Greece's Golden Visa programme remains one of the few active residence-by-investment pathways in the European Union following Spain's abolition of its scheme in April 2025 and the Court of Justice's ruling against Malta's citizenship-by-investment programme. As of 2026, Greece operates a three-tier property investment threshold – EUR 800,000, EUR 400,000 and EUR 250,000 – each with distinct geographic and property-type conditions, and all subject to a statutory ban on using the qualifying property for short-term rental. Understanding which tier applies to your target asset, and navigating the procedural requirements correctly, is essential to avoid delays and the loss of invested capital.
Why Greece Stands Out in 2026
The European landscape for residence-by-investment has narrowed considerably. Spain repealed its golden visa regime under Ley Orgánica 1/2025 on 3 April 2025, eliminating a longstanding alternative for property investors. Malta's citizenship-by-investment scheme was held contrary to EU law by the Court of Justice of the European Union in Commission v Malta (Case C-181/23, judgment of 29 April 2025); the post-judgment status of that programme remains subject to caution and should not be treated as an open route. Greece has not only maintained its programme but has restructured it with differentiated thresholds, making careful legal planning more consequential than ever.
For investors who lost time or capital pursuing now-closed schemes elsewhere, Greece offers a legally grounded alternative – provided the acquisition is structured correctly from the outset.
If you are reassessing your residence strategy following changes in another jurisdiction, our team is available to discuss your specific circumstances. Write to info@ferrazwhitmore.com or visit our contacts page.
The Three Investment Tiers: What Each Requires
Greece applies investment thresholds that vary principally by location and, in certain cases, by property type. The structure is designed to direct higher investment towards high-demand urban and island markets while preserving a lower entry point for other regions.
EUR 800,000 Tier
This is the highest threshold and applies to properties located in the most sought-after zones – primarily the municipalities of Athens, Thessaloniki, Mykonos and Santorini. A single property must meet or exceed EUR 800,000 in purchase price. Investors targeting prime central Athens apartments or island villas will almost universally fall within this tier. The threshold applies per property, not per investor; co-ownership arrangements must be structured with care to ensure each qualifying interest reaches the statutory minimum.
EUR 400,000 Tier
This intermediate threshold applies to properties in designated areas outside the highest-demand zones, or to certain categories of property – including converted industrial or commercial buildings repurposed for residential use – in locations that may otherwise fall under the higher tier. The precise geographic and typological boundaries are set out in applicable ministerial decisions and should be confirmed against the official register before any binding commitment is made.
EUR 250,000 Tier
The EUR 250,000 threshold represents the lowest entry point and is reserved for specific circumstances: notably, properties classified as listed or preserved buildings in need of restoration, or properties in lower-demand geographic zones as defined by current regulation. Investors should be aware that this tier requires close attention to property condition, permitting history and conversion constraints – factors that carry their own legal risks and additional conveyancing complexity.
Important across all tiers: the qualifying property cannot be used for short-term rental (such as platforms operating holiday lettings). This restriction is a statutory condition of the programme, not merely a recommendation. Breach of the restriction can jeopardise the residence permit and trigger administrative consequences. Investors who had planned to generate short-term rental income from their golden visa property must revise their business model accordingly before proceeding.
Step-by-Step Procedure
The process from initial planning to permit issuance involves several sequential stages, each with its own documentation requirements and timing dependencies.
- Tax registration (AFM): The applicant must obtain a Greek tax identification number before any property transaction can be completed. This is handled through the relevant tax authority and typically requires a power of attorney in favour of a locally authorised representative.
- Greek bank account: Transfer of the investment amount must pass through a Greek financial institution. Account opening involves standard anti-money laundering checks; timeline varies by bank and applicant profile.
- Property due diligence: A thorough title search at the relevant Land Registry (Ktimatologio or, where applicable, the older Hypothikophylakeio) is essential. This must confirm clean title, absence of encumbrances, correct classification, planning compliance and – for the EUR 250,000 tier – verified heritage or restored-building status. For properties held through corporate structures, additional company searches through GEMI (the General Commercial Registry) are required.
- Conveyancing and notarial deed: The purchase contract must be executed before a Greek notary. Both parties – or their authorised representatives – must appear. The deed is then registered with the Land Registry. Your lawyer in Greece will coordinate the notary, manage pre-contractual negotiations and verify that the purchase price meets the applicable threshold net of any adjustments.
- Golden visa application submission: The investor submits the residence permit application to the competent Decentralised Administration or, depending on the applicant's nationality, through a specialised unit. Applications are submitted in person or through a duly authorised representative. Dependants (spouse, minor children, and in some cases parents of the main applicant or spouse) may be included in the application.
- Biometric appointment: The applicant and included family members must attend in person to provide biometric data. Scheduling delays at this stage have historically been a significant bottleneck in high-volume periods.
- Permit issuance: On approval, a five-year renewable residence permit is issued. Renewal requires the qualifying investment to be maintained throughout the permit period.
Realistic Timelines
From the completion of property acquisition to receipt of the residence permit, timelines depend on application volumes, document completeness and scheduling availability for biometric appointments. Applicants should plan for the process to extend across several months in total; periods of high demand have historically produced queues that extend the administrative phase well beyond the statutory processing target. Incomplete or incorrectly legalised documentation is the single most common cause of delay – see the section on common errors below.
The investor may enter Greece on a short-stay visa (or visa-free, depending on nationality) while the application is pending, provided entry conditions are met. The pending application itself confers a degree of procedural protection, but it does not substitute for the permit.
Key Documents Required
Documentation requirements apply both to the property transaction and to the immigration application itself. The following list is illustrative of the main categories; your legal adviser will confirm the current official checklist, which is subject to administrative updates.
- Valid passport (with sufficient remaining validity)
- Proof of lawful entry or residence at the time of application
- Notarised and apostilled copy of the purchase deed, confirmed by Land Registry registration
- Evidence of payment of the full investment amount, including bank transfer documentation
- Proof of health insurance covering Greece
- Recent photographs meeting biometric standards
- Criminal record certificate from the country of nationality and, where applicable, country of residence, apostilled and translated
- Documentation for any included dependants (birth certificates, marriage certificates, as applicable)
- For corporate-held acquisitions: constitutional documents, shareholder register, and GEMI extracts confirming the applicant's qualifying interest
All foreign-language documents must be officially translated into Greek. Certificates have validity periods; obtaining them too early results in expiry before submission.
Cost Drivers Beyond the Investment Threshold
The investment threshold is the largest single outlay, but several additional cost categories must be budgeted before committing to a property purchase.
- Transfer tax: Greek real property transfer tax applies at the statutory rate to the taxable value of the transaction. Where VAT applies (new properties from developers under certain conditions), transfer tax may not additionally apply – the rules differ and require property-specific legal advice.
- Notarial fees: Set by reference to the transaction value; a fixed cost but material on high-value acquisitions.
- Land Registry fees: Payable on registration of the deed.
- Legal fees: For conveyancing, due diligence, and immigration application management.
- Government application fee: Payable per applicant on submission of the residence permit application; a separate fee applies for dependants.
- Translation and apostille costs: Underestimated by many applicants, particularly where documents originate from multiple jurisdictions.
- Ongoing costs: Annual property taxes (ENFIA), building insurance, management costs if the property is not owner-occupied, and renewal fees when the five-year permit reaches its expiry.
Common Errors by Foreign Investors
The following errors appear recurrently in matters referred to legal advisers after problems have arisen. Many are avoidable with early legal engagement.
- Selecting a property in a higher-threshold zone under the assumption that the lower threshold applies. The geographic boundaries are precise; confirming tier classification must precede any offer or deposit.
- Signing a reservation or preliminary agreement without legal review. Greek law recognises preliminary contracts, and deposits paid under them may be difficult to recover if the transaction later fails on legal grounds. Ensure your lawyer reviews and approves the terms before any payment is made.
- Failing to check title encumbrances. Mortgages, easements, enforcement annotations and co-ownership disputes are all searchable at the Land Registry but require a lawyer's review. A clean-looking property can carry hidden title defects.
- Assuming the short-term rental prohibition does not apply to their situation. The ban is statutory and applies across all three tiers. No contractual arrangement with a property manager or platform can override it.
- Submitting documents that have expired between preparation and submission. Criminal certificates and certain official documents have validity windows. Coordinate the preparation timeline carefully.
- Holding the property through a corporate structure without confirming qualifying interest rules. Indirect ownership arrangements must be structured to satisfy the residency requirements; not all corporate structures are equivalent under the programme rules.
- Underestimating the biometric scheduling queue. Build queue time into your planning, particularly if your target entry date is time-sensitive.
Our team advises on both the property acquisition and the immigration application as an integrated process. For a preliminary review of your planned structure, contact us at info@ferrazwhitmore.com or through our contacts page.
Residence Rights and Long-Term Considerations
The Greek Golden Visa confers the right to reside in Greece and, by extension, to travel within the Schengen Area. It does not automatically confer the right to work in Greece as an employee, though self-employment and directorship roles in Greek entities are typically permissible subject to applicable rules. The permit does not constitute Greek citizenship and does not in itself create tax residency – tax residency is determined by separate criteria, principally the number of days spent in Greece and the location of the individual's centre of vital interests.
Investors interested in the interaction between their golden visa status and Greek tax obligations – including the non-domicile tax regime available to individuals who transfer their tax residency to Greece – should consider dedicated tax and residency planning advice. A structured analysis of this topic is available in our deep-dive on relocation: residence vs tax in Greece.
After seven years of continuous legal residence in Greece, permanent residence may become available subject to standard EU long-term residency conditions, and a path to Greek citizenship exists under general naturalisation rules, with requirements including language proficiency and ties to Greece. Neither outcome is automatic or guaranteed; both depend on individual circumstances and the fulfilment of applicable legal requirements at the relevant time.
Decision Checklist Before Committing
Before entering into any binding commitment, consider whether you have confirmed the following:
- The property falls within the correct geographic and typological tier (EUR 800k, EUR 400k or EUR 250k).
- The purchase price, net of any adjustments, meets the applicable statutory threshold.
- Title has been searched and is free of encumbrances, disputes or planning violations.
- You have received advice on the short-term rental prohibition and have adjusted your investment model accordingly.
- Your funding source is documented and compatible with Greek bank account opening requirements.
- All required documents are identified, their validity windows are mapped, and apostille/translation requirements are understood.
- You have considered the tax residency implications of your intended time in Greece.
- Dependants to be included in the application are identified and their documentation requirements are known.
- You have realistic timeline expectations that account for application queue periods.
For further information on the real estate aspects of the programme, visit our dedicated real estate practice for Greece and our immigration services for Greece.
If you are at the planning stage or have already identified a property and wish to discuss how to structure the acquisition and application process, Ferraz & Whitmore is available to assist. Reach us at info@ferrazwhitmore.com or through our contacts page.
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.