The Greek Golden Visa programme remains one of the most accessible routes to a Greek residence permit through investment in real estate. The legislative framework has been amended several times in recent years, so the minimum investment amounts and accompanying conditions now vary considerably depending on the location of the property and the nature of the investment. This guide sets out the general framework and is not a substitute for tailored legal advice on an individual investor’s circumstances.
Minimum investment amounts by region
The required investment amount depends primarily on the geographic zone in which the property is located. In high demand areas, such as Attica, Thessaloniki, certain islands above a population threshold, and a number of popular destinations, the minimum investment is higher than in the rest of the country. In other regions the required amount is lower, provided the property meets certain size criteria. A reduced threshold also applies to specific categories of investment, such as the conversion of a commercial property into residential use or the restoration of a listed building. Because these thresholds are periodically revised by the legislature, it is essential to confirm the amount currently in force before making any commitment.
It is worth noting that, in most cases, the investment must now relate to a single property rather than the combined value of several smaller properties, which had previously been permitted under certain conditions.
The process step by step
The process of obtaining a Golden Visa through real estate generally follows these stages:
- Title search. Before any commitment is made, the legal status of the property is checked at the relevant Land Registry to confirm the absence of encumbrances, seizures or third party claims.
- Obtaining a tax number and bank account. The investor needs a Greek tax registration number (AFM) and, typically, an account with a Greek bank to complete the transaction.
- Preliminary agreement or direct deed. Depending on the circumstances, a preliminary agreement with a deposit is signed, or the parties proceed directly to the final notarial deed.
- Completion of the purchase. The transfer is completed before a notary and registered with the Land Registry.
- Submission of the application file. The complete file, with all supporting documents, is submitted to the competent immigration authority.
- Biometrics and issuance of the permit. Following initial review, the investor attends for biometric data collection and receives the residence permit.
The overall timeline for completion varies depending on the workload of the competent authority and the completeness of the application file.
Documents typically required
The application file generally includes a valid passport, proof of the property purchase or purchase agreement, evidence of the source of funds, health insurance covering Greece, and a criminal record certificate from the applicant’s country of origin or residence. Depending on nationality and the specifics of the case, additional documents or certified translations may be requested.
Family extension
The programme allows members of the investor’s family to be included in the same application, typically the spouse, minor children and, under certain conditions, adult children who remain financially dependent on the investor, as well as the parents of both spouses. Each family member receives an individual residence permit linked to the main investment.
Renewal and maintaining the permit
The Golden Visa residence permit is renewed at regular intervals, provided ownership of the property underlying the original approval is maintained. Selling the property before renewal generally results in loss of the right of residence, unless it is replaced with an equivalent investment within the applicable deadlines.
Points worth noting
Beyond the minimum investment amount, prospective investors should also take into account any restrictions on short term rental use in certain areas, the tax obligations that accompany the acquisition and ongoing ownership of property in Greece, and the time required for the permit to be issued. Obtaining legal advice before signing any preliminary agreement helps avoid delays or unforeseen complications.
For an assessment of your specific circumstances and confirmation of the currently applicable investment thresholds, please get in touch with the office.