Greece's Golden Visa programme — one of Europe's most popular residency-by-investment schemes — underwent major changes in 2023 and 2024. The government, responding to concerns about property price inflation in key urban areas, raised the minimum investment threshold substantially in high-demand zones. For many investors this was a significant shift; for others it clarified a market that had been somewhat murky.
As of 2026, Greece still offers one of the most attractive Golden Visa programmes in Europe — with a clear path to citizenship, a relatively accessible threshold outside premium zones, and a package of tax incentives for those who become Greek tax residents. This guide covers the current rules.
The threshold changes — what happened and why
The original Greece Golden Visa programme, launched in 2013, required a minimum property investment of €250,000 — the lowest threshold in the EU at the time. This attracted significant international interest, particularly from Chinese, Russian and Middle Eastern buyers.
By 2023, concerns about the impact on housing affordability in Athens, Thessaloniki and the more popular Aegean islands led the government to restructure the programme. The changes were phased:
From May 2023:
- Properties in the Regional Unit of Attica (Greater Athens), Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100 require a minimum investment of €800,000
- The property must be a single unit of at least 120 square metres
- A maximum of one residential unit can count towards the threshold
In all other areas of Greece:
- The minimum remains €400,000 (raised from €250,000)
- Again, a single unit of 120 sq m minimum
These thresholds represent a significant increase from the original scheme — but Greece remains competitive against Portugal (which closed the residential property route in late 2023) and Spain (which abolished its Golden Visa entirely on 3 April 2025).
Alternative qualifying routes
For investors who prefer not to invest in the premium Athens/island markets, several alternative routes exist regardless of location. These operate at either the €400,000 or €250,000 threshold:
€400,000 routes (any zone):
- Heritage building restoration: Purchasing and restoring a listed building in any region — the €400,000 threshold applies regardless of zone
- Industrial/commercial property: Non-residential property at €400,000 in any zone
€250,000 route (nationwide, reduced threshold):
- Commercial-to-residential conversion: Purchasing a commercial building and completing its conversion to residential use before the Golden Visa application is filed. This route does not require the 120 sq m minimum size and is available anywhere in Greece. The qualifying threshold is €250,000 — the lowest property route in the programme. Industrial buildings qualify only where no industrial activity has been carried on for at least five years. Note: the converted property may not be used as the registered seat of a company, and — in common with all Golden Visa properties — short-term rental use (Airbnb-style lettings) is prohibited.
These routes have attracted interest from investors who see value in converting underused commercial space in attractive locations, including parts of Athens and island towns, outside the most expensive residential zones.
What the Golden Visa provides
Greek Golden Visa holders receive:
- Five-year renewable residency for the investor and their immediate family (spouse, minor children, adult dependent children, parents of both spouses)
- Visa-free travel within the Schengen Area — 26 countries
- The right to live, work and conduct business in Greece (though working in Greece for a Greek employer requires additional permits)
- Renewal is straightforward, provided the qualifying investment is maintained
There is no minimum stay requirement for maintaining the visa. This distinguishes Greece from residency programmes that require you to actually live in the country.
Path to Greek citizenship
Greek citizenship by naturalisation is available to Golden Visa holders after seven years of legal residence. Requirements include:
- Seven consecutive years of Greek residence (maintained via the Golden Visa)
- Demonstrated Greek language proficiency (B1 level)
- Knowledge of Greek history and culture (tested)
- Clean criminal record
- Formal application through the Greek citizenship naturalisation process
Greek citizenship provides an EU passport — with the right of free movement, work and residence across all 27 EU member states, as well as visa-free travel to approximately 185 countries.
For investors whose primary goal is EU citizenship, the seven-year path compares with Malta's accelerated three-year citizenship by naturalisation route (at a significantly higher cost) and Cyprus's programme (which closed to new applicants in late 2020).
Greek tax incentives for new residents
Greece has introduced a series of tax incentive regimes to attract foreign-income individuals to establish genuine tax residence:
Article 5A — Lump-sum tax for foreign-income residents Foreign nationals and Greek citizens who have not been tax-resident in Greece for seven of the last eight years can elect to pay a flat annual tax of €100,000 on their worldwide foreign-source income, regardless of actual income. The regime is available for 15 years. Family members can be added for €20,000 each per year.
This is particularly attractive for HNW individuals with significant foreign passive income — dividend income, rental income from overseas property, capital gains on overseas investments — all covered by the €100,000 flat charge.
Article 5B — 50% income tax exemption for new employees Qualifying individuals taking employment or self-employment in Greece for the first time can claim a 50% exemption on Greek-source employment or self-employment income for seven years.
Article 5C — Pension income at 7% Foreign pension income can be taxed at a flat 7% rate (rather than the standard progressive rates of 9–44%) for individuals who transfer their tax residence to Greece, for a period of 15 years.
These incentives make Greece an attractive long-term base for internationally mobile retirees and entrepreneurs.
Comparison with Portugal and Malta
Portugal closed its residential property Golden Visa route in October 2023 (it remains available for inland and rural areas, and for qualifying fund investments). Portugal's Non-Habitual Resident regime was also replaced in 2024. Greece now provides a stronger property-linked residency route for those targeting Eurozone residency.
Malta offers both a residency programme (Malta Permanent Residence Programme — MPRP) and an accelerated citizenship-by-naturalisation path. Malta citizenship (after 1 or 3 years of residence) is available at a higher cost (contributions of €600,000–€750,000 plus qualifying investment and property). Malta remains relevant for those prioritising citizenship speed over cost.
Greece wins on flexibility — the no-minimum-stay requirement for the residency visa, the lower threshold for non-premium zones, and the comprehensive tax incentive package make it compelling for investors who want EU Schengen access and a clear citizenship path without necessarily relocating immediately.
Frequently asked questions
Do I need to live in Greece to maintain the Golden Visa? No. There is no minimum stay requirement for the Greece Golden Visa residency permit. You must maintain the qualifying investment. This distinguishes the Greek programme from some other European residency schemes that impose annual presence requirements.
Can I work in Greece on a Golden Visa? The Golden Visa grants the right to reside in Greece and to conduct business. Working as an employee for a Greek employer requires a separate work permit in addition to the residence permit. Self-employment and business activity through a company structure is generally permissible.
What counts as "immediate family" for the Golden Visa? The programme covers the investor's spouse (or registered partner), minor children of both spouses, adult unmarried children up to 21 who are in full-time education, and dependent parents of both the investor and the spouse. Each family member is listed on the investor's permit.
Can the qualifying property be rented out? Long-term letting (six months or more) is permitted. However, Greek law expressly prohibits Golden Visa properties from being used for short-term rental through platforms such as Airbnb or similar sharing-economy services. Violation can result in cancellation of the residency permit and an administrative fine of €50,000. Investors seeking rental income from a Golden Visa property should budget on long-term letting yields rather than short-let yields.
What happens to the Golden Visa if I sell the property? The residency permit is dependent on maintaining the qualifying investment. If the property is sold without replacing it with another qualifying investment, the visa lapses. Renewal requires the qualifying investment to still be in place at the time of the renewal application.
Does the Golden Visa affect my UK tax position? The Golden Visa is a residence document, not tax residence. Simply holding a Greek residency permit does not make you Greek tax resident — that depends on where you spend your time and where your habitual abode is. However, if you spend more than 183 days per year in Greece, you will generally be treated as a Greek tax resident. The interaction with UK non-residence and the UK Statutory Residence Test requires separate analysis.
How Global Investments can help
We advise clients on European residency and citizenship-by-investment strategies, including Greek Golden Visa applications, property investment structuring, and the tax implications of establishing Greek residence.
Contact us to explore your options.
Investment thresholds, visa rules and tax incentive details are subject to change. This article reflects the position as understood in June 2026. Always verify current requirements with specialist legal and immigration advisers.
This article is for general information only and does not constitute financial, legal or tax advice. Rules, prices and regulations change; verify current requirements with a qualified adviser before acting.