Greece's Golden Visa programme has attracted over 12,000 main applicants since its launch in 2013, making it one of the most subscribed residency-by-investment programmes in the European Union. Despite significant legislative changes in 2024, it remains highly attractive for international investors — particularly those from China, the United States, the Middle East, and Russia.

The 2024 Threshold Changes: What Changed and Where

From September 2024, the Greek government increased the minimum property investment threshold in high-demand areas. The changes are zone-dependent:

  • €800,000 minimum in the Municipality of Athens (Attica Region), Thessaloniki, Mykonos, and Santorini
  • €400,000 minimum in all other areas of Greece
  • €250,000 minimum remains applicable for properties that are commercial conversions to residential use, or for listed (heritage) buildings undergoing restoration

These thresholds represent a significant increase from the prior flat €250,000 level. Investors who applied before the threshold changes under a valid preliminary agreement were able to complete under the old rules if they met defined transition deadlines.

What the Golden Visa Grants

A Greek Golden Visa provides:

  • Five-year renewable residency in Greece for the investor and qualifying family members (spouse, children under 21, investor's parents, spouse's parents)
  • Visa-free travel within the Schengen Area (26 countries)
  • No minimum stay requirement — holders are not required to reside in Greece to maintain the visa
  • Right to rent the property during the holding period
  • Path to permanent residency after five years of visa holding (subject to conditions)
  • No Greek citizenship — the Golden Visa does not grant automatic citizenship, which requires seven years of legal residence and language/integration requirements

Eligible Property Types in 2025

The investment must be in real estate located in Greece. Eligible categories include:

  • Residential properties (apartments, houses, villas)
  • Commercial properties (offices, retail, hospitality)
  • Land with planning permission or under-construction developments
  • Heritage buildings under restoration contracts (minimum €250,000 applies)
  • Commercial-to-residential conversions (minimum €250,000 applies)

The investment can be split across multiple properties, provided the combined value meets the applicable threshold in the relevant zone.

The Application Process Step by Step

  1. Property selection and legal due diligence. Engage a Greek lawyer to perform title searches, lien checks, and planning confirmation. This typically takes 2–4 weeks.
  2. Greek Tax Registration Number (AFM). All buyers must obtain a Greek tax number before completing a property purchase. Remote application is possible through a tax attorney.
  3. Greek bank account. Payment for the property must originate from a Greek bank account or a documented international transfer. REXE's virtual IBAN service facilitates compliant fund routing.
  4. Preliminary agreement and deposit. A reservation or preliminary purchase agreement is signed, typically with a 10% deposit paid into escrow.
  5. Final contract before notary. The final purchase deed is executed before a Greek notary, transferring ownership. REXE's milestone tracking ensures all conditions are satisfied before settlement.
  6. Land Registry transfer. The property is formally registered in the buyer's name at the local Land Registry (Ktimatologio). Title deeds are issued digitally in Greece.
  7. Golden Visa application. Once the property purchase is complete and registered, the investor applies to the Greek Migration Ministry with evidence of the qualifying investment. Processing times are currently 3–6 months.

Taxes and Costs to Budget For

All buyers should budget for the following in addition to the purchase price:

  • Property Transfer Tax: 3.09% of the declared property value (for resale properties)
  • VAT (24%): Applies to new-build properties instead of transfer tax (some new builds may be VAT-suspended)
  • Notary fees: Approximately 1–2% of the purchase price
  • Lawyer fees: Typically 1–1.5% of the purchase price
  • Land Registry fees: Approximately 0.5–0.75%
  • Golden Visa application fee: €2,000 per main applicant; €150 per dependent

Why Proper Escrow Matters for Golden Visa Purchases

Golden Visa investors are often purchasing remotely, across jurisdictions, and under time pressure. This creates heightened risk of wire fraud, undisclosed encumbrances, and settlement failure. REXE's escrow platform:

  • Provides a dedicated virtual IBAN for each transaction, eliminating misdirected payment risk
  • Automates KYC and source-of-funds documentation required by Greek banks and authorities
  • Creates a digital audit trail that supports the investment evidence requirement in the Golden Visa application
  • Monitors title registration status in real time, releasing funds only when ownership transfer is confirmed

Market Outlook for 2025

Despite the higher thresholds, demand for Greek Golden Visa properties remains robust. Athens continues to see strong appreciation in prime areas, while the Peloponnese and Northern Greece offer value at the €400,000 tier. Short-term rental yields in established tourist markets (Mykonos, Crete, Rhodes) remain among the highest in the EU. Professional investors are increasingly combining the Golden Visa with commercial-to-residential conversions in Athens, which benefit from the lower €250,000 threshold and strong rental demand.