The Greece Golden Visa is a five-year renewable residence permit for non-EU citizens who invest between €250,000 and €800,000 in Greek real estate, with alternative financial investment routes also available. It covers the investor’s spouse, children, and parents on both sides, requires no minimum stay in Greece, and allows visa-free travel across the 26-country Schengen Area. It does not permit salaried employment in Greece, and since 2024 it bars short-term rentals of the qualifying property.
Investment Thresholds by Location
Greece uses a tiered price system based on where the property sits.
- €800,000 applies to the entire Attica region (including Athens and Piraeus), the regional units of Thessaloniki, Mykonos, and Santorini, and all Greek islands with a population above 3,100. That list includes Crete, Rhodes, Corfu, Kos, Paros, Naxos, Zakynthos, and roughly 30 others.
- €400,000 applies to the rest of mainland Greece and to smaller islands not on the €800,000 list.
- €250,000 applies regardless of location for two special cases: commercial properties being converted into residential units, and listed historic buildings that the investor fully restores.
At both €800,000 and €400,000 levels the money must go into a single property of at least 120 square meters. The €250,000 restoration and conversion route has no size floor.
Alternative Investment Routes
Real estate is the common path, but Greece accepts several financial alternatives, each of which must remain in place for the life of the permit. Selling or withdrawing the investment cancels residency the same way selling a qualifying property would.
- A fixed-term bank deposit of at least €500,000 with a Greek credit institution.
- A capital contribution of at least €500,000 into a Greek company’s share capital, a real estate investment company, or a closed-end fund investing exclusively in Greece.
- At least €500,000 in Greek government bonds with a remaining maturity of at least three years, purchased through a Greek bank.
- At least €800,000 in shares, corporate bonds, or government bonds traded on regulated Greek markets.
- At least €350,000 in a mutual fund or alternative investment fund dedicated to Greek-listed securities.
Closing Costs Beyond the Investment
The purchase price is the starting number, not the total. Add roughly 8% to 11% on top for taxes and fees:
- Property transfer tax at 3% of the property’s taxable value, paid by the buyer at transfer.1PwC. Greece – Individual – Other Taxes
- Notary fees of roughly 1.2% of the cadastral value plus VAT, with a fixed preparation fee of about €500 plus VAT.
- Legal fees typically 0.8% to 1.2% of the property’s commercial value plus VAT.
- Land registry fees around 0.5% of the cadastral value.
- A €2,000 electronic government application fee for the residence permit, plus €16 for the physical card.2Ministry of Migration and Asylum. Golden Visa
On an €800,000 Athens property, extras run roughly €65,000 to €85,000. On a €400,000 purchase elsewhere, budget €32,000 to €44,000. Health insurance for each applicant adds another €150 to €350 per year for a basic hospitalization and outpatient plan.
Who Is Eligible
The program is open to citizens of countries outside the EU and EEA. Applicants must be at least 18 and have a clean criminal record verified by the authorities in their home country. Before traveling to Greece to close on the property, you need a valid entry visa, typically a Type D national visa from a Greek consulate.3European Commission. International Service Provider in Greece
You also need a Greek Tax Identification Number (AFM) before buying property. The AFM application goes through the Independent Authority for Public Revenue (AADE), with identity verification by video call or in person at a Greek tax office.4Gov.gr. Attribution of Tax Identification Number (AFM) and Key to Natural Person Most investors have a Greek lawyer file the AFM under a power of attorney. Private health insurance covering medical care and hospitalization in Greece is mandatory and must stay active for the whole permit period.
How the Application Works
The sequence matters. First, get the AFM and open a Greek bank account. The property payment has to move through the Greek banking system, typically by wire transfer or crossed check to the seller’s Greek account. Next, sign the contract before a Greek notary and register the deed with the local Land Registry or Cadastre. The registered deed is the core document for the residency application.
With ownership in place, submit the residency application to the Decentralized Administration office or the Ministry of Migration and Asylum. Required documents include:
- Valid passport with entry stamp, plus a certified copy
- The registered property purchase contract
- Proof of payment through the banking system
- Health insurance policy
- Criminal record certificate from the home country
- Two recent passport-size photographs
- Completed Ministry of Migration and Asylum application forms
Foreign documents need a Hague Apostille, or Greek consular legalization if the issuing country is not a Hague member. Everything must be officially translated into Greek. Once the file is accepted, you receive a Blue Certificate, a one-year temporary proof of residency while the permanent electronic card is produced.5Gov.gr. Issue a Residence Permit for the First Time (for Citizens of Third Countries) Biometrics, including digital fingerprints, are taken at a designated office. Processing typically runs two to five months depending on regional backlog.
Family Members Covered by One Investment
A single qualifying investment covers the whole immediate family. Eligible relatives receive their own permits tied to the primary investor’s file:
- A legally married spouse.
- Unmarried children under 21 at the time of application. Their permits can be extended to age 24, after which they need to qualify on their own.
- The parents of both the main investor and the spouse, with no additional investment required.
Each family member submits their own documents, including apostilled marriage or birth certificates translated into Greek. Their rights match the primary investor’s, including Schengen travel. Because every family permit is tied to the main investment, losing the investment means the whole family loses status.
Validity, Renewal, and Selling the Property
The initial permit runs for five years. There is no minimum stay, so you can hold the permit purely as a travel and entry right. Renewals continue in five-year increments indefinitely as long as you still own the qualifying investment and keep valid health insurance. Each renewal carries the same €2,000 electronic fee plus €16 for the new card.2Ministry of Migration and Asylum. Golden Visa
Selling the qualifying property ends everything. The moment the title transfers to a new owner, the investor’s permit and every family member’s permit become invalid and cannot be renewed. Anyone who wants to keep residency has to buy a replacement qualifying property before selling the original, or move into a different qualifying investment category.
What the Permit Lets You Do
The Golden Visa gives visa-free travel across the 26 Schengen Area countries, which include most of the EU plus Iceland, Liechtenstein, Norway, and Switzerland. Standard Schengen rules apply in other member states: up to 90 days in any 180-day period. In Greece itself, there is no time limit.
The permit does not authorize salaried employment in Greece. It does allow you to establish and operate a business, which is the practical distinction for entrepreneurs. If your goal is a job with a Greek employer, you need a work permit or a different residency category.
Short-Term Rental Ban
Under Law 5100/2024, properties used to qualify for the Golden Visa cannot be rented short-term. The law defines short-term as any rental or subletting under 60 days, whether through platforms like Airbnb and Booking.com or arranged privately. Leases of 60 days or more are permitted.
Penalties are steep: fines starting at €50,000 and possible revocation of the residence permit. The rule applies nationwide across all investment tiers. Investors who counted on nightly-rental income to offset the purchase need to recalculate at long-term rental rates, which are considerably lower in most Greek markets.
Tax Implications
Holding the visa does not by itself make you a Greek tax resident. Tax residency is triggered by spending more than 183 days in Greece within any twelve-month period, or by having your center of vital interests (family, primary home, economic activity, social ties) in Greece.6Independent Authority for Public Revenue. Tax Residence for Natural Persons (ITC) Cross that threshold and Greece taxes your worldwide income.
Rental income from the Greek property is taxable in Greece regardless of tax residency status. The U.S.-Greece tax treaty places real property income in the country where the property sits, with a U.S. foreign tax credit available to avoid double taxation.7Internal Revenue Service. Convention and Protocol Between the United States of America and Greece Americans still report foreign assets and income to the IRS, including an FBAR if Greek accounts exceed $10,000 in aggregate at any point in the year.
Path to Greek Citizenship
The Golden Visa is residency, not a citizenship shortcut. Naturalization requires seven years of lawful, continuous residence in Greece, meaning actual physical presence.8Ministry of Interior. How Can I Become a Greek Citizen The no-minimum-stay rule that keeps the Golden Visa alive does not count toward this clock. Applicants also pass a Greek language exam at B1 level and a separate knowledge exam on Greek history, geography, culture, and the parliamentary system. The exam is offered twice a year at €250 per attempt. Stable income and a clean record throughout the residency period are also required.
Greek citizenship carries an EU passport, with the right to live and work anywhere in the European Union. For investors who plan to pursue it, the seven-year count only begins once genuine physical presence starts, so treating the Golden Visa as a passive holding while living elsewhere pushes citizenship out indefinitely.