Greece Golden Visa Properties offers an opportunity for individuals to gain residency in Greece through real estate investment.
The Greek Golden Visa program allows non-EU nationals to obtain a residency permit by investing in Greek property. The minimum investment is €250,000, but depending on the location and type of property, it can increase to €400,000 or €800,000. Eligible properties include residential or commercial properties as a single investment or multiple.
This article will break down the Greece Golden Visa real estate investment option, including eligibility, types of properties, key considerations when buying in Greece, and some of the best cities to invest in.
Here is what we will cover:
- Investing in Real Estate to Obtain a Greece Golden Visa
- 5 Benefits of Buying Property in Greece through the Greek Golden Visa
- What are the eligible Golden Visa properties in Greece?
- Property Investment Requirements for the Greece Golden Visa
- Step-by-Step Process of Buying Golden Visa Property in Greece
- Buying Houses and Apartments in Greece
- Best Places to Buy Property in Greece
- Taxes on Greek Golden Visa Properties
Investing in Real Estate to Obtain a Greece Golden Visa
The Greece Golden Visa program allows non-EU citizens to obtain residency in Greece by making a qualifying investment in Greek real estate. It permits you and your family to live in Greece and travel visa-free within the Schengen Area.
The program has four investment tiers: €250,000 for restoration projects, €400,000 in most regions with at least 120 square meters, and €800,000 in high-demand areas like Athens, Thessaloniki, Mykonos, and Santorini.
Residency permits are renewable every five years, but the visa does not automatically grant citizenship.
5 Benefits of Buying Property in Greece through the Greek Golden Visa
Buying a property in Greece comes with numerous benefits, including:
- EU residency and visa-free travel: Greece Golden Visa grants you and your family residency in Greece as long as you maintain your investment. Moreover, you get visa-free access to the Schengen area.
- No minimum stay requirement: Once you obtain a Greece Golden Visa, you are not required to live in the country to maintain it.
- Permanent residency in Greece: You retain all Greek residency perks as long as you maintain your investment. After seven years of residency, you may apply for Greek citizenship.
- Family inclusion: You can include your family in Greece Golden Visa. According to the Greek government, you may include your spouse, children under the age of 21, and your and your spouse’s parents.
- Tax incentives: Greece offers great tax incentives for foreign investors, such as low property taxes and income tax exemptions.
What are the eligible Golden Visa properties in Greece?
By purchasing one of the following eligible property types, investors can obtain residency and move to Greece.
- Residential properties: These are single-family homes, apartments, or multi-family properties, typically requiring a minimum size of 120 square meters in Tier 1 and Tier 2 areas.
- Commercial properties: Office buildings, retail spaces, or hotels, often located in high-demand areas, within the higher investment tiers.
- Tourism-related properties: Hotels, resorts, or tourism-focused real estate, commonly requiring larger investments and located in tourist destinations.
- Historical and cultural properties: Properties of historical or cultural significance that must be fully restored or reconstructed before applying.
- Properties converted from commercial to residential use: Commercial properties that have been converted into residential properties, with no size or location restrictions, as long as the conversion is completed before applying.
Property Investment Requirements the Greece Golden Visa
As mentioned, the Greece Golden Visa program is divided into four investment tiers, each with specific requirements based on the property’s location and type, which a Greek Golden Visa lawyer can help clarify and navigate.
Tier 1 Investment
- Amount: €800,000
- Applicable Areas: This tier is for high-demand regions like Attica (including Athens), Thessaloniki, Mykonos, Santorini, and other islands with populations exceeding 3,100 residents.
- Property Requirement: The investment must be in a single property of at least 120 square meters.
Tier 2 Investment
- Amount: €400,000
- Applicable Areas: This tier focuses on less populated and emerging areas across Greece, encouraging investment in regions outside major cities and tourist hotspots.
- Property Requirement: Like Tier 1, the investment must be in a single property of at least 120 square meters.
Tier 3 Investment
- Amount: €250,000
- Applicable Areas and Requirements: This tier allows for investment in properties converted from commercial to residential use. There are no specific location requirements, but the conversion must be completed before applying for the Golden Visa.
Tier 4 Investment
- Amount: €250,000
- Applicable Areas and Requirements: This tier is for properties of historical or cultural significance. The investor must fully restore or reconstruct the property before applying for the Golden Visa.
Other Greece Golden Visa Investment Options
Capital contribution options
- €500,000 investment in a Greek company (excluding portfolio and real estate firms) through shares or bonds on regulated markets or multilateral trading platforms.
- €500,000 in a real estate investment company focused on Greece for acquiring shares.
- €500,000 in a closed-end investment company or mutual fund exclusively investing in Greek companies.
Shares, Corporate Bonds, or Government Bonds
- €800,000 in shares or corporate bonds listed or actively traded on regulated markets or multilateral trading platforms in Greece.
- €500,000 in Greek government bonds with a remaining maturity of at least 3 years, through a domestic credit institution.
- €350,000 in a mutual fund investing in Greek shares, corporate bonds, or government bonds, listed or actively traded in Greece.
Step-by-Step Process of Buying Golden Visa Property in Greece
1. Obtain a Greek Tax Number (AFM): Property buyers must apply for a Greek tax identification number (AFM) from the local tax office. This is the legal requirement to proceed with any property purchase.
2. Property selection and reservation: Choose a property that qualifies for the Golden Visa. The minimum investment amount is €250,000 in most regions, but rises to €800,000 in Athens, Thessaloniki, Santorini, and Mykonos. A reservation agreement is usually signed, and a small deposit is paid.
3. Power of Attorney (POA): If you cannot be in Greece for the entire process, you can grant a local lawyer a Power of Attorney (POA) to handle procedures on your behalf, including signing contracts, opening a bank account, and submitting your Golden Visa application.
4. Legal Due Diligence: A Greek lawyer conducts due diligence on the property to check ownership, outstanding debts, liens, or zoning restrictions. This ensures the property deed/title deed is clear and valid. This step is vital to protect against fraud and irregularities.
5. Sign the purchase agreement: The agreement is signed before a notary in Greece. Full payment must be made through your Greek bank account, and proof of funds is provided. If using POA, your lawyer can sign on your behalf.
6. Register the Property: Your lawyer registers the property deed/title deed with the Land Registry and Cadastre. This step officially secures your ownership rights.
7. Golden Visa application submission: Once ownership is confirmed, you can apply for the Golden Visa.
8. Biometrics appointment: Attend a biometrics appointment in Greece to provide fingerprints and photos. While waiting for approval, a temporary residence permit is issued.
9. Issuance of residence permit: The Greek residence permit is granted within 26 months, depending on the application load.
Buying Houses and Apartments in Greece
Greece is one of the top places in Europe to buy property, offering a Mediterranean lifestyle and access to the Greek Golden Visa. The Greek real estate market attracts investors with strong rental yields, steady property value growth, and tax incentives. Options range from modern apartments in Athens and Thessaloniki to villas on islands like Crete, Corfu, and Rhodes.
Greece ranks first in the Residency by Investment Global Report by Global Citizen Solutions, highlighting how countries adapt their programs to meet changing global trends and how even smaller nations can grow their international presence through well-designed investment programs.
Apartments in Greece
Modern apartments are popular with expats and investors, especially in Athens neighborhoods like Kolonaki, Koukaki, and Glyfada. These areas offer strong rental yields, good transport, shops, and cultural landmarks. Many renovated apartments are fully equipped and priced above €250,000, which meet the Greek Golden Visa requirement.
| Region/City | Property Type | Annual Price Appreciation | Average Rental Yield (% annually) |
| Athens (Suburbs) | Apartments | 7% – 9% | 5.0% – 6.5% |
| Thessaloniki | Apartments | 5% – 7% | 4.5% – 5.5% |
| Glyfada (Athens South) | Apartments | 7% – 10% | 4.5% – 5.0% |
| Heraklion (Crete) | €1,700 – €2,700 | 5% – 6% | 3.5% – 4.8% |
| Rethymno (Crete) | €1,600 – €2,500 | 4% – 6% | 4.0% – 4.8% |
| Corfu | €2,000 – €3,200 | 4% – 5% | 5.5% – 6.8% |
| Piraeus | €3,500 – €5,000 | 6% – 7% | 35.0% – 6.0% |
Houses in Greece
If you’re dreaming of Mediterranean-style living, Greece’s islands and coastal towns have beautiful houses with sea views, traditional architecture, and natural access. In Crete, for example, areas like Chania, Heraklion, and Rethymno are known for their charming stone-built houses, luxury villas, and serene seaside settings. These properties are especially appealing for long-term living or holiday rentals and can be a smart investment in Greece’s growing real estate market.
| Region/City | Avg. Price per m² (Houses) | Annual Price Appreciation | Rental Yield (Houses) |
| Athens (Suburbs) | €2,500 – €3,500 | 7% – 9% | 5.5% – 6.5% |
| Thessaloniki | €1,500 – €2,500 | 5% – 7% | 4.5% – 5.5% |
| Chania (Crete) | €2,000 – €3,000 | 6% – 8% | 4.5% – 5.2% |
| Heraklion (Crete) | €1,700 – €2,700 | 5% – 6% | 4.0% – 5.0% |
| Rethymno (Crete) | €1,600 – €2,500 | 4% – 6% | 4.0% – 4.8% |
| Rhodes | €1,800 – €2,800 | 5% – 6% | 4.2% – 4.9% |
| Corfu | €2,000 – €3,200 | 4% – 5% | 3.8% – 4.5% |
| Santorini | €3,500 – €5,000 | 6% – 9% | 3.5% – 4.5% |
6 Best Places to Buy Property in Greece
These are some of the most popular places to buy property in Greece, and these areas fall under the tier 1 real estate investment option for the Greek Golden Visa.
1. Athens
Athens is Greece’s capital and a major economic and cultural hub, with a steady influx of both domestic and international buyers. Its real estate market has seen significant growth, particularly in central areas like Plaka, Kolonaki, and Kifisia, driven by demand for short-term rentals and residential properties.
| Property Type | Best Investment Type | Price Range |
| Residential Properties | Apartments, Single-family Homes | €250,000 to €800,000 |
| Commercial Properties | Office Buildings, Retail Spaces | €400,000 to €800,000 |
| Tourism-Related Properties | Hotels, Resorts | €800,000+ |
2. Thessaloniki
As Greece’s second-largest city, Thessaloniki is an up-and-coming market with strong potential for growth. Its youthful population, universities, and expanding tech scene contribute to increasing demand for both residential and commercial properties.
| Property Type | Best Investment Type | Price Range |
| Residential Properties | Apartments, Single-family Homes | €250,000 to €800,000 |
| Commercial Properties | Office Buildings, Retail Spaces | €400,000 to €800,000 |
3. Mykonos
Mykonos is one of Greece’s most famous islands, drawing high-end tourists and seasonal renters. The luxury real estate market on the island is booming, making it an ideal location for Greece Golden Visa investors who are interested in for high-value properties.
| Property Type | Best Investment Type | Price Range |
| Residential Properties | Villas, Luxury Homes | €800,000+ |
| Tourism-Related Properties | Hotels, Resorts | €800,000+ |
4. Santorini
Famous for its stunning views and luxury tourism market, Santorini attracts wealthy visitors year-round. Real estate in prime locations offers excellent returns on investment, particularly in the luxury vacation rental market.
| Property Type | Best Investment Type | Price Range |
| Residential Properties | Villas, Luxury Homes | €800,000+ |
| Tourism-Related Properties | Boutique Hotels, Resorts | €800,000+ |
5. Crete
As Greece’s largest island, Crete offers a mix of growing tourist areas like Chania and Rethymno and quieter, less developed regions which are perfect for long-term investments. The island’s growing popularity and lower property prices make it a top choice for Golden Visa investors.
| Property Type | Best Investment Type | Price Range |
| Residential Properties | Villas, Luxury Homes | €250,000 to €800,000 |
| Properties Converted from Commercial to Residential | Commercial to Residential Conversions | €250,000 to €800,000 |
6. Rhodes
Rhodes is one of the most popular tourist destinations in Greece, attracting both holidaymakers and expats. The island is seeing a steady increase in foreign interest in its real estate market, making it a promising location for investors.
| Property Type | Best Investment Type | Price Range |
| Residential Properties | Villas, Apartments | €250,000 to €800,000 |
| Tourism-Related Properties | Hotels, Resorts, Villas | €800,000+ |
Taxes on Greek Golden Visa Properties
There are specific Greek property taxes investors are liable to pay when purchasing and owning property in Greece, along with the Greek Golden Visa taxes. The primary Greek taxes include:
- Property Transfer Tax: When purchasing property, there is a 3.9% property transfer tax based on the purchase price or the tax value, whichever is higher.
- VAT (Value Added Tax): If you’re buying a newly built property, you may be subject to a 24% VAT. This typically applies to new properties purchased directly from the developer.
- Annual Property Tax: Property owners in Greece must pay an annual property tax (ENFIA), which is calculated based on the property’s value and location. The tax rate can vary, but it generally ranges from 0.1% to 1.1% of the property’s value.
- Capital Gains Tax: If you sell the property in the future, you may be subject to capital gains tax, which is 15% on the profit made from the sale.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
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