Greek Golden Visa Property Fund — Athens & Island Locations

Investment Overview

This real estate fund invests in residential and short-let properties across Athens and major Greek tourist island locations — including Mykonos, Santorini, Rhodes, and Corfu — with a fund life of five years and a target income yield of 6–8% per annum alongside capital appreciation from property price recovery.

The fund is structured to meet the relevant minimum investment thresholds for the Greek Golden Visa programme — EUR 800,000 for property in the highest-demand prime zones and EUR 400,000 in other regions — enabling investors to combine an investment return strategy with access to EU residency rights for themselves and their immediate family members.

The Greek Golden Visa Programme

Greece's Golden Visa programme grants a five-year renewable residence permit to non-EU nationals who invest in qualifying Greek real estate. The permit covers the investor, their spouse or partner, dependent children up to the age of 21, and the parents of both investor and spouse. There is no minimum stay requirement — holders are not required to live in Greece to maintain the residency permit.

The Greek Golden Visa does not provide a direct path to Greek or EU citizenship, but holders may apply for permanent residency after five years of continuous residence (which would require satisfying the minimum stay requirement). EU residency access provides freedom of movement within the Schengen Area for periods of up to 90 days in any 180-day period.

As of 2026, following the tiered thresholds that took effect in 2024, the minimum property investment is EUR 800,000 in the highest-demand zones — Attica (which includes Athens), the regional unit of Thessaloniki, the islands of Mykonos and Santorini, and other islands with a population exceeding 3,100. In all other parts of Greece the threshold is EUR 400,000. A single property of at least 120 square metres is required at these tiers. A reduced EUR 250,000 threshold remains available only for the conversion of commercial property to residential use, or for the restoration of listed buildings. The fund is structured to deploy investor capital across qualifying properties at the applicable thresholds for each location.

Why Greek Property in 2026?

Greece experienced one of the most severe economic contractions of any developed economy during the debt crisis years of 2010–2018, with residential property prices falling by approximately 40–45% from their 2007 peaks across most markets. Since 2019, Greek residential property has been in sustained recovery, supported by significant international buyer demand, the Golden Visa programme itself (which introduced a new class of investment buyer), a resurgent tourism industry (Greece received a record 33 million international visitors in 2023), and improving macroeconomic fundamentals.

Athens in particular has attracted significant institutional interest, with international real estate investors and private equity funds entering the market at scale. Short-let tourism demand — particularly through platforms such as Airbnb — has created a strong income-generating market for well-located residential properties in both Athens and island locations.

The fund manager's research suggests that, despite price recovery since 2019, Greek residential property in key locations remains below its long-run trend value relative to other Southern European markets. Comparable cities — Lisbon, Madrid, Barcelona — have seen substantially higher price levels than Athens relative to GDP and income, suggesting further recovery potential.

Fund Strategy and Portfolio Construction

The fund deploys capital across two primary market segments:

Athens urban residential: Properties in prime and near-prime Athens neighbourhoods — Kolonaki, Monastiraki, Koukaki, Pagrati, and Exarchia — targeting both long-term residential letting and short-let tourist accommodation for the growing number of visitors to the capital. Athens has consistently been Europe's fastest-growing short-break destination since 2021.

Island tourism properties: Condominium units, apartments, and villas in Mykonos, Santorini, Rhodes, and Corfu, targeting premium short-let income during the extended Greek tourist season (which now runs approximately March to November for the most popular destinations). Island properties deliver significantly higher per-night rental rates, albeit with higher seasonality.

The fund holds a portfolio of at least 15 properties to provide diversification across locations and tenant profiles. Properties are managed by a specialist Greek property management company with experience in both long-term and short-let management, handling maintenance, letting, compliance, and income distribution.

Risk Factors

Property market risk: Despite the post-crisis recovery, Greek property prices remain subject to macroeconomic and political risk. A renewed deterioration in Greek fiscal conditions, Eurozone stress, or a significant decline in tourism arrivals could depress both property values and rental income. Property values can fall as well as rise.

Currency risk: The fund is EUR-denominated. Investors in USD, GBP, or other currencies bear EUR/home-currency exchange rate risk on both income and capital.

Regulatory and tax risk: Greek property taxation and Golden Visa programme rules may change during the fund's life. The Greek government has previously modified Golden Visa thresholds (most recently raising them to the EUR 400,000 / EUR 800,000 tiers in 2024, from a former EUR 250,000 floor) and may make further changes. The tax treatment of rental income in Greece is subject to Greek income tax rules applicable to the fund structure.

Illiquidity: This is a five-year closed-end fund. Investors' capital is committed for the fund life. There is a limited secondary market for fund interests. Investors should regard this as illiquid capital for five years.

Golden Visa eligibility: The Golden Visa benefit attaches to individual investors meeting the programme requirements. Fund investors should take independent legal advice on their specific Golden Visa eligibility, as programme rules are subject to change and individual circumstances vary.

Fund Structure

The fund is structured as a Luxembourg SICAV-SIF (Specialised Investment Fund), a well-established and regulated European fund structure providing investor protections, audited accounts, independent administration, and a clear legal framework. The Luxembourg structure also provides efficient treatment for cross-border European investors.

Investors receive quarterly income distributions from rental income collected across the property portfolio, net of management fees and property operating costs. Annual audited accounts and property valuation reports are provided by an independent valuer.

How to Enquire

Contact our investment team to receive the full prospectus, Golden Visa eligibility briefing, fund manager track record, current property pipeline, and financial projections. This opportunity is available to sophisticated and professional investors. The minimum investment is EUR 400,000; investors seeking qualifying property in the prime zones (Athens, Thessaloniki, Mykonos and Santorini) should note the higher EUR 800,000 Golden Visa threshold that now applies there.

Important: Target returns of 6–8% p.a. are based on the fund manager's projections from rental income and are not guaranteed. Property values and rental income can fall as well as rise. The Greek Golden Visa programme rules are subject to change by the Greek government. This is an illiquid investment with a five-year commitment period. Independent legal and financial advice should be sought before investing.