Greece has introduced a prohibition on using properties acquired through its Golden Visa programme for short-term rental purposes, fundamentally altering the investment calculus for many foreign property holders. The measure applies across the programme's three investment tiers and affects both prospective applicants and existing visa holders who have built rental income strategies around platforms such as Airbnb. Investors with assets or applications connected to the Greek residence-by-investment scheme should review their positions promptly.
What Has Changed and When
Greece's Golden Visa programme has undergone successive revisions over recent years, with the most recent wave tightening both the entry thresholds and the permissible uses of qualifying properties. The short-term rental ban is the most operationally significant change for investors who purchased property specifically to generate income during periods when they were not residing in Greece. Under the new rules, a property used to satisfy the Golden Visa investment condition may no longer be let on a short-term basis – the type of arrangement typically associated with tourism-oriented platforms and stays of fewer than 30 consecutive days.
This restriction sits alongside Greece's revised three-tier investment structure. The minimum qualifying thresholds are now set at EUR 800,000 for properties in high-demand zones (including central Athens, Thessaloniki, Mykonos and Santorini), EUR 400,000 for a broader category of locations, and EUR 250,000 for properties in designated lower-demand areas or for the conversion of commercial premises to residential use. Each tier is subject to its own geographic and property-type conditions; the short-term rental prohibition applies regardless of which threshold was used to qualify.
Who Is Affected
The restriction has practical implications for three distinct categories of investor:
- Existing Golden Visa holders who are currently operating short-term rentals on their qualifying properties and rely on that income to service acquisition costs or mortgages.
- Applicants in process whose business plans assumed short-term letting as the primary revenue stream from the property.
- Prospective investors evaluating Greece against other residence-by-investment destinations, who must now recalibrate yield projections and financing assumptions.
Investors holding multiple properties in Greece are affected only to the extent that the specific property designated as the Golden Visa qualifying asset is subject to the ban. Properties held outside the programme are governed by the general rules of Greek law on short-term rentals, which are themselves subject to ongoing regulatory evolution.
The Broader European Context
Greece's tightening of its programme does not occur in isolation. The European regulatory landscape for residence and citizenship-by-investment schemes has shifted materially. Spain abolished its Golden Visa programme under Ley Orgánica 1/2025 on 3 April 2025, ending real-estate-based routes to Spanish residence for new applicants. At European Union level, the Court of Justice of the European Union delivered its judgment in Commission v Malta (Case C-181/23) on 29 April 2025, holding that Malta's citizenship-by-investment scheme was incompatible with EU law; the post-judgment status of that scheme remains subject to national implementation and should be followed closely.
These developments reflect a broader institutional scepticism toward investment migration as a policy instrument. Greece, by contrast, has not abolished its programme – it has restructured it, raising thresholds and restricting ancillary uses. The continued existence of the programme, albeit in a more restricted form, distinguishes Greece from Spain and places it in a category alongside jurisdictions that are recalibrating rather than retreating. That distinction carries practical weight for investors reassessing their European footprint.
If you are reassessing your European residence strategy in light of recent changes in Spain or Malta, our team can help you map viable alternatives. Contact us at info@ferrazwhitmore.com or visit our contacts page.
Immediate Action Items for International Investors and Companies
Investors and corporate clients with exposure to the Greek programme should consider the following steps without delay:
- Audit existing rental arrangements. If your qualifying Golden Visa property is currently listed on any short-term rental platform or operated under a short-term letting agreement, obtain legal advice on whether you are in breach of the new rules and what remedial steps are available.
- Review your visa renewal conditions. Compliance with the conditions attached to your original Golden Visa grant – including permissible uses of the qualifying asset – is typically assessed at each renewal. Non-compliance with the short-term rental ban could affect the continuity of your residence status.
- Re-model investment returns. Properties in the EUR 800,000 tier located in premium tourist zones were disproportionately likely to have been acquired with short-term letting in mind. Investors in this category should model alternative long-term rental or owner-occupation scenarios and assess whether the asset continues to meet their investment objectives.
- Consider restructuring or substitution. Depending on the terms of the original permit and the nature of your property portfolio, it may be possible to substitute a different qualifying asset or restructure the holding vehicle. This requires careful conveyancing and immigration law analysis under Greek law.
- Monitor pending implementing rules. Some aspects of the new framework may be subject to secondary legislation or guidance from the competent Greek authorities, including registration requirements with GEMI (the General Commercial Registry) for corporate holders, and any updated guidance from the Hellenic Capital Market Commission where investment fund structures are involved. Track official publications and maintain dialogue with local counsel.
Property Holding Structures and Conveyancing Considerations
Many foreign investors hold Greek Golden Visa properties through offshore or EU-based corporate vehicles. The short-term rental ban attaches to the property and the qualifying condition, not merely to the individual visa holder. This means that structuring the holding through a company does not create a pathway around the restriction. In fact, corporate structures add a layer of complexity: compliance monitoring must occur at both the entity and the asset level, and any change in the use of the property requires careful conveyancing documentation to ensure the qualifying investment condition remains intact.
For investors who acquired property at the EUR 250,000 tier through commercial-to-residential conversion projects, the interaction between planning permissions, title registration and the rental restriction warrants particular attention. The Areios Pagos (the Supreme Court of Greece) has in recent years addressed questions of property title and use in contexts relevant to foreign investors, and local jurisprudence should be factored into any structural review.
Our real estate practice in Greece advises on the full transaction lifecycle, from due diligence and conveyancing to post-acquisition compliance. Further details are available on our Greece real estate services page.
Implications for Residence Status and Family Structures
The Golden Visa programme in Greece typically extends residence rights to the primary investor and qualifying family members. A breach of the programme's conditions – including the short-term rental restriction – could, depending on enforcement practice, affect not only the investor's own residence permit but also the derivative rights of spouses, children and dependent parents who are included in the application. Family office structures and high-net-worth individuals who have used the programme as part of a broader European residence planning strategy should treat this risk as a priority item in any compliance review.
For a detailed illustration of how a family office navigated the Greek residency programme in practice, including the due diligence and structuring considerations involved, see our case study on Greek residency for a family office.
Our immigration practice in Greece works alongside our real estate and corporate teams to provide coordinated advice across all dimensions of the programme. You can learn more on our Greece immigration services page.
Next Steps
The short-term rental ban represents a material change to the operational framework of the Greek Golden Visa and should be treated as a trigger for a structured legal review rather than a routine update to monitor passively. Investors who act early will have more options available to them – whether that means restructuring a rental arrangement, substituting a qualifying asset, or adjusting a broader European residence strategy.
To discuss your specific situation with a member of our Greece team, please write to info@ferrazwhitmore.com or use the form on our contacts page. We respond to all substantive enquiries within one business day.
Disclaimer: This publication is provided for informational purposes only and does not constitute legal advice. The information herein should not be relied upon as a substitute for professional legal counsel tailored to your specific circumstances. Ferraz & Whitmore assumes no liability for actions taken or not taken based on the contents of this material. For advice regarding your particular situation, please contact info@ferrazwhitmore.com.