In recent years, with the rise in international investment immigration demand, Greece has made significant adjustments to its “Golden Visa” policy (i.e., obtaining residency through investment). In particular, starting in 2024, the government has categorized the minimum investment amount for obtaining a visa through real estate by region, significantly raising the investment standards for properties in popular areas. Understanding these latest requirements is crucial for investors intending to apply for residency through this program. This article will outline the main requirements and applicable conditions to help you clarify the current “entry fee.”
Why are the requirements categorized?
The Greek government aims to balance the real estate market, curb excessively rapid price increases in popular areas, and encourage capital inflows into less populated or less developed regions. The updated system sets different investment thresholds based on multiple dimensions: “geographical location + property type + purpose.” For applicants, this means that “obtaining a Golden Visa through real estate purchase” is no longer a “one-size-fits-all” option, but rather requires meeting different thresholds depending on the location and type of property you intend to purchase, thus affecting investment costs and expected returns.
New Thresholds: Three Tiers
High-End Popular Areas — €800,000 Threshold
This tier has the highest threshold for high-demand, relatively expensive, and popular cities and islands—such as the capital city and tourist islands. The specific requirement is the purchase of a single property with a minimum area of 120 square meters. ([INC Capital][2]) Applicable areas include the capital region (e.g., Athens and its surrounding areas), as well as some islands or cities with high population and tourism demand, and highly sought after by overseas buyers. ([La Vida Golden Visas][3])
Regular Areas — €400,000 Threshold
For those in less popular areas, specifically those in Greece with lower population and tourism pressure, the threshold is set at €400,000. This also requires the purchase of a single property with a minimum area of 120 square meters. This tier provides a more “safe” entry point for investors who want to obtain a Golden Visa at a lower cost but do not pursue properties in popular areas or require high-premium locations.
Special Projects/Real Estate Conversion – The €250,000 “Minimum Threshold” Remains
Even under the new rules mentioned above, Greece retains a “low-threshold path” – properties undergoing conversion (e.g., changing from commercial or industrial use to residential use) or those listed as historical/conservation buildings (i.e., old building restoration, listed building renovation) can also be used to apply for a Golden Visa with an investment of €250,000, provided they meet the requirements. This threshold is not geographically restricted. However, this path has strict conditions, such as the conversion/renovation procedures must be legally completed beforehand; the property must be used for residential purposes and cannot be used for business headquarters or branches; and in some cases (such as listed building restoration), the entire renovation may need to be completed before visa renewal.
Are there other options besides real estate investment?
While real estate investment is the most common and straightforward application method, it is not the only path. Reports indicate that the Golden Visa also retains several alternative investment methods, such as investment in certain types of Greek companies, funds, bonds, or other financial products, which may also serve as the basis for the application – however, these options are more complex, less common than the real estate path, and often come with additional requirements. ([www.mercan.com][6]) Therefore, if you wish to apply for a Golden Visa through non-property means, it is advisable to carefully assess the legality and compliance of these options, as well as their long-term risks and liquidity.
Implications/Advice for Potential Applicants
If your target is a popular city or island (e.g., a major city center, a popular tourist area), be sure to anticipate an investment of at least €800,000. This threshold places high demands on your budget, financing plan, and long-term holding costs.
If your budget is limited or you wish to lower the investment threshold, you can consider ordinary areas (€400,000) or eligible “special projects/conversion properties” (€250,000) – however, be aware that the latter has more complex procedures, requires ensuring the property type and use are compliant, and may involve maintenance responsibilities.
Before choosing a property, be sure to confirm the legal use of the property, whether the conversion/repair eligibility meets the regulations, and whether the purchase contract, title registration, and area verification are complete. This is because multiple sources emphasize that “single property + minimum 120 square meters + legal use” are the basic requirements. For those interested in non-real estate investment pathways, it is crucial to thoroughly understand the risks and returns of the investment targets (such as bonds, funds, and company equity), as well as legal compliance requirements. While the Golden Visa offers convenience, it does not guarantee investment returns.
The Greek Golden Visa recently underwent a tiered upgrade in its real estate investment threshold: the highest threshold is €800,000 for popular areas, €400,000 for ordinary areas, and only for a very few strictly restricted “special projects/conversion properties” does the minimum threshold of €250,000 remain. The choice of threshold depends on the investor’s comprehensive consideration of location, property type, budget, risk tolerance, and future use (owner-occupancy/rental/investment).
For those hoping to obtain EU residency and Schengen Area access through this route, this tiered system offers more flexible entry options, but it also means that if you aspire to popular locations, you must be prepared for higher costs; conversely, if your budget is lower, you must be more careful in selecting properties and ensuring legal compliance.
