 2026 corrects this: the five-year period now runs from the date the card is actually issued. This change affects only the permit card itself; timelines for permanent residency and citizenship eligibility continue to be calculated from the start of legal residence.

WHAT THE PERMIT GIVES YOU

A Golden Visa residence permit allows you and your family to live in Greece without restriction and to travel visa-free throughout the 26-country Schengen Area. There is no minimum stay requirement to maintain the permit – you may live anywhere in the world and simply renew every five years, as long as the investment is maintained.
Holders can access Greek healthcare and education, hold shares in Greek companies, and receive dividend income. However, the permit does not grant the right to work as an employee in Greece.

TAX CONSIDERATIONS

Holding a Golden Visa does not automatically make you a Greek tax resident. You become tax resident only if you spend more than 183 days per year in Greece.

For those who do relocate, Greece offers a non-domiciled tax regime: a flat annual tax of €100,000 on worldwide income, regardless of total earnings, valid for up to 15 consecutive years. To qualify, you must not have been a Greek tax resident for at least seven of the eight years preceding your application, and must make an investment of at least €500,000 in Greece. This is a significant incentive, but it requires careful structuring – and the interaction between Greek and foreign tax obligations should always be assessed on a case-by-case basis.

PATHWAY TO CITIZENSHIP

The Golden Visa is a residency program, not a citizenship program. However, holders who establish genuine residence in Greece – meaning at least 183 days per year for seven consecutive years – may apply for Greek citizenship through naturalisation. This requires demonstrating integration into Greek society and passing examinations in Greek language, history, geography, and culture.

It is a real pathway, but not an automatic one. It demands commitment, and the naturalisation process is assessed on its own merits.

HOW WE HELP

The Greek Golden Visa is no longer a simple program. The zone system, property restrictions, evolving documentation standards, and ongoing regulatory changes demand precise legal navigation – both at the application stage and long after the permit is issued.

We advise investors from the earliest stages: selecting the right investment, structuring ownership, preparing documentation, managing the application, and handling renewals. We also assist existing permit holders who need to understand how recent changes affect their status, their property, or their long-term plans.

Contact us to discuss your situation. We’ll give you a clear, current picture of where you stand and what comes next.