Greece Golden Visa: New €400k/€800k Minimums Now in Effect
From 1 September 2024, Greece officially increased the minimum investment thresholds for its popular Golden Visa program, raising them sharply in high-demand regions and elsewhere.
Under the updated rules, property investors must now spend at least €800,000 in prime areas — the Attica region (including Athens), the Thessaloniki regional unit, Mykonos, Santorini and any island with more than 3,100 residents — and at least €400,000 in other eligible regions. A limited €250,000 threshold applies only to converting a commercial building to residential use or restoring a listed building.
According to the Greek government, the goal of the reform is to balance real-estate investment inflows with housing affordability and to direct capital toward less saturated regions.
For international investors — particularly from India, China, and the Middle East — this means higher entry costs but potentially stronger returns due to continued property demand in key urban and island markets.
“Greece remains one of the most attractive EU residency options despite the price hike,” said Varun Singh, MD of XIPHIAS Immigration.
“The updated policy ensures long-term stability and exclusivity for investors who want EU access through real estate.”
Updated Investment Requirements
| Area Type | Minimum Investment | Example Locations |
|---|---|---|
| Prime Areas | €800,000 | Attica (including Athens), Thessaloniki regional unit, Mykonos, Santorini, islands with more than 3,100 residents (such as Crete and Rhodes) |
| Other Areas | €400,000 | Patras and other areas outside the €800,000 zone |
| Special Cases | €250,000 | Commercial buildings converted to residential use; listed buildings restored |
Key Highlights
- The investment must be in a single property unit (not multiple smaller units).
- Properties must be used as residences: short-term letting of the qualifying property is not allowed, and most purchases need at least 120 m² of main living space.
- Joint ownership is allowed only between spouses, provided the total meets the threshold.
- The five-year residency permit remains renewable as long as the property is retained.
Why the Policy Changed
The government stated that the revision addresses overheating in the housing market caused by surging foreign investment demand. The policy aims to:
- Protect local housing affordability.
- Promote investment in underdeveloped regions.
- Ensure that residency-by-investment aligns with long-term economic goals, not just property speculation.
Still, experts note that despite the changes, Greece’s Golden Visa remains one of the most flexible EU residency options, with no stay requirement for the permit itself and a route to citizenship after seven continuous years of actual residence in Greece.
Investor Impact
For new applicants, the higher thresholds apply immediately to purchase agreements signed after 1 September 2024.
Those who had already paid a deposit or signed a pre-contract before that date may still qualify under the previous €250,000 rule, provided they complete their transaction by 31 December 2024.
What investors should do now
- Review region eligibility to determine where lower thresholds apply.
- Complete pending purchases promptly if pre-contracts were signed under the old rule.
- Seek professional advice on tax, ownership, and documentation for 2025 compliance.
Benefits of the Greece Golden Visa
- 5-year renewable residency permit for investor and family.
- No minimum stay requirement in Greece.
- Access to the Schengen Area for short-term travel.
- Option to apply for citizenship after seven continuous years of actual residence in Greece.
- Strong real estate market growth and rental yield opportunities.