Thinking about securing a second home in Europe or a backup plan for your future? The Greek Golden Visa might be exactly what you need. With one smart real estate investment, you can unlock long-term residency in one of the most beautiful and historically rich countries in the world, without having to move there full-time.
A close friend of mine did this a couple of years ago. He bought a property in a peaceful coastal town and got his residency approved in just a few months. Now he has the flexibility to live there, rent it out, or just use it for vacations , all while keeping his options open in Europe.
2024–2025 Rule Changes: What’s New?
Greece has made some major updates to its Golden Visa program that every potential investor needs to know before jumping in. These changes affect where you can buy, how much you must invest, and what types of properties qualify, all of which directly impact your strategy.
New Investment Thresholds by Zone
As of 2024, Greece introduced region-based thresholds to reflect demand and value. Here’s how it works:
- €250,000: This is still available but only for specialized properties , like restoration projects (e.g., listed buildings) or converting commercial spaces into homes.
- €400,000: Required for regular residential properties in less popular areas, towns, and regions outside the big cities or tourism hubs.
- €800,000: Now mandatory in high-demand zones like central Athens, Thessaloniki, Mykonos, and Santorini. These are areas with over 3,100 permanent residents and heavy tourism activity.
These updates were designed to balance investor interest across Greece and prevent over-saturation in the hotspots.
Minimum Property Size Requirement
Another key update: if you’re buying two or more properties to meet the investment threshold, the combined area must be at least 120 square meters. This rule prevents investors from stitching together small units just to qualify.
A close friend of mine was eyeing a small studio in Athens last year when prices were still reasonable. But after the 2024 rule change kicked in, he realized the same property would no longer qualify on its own. He had to either increase his budget or consider a renovation project in a quieter region to stay within the €250,000 limit. He ended up finding a beautiful old stone house on the mainland that needed some work, and that property ticked all the boxes under the new rules. The bonus? He got a much larger home with potential for long-term value growth.
Why These Updates Matter
If you’re planning an investment, these rule changes can shape everything from your budget to your long-term strategy. They also highlight Greece’s push to attract more meaningful investment, not just cash, but care for underdeveloped or historic areas.
Understanding these updates now will save you both time and money down the line. It’s not just about how much you invest, but where and how smartly you do it.
Where and What to Buy: Property Investment Options
Choosing the right property is the most important decision you’ll make in your Golden Visa journey. It’s not just about meeting the minimum investment , it’s about making a smart, sustainable choice that aligns with your long-term goals. Whether you’re looking for passive income, capital appreciation, or just a place to escape now and then, the property you pick should serve more than just visa purposes.
Residential Properties That Qualify
To be eligible for the Golden Visa, your real estate investment must be in residential property , meaning homes, apartments, villas, or any dwelling meant for living, not business use. Properties must be legally registered as residential and must meet zoning requirements. You can choose to invest in a single home or multiple properties, as long as you reach the required threshold and follow the size and location rules set by the government.
Keep in mind that the Greek real estate market varies widely by location. Cities like Athens and Thessaloniki offer modern apartments with access to urban life, while coastal towns and islands give you scenic views, quiet living, and often a stronger connection to local culture. Some investors go for older buildings with potential for renovation, which not only costs less but also meets the criteria for the €250,000 threshold if the building is listed or being converted from commercial to residential use.
Premium Zones vs Affordable Regions
There’s a big difference between buying in a premium zone versus a more rural or developing area. Premium areas include Athens city center, Santorini, Mykonos, and Thessaloniki. These are high-demand, high-tourism zones where the required investment can now reach €800,000. These locations offer excellent rental income potential and tend to appreciate well in value, but you’ll be paying a premium to enter.
On the other hand, less populated or non-tourist-heavy areas still offer Golden Visa eligibility for €400,000 , or even €250,000 if you go for a qualifying restoration or conversion project. These regions might not have the same rental income potential as the hotspots, but they offer better value per square meter and often come with beautiful, tranquil surroundings. They’re ideal if you’re planning to use the property for personal use, retirement, or just want a long-term safe asset in Europe.
Many savvy investors look outside the box, not just focusing on flashy tourist zones, but choosing locations with stable local demand and future growth potential. Some villages and towns near regional capitals are seeing increasing development while still staying under the radar of mainstream investors.
Rental Rules and Short-Term Limitations
Something that catches many investors off guard is the restriction on short-term rentals in certain areas. If you’re planning to list your property on platforms like Airbnb, be cautious. In many premium areas, the government is tightening controls to reduce housing pressure on locals. In these zones, properties bought under the Golden Visa program might not be eligible for short-term tourist rentals.
Instead, long-term rental is usually allowed and can still generate decent returns, especially in cities with large student populations or consistent local demand. If rental income is part of your strategy, check local regulations before buying and work with a lawyer to confirm what’s permitted.
Making the Right Investment Choice
Choosing where and what to buy isn’t about following the crowd; it’s about aligning the investment with your own goals. Some want passive income, others just want a peaceful second home, while some see it as a long-term family asset that opens the door to Europe. Your property can be any of those things, but it must be chosen carefully.
Always view the purchase through both a personal and financial lens. Make sure it makes sense as an investment, but also that it gives you the lifestyle and flexibility you’re looking for. And most importantly, be sure it meets all current legal and Golden Visa requirements, because missing one detail could cost you your eligibility.
Who Qualifies and What’s Required
Getting a Greek Golden Visa isn’t overly complicated, but there are clear eligibility rules you must meet. It’s designed to be accessible for serious investors, but the Greek government has set basic standards to ensure applicants are financially stable and law-abiding.
Basic Eligibility Criteria
To qualify for the Golden Visa, you must:
- Be a non-EU, non-EEA citizen
- Be at least 18 years old
- Have a clean criminal record from your home country and any country you’ve lived in
- Show legal ownership of the qualifying real estate property
- Provide proof of full payment for the property (not a mortgage)
- Hold valid health insurance that covers you while in Greece
These rules are quite standard across Europe’s residency-by-investment programs. One thing that makes Greece unique is that there’s no requirement to live in the country; you can maintain your residency by simply owning the property.
Financial & Documentation Requirements
You’ll also need to prepare and submit a full set of legal documents. Here’s a helpful breakdown:
| Requirement | Description |
| Valid Passport | Must be current and valid for travel |
| Proof of Investment | Title deed or contract confirming full payment of the qualifying property |
| Criminal Background Check | Issued by the authorities of your country of residence |
| Health Insurance | Greek or international insurance covering the applicant in Greece |
| Proof of Funds | Bank documents showing the legal source of funds used for the purchase |
| Photos & Application Forms | Biometric data for the residence permit and completed application paperwork |
All documents must be translated into Greek and certified either by an embassy or with an Apostille.
No Language or Residency Requirements
One of the best parts of the Greek program is that you’re not required to speak Greek or pass any integration tests. There’s also no physical stay requirement, so you’re not obligated to live in Greece or spend a minimum number of days there annually.
This makes the visa ideal for people who want flexibility. You can invest, get the residency, and choose how involved you want to be , whether that’s visiting once a year, living part-time, or just keeping it as a plan B.
Just make sure you maintain ownership of the property, keep your documents up to date, and renew your health insurance to stay compliant.
The Application Process Made Simple
The Greek Golden Visa process is straightforward, especially if you’re organized and work with the right legal support. You don’t need to be in Greece to complete most of it, and many investors manage everything remotely through the power of attorney. Here’s a clear breakdown of how it works.
Step-by-Step Application Flow
- Find and Reserve the Property
Your first step is selecting the property that fits the legal criteria , value, type, and location. You’ll typically sign a preliminary agreement and place a deposit to reserve it.
- Appoint a Legal Representative
You can authorize a Greek lawyer through a power of attorney to handle everything on your behalf, from signing contracts to submitting documents.
- Complete Due Diligence and Property Purchase
Legal checks are done to ensure the title is clear and free of debts. Once everything’s in order, you’ll sign the purchase contract and pay the full amount via a Greek bank account.
- Gather and Translate Your Documents
All supporting documents , passport, proof of funds, health insurance, etc. , must be officially translated into Greek and apostilled or embassy-certified.
- Submit the Golden Visa Application
Once you own the property and your paperwork is complete, your lawyer submits the application to the Decentralized Authority. You’ll get a receipt which serves as a temporary residence permit.
- Biometrics Appointment
You’ll need to visit Greece for one quick appointment to submit biometric data (fingerprints and a photo). This can often be done months after application submission.
- Receive Your Residence Permit
If all goes well, you’ll receive your Golden Visa in about 3–6 months, valid for 5 years and renewable as long as you keep the property.
Important Tips to Keep Things Smooth
- Open a Greek bank account early, as payments must go through local channels.
- Always verify that the property meets updated eligibility rules before buying.
- Use a local lawyer who specializes in Golden Visa applications; this can make or break your case.
- Keep a digital and physical backup of every document you submit.
The process may feel administrative, but it’s not overwhelming, especially with legal help. Most of the stress comes from property selection, but once that’s settled, the rest is procedural.
Including Your Family in the Visa
One of the most attractive features of the Greek Golden Visa is the ability to bring your family along with you, without any additional investment. The process to include them is simple, and they receive the same residency rights as the main applicant.
Who Can Be Included
According to the official Golden Visa page of the Greek government, applicants must provide a valid passport, certified documents, a clean criminal record, and proof of investment. You can include your spouse, children under 21, and even your or your spouse’s parents in the application. All of them receive residence permits that are valid for the same duration as yours, five years, renewable as long as the main investment is maintained.
Children must be under 21 at the time of application. If your child turns 21 during the permit period, they can still remain under your family residency until the end of the five years. After that, they may apply for an independent residence permit if they meet the required conditions.
This is a significant advantage, especially for families who are looking for a European base for education, travel, or future opportunities. Many families I know personally chose Greece not just for investment, but for their children’s education in international schools or to access affordable university options later.
What Benefits Do They Get?
Family members enjoy the same rights as the main investor when it comes to residency. This includes access to public or private education, public healthcare, and the freedom to travel visa-free across the Schengen Area. While they won’t automatically qualify for work permits, they can live in Greece freely and explore local opportunities, particularly if they transition to permanent or long-term residency later.
The visa does not require them to live full-time in Greece either. They can maintain their regular lifestyle elsewhere and only visit as needed, making it a practical solution for families who want to keep their options open in Europe.
How to Add Family Members
Family members are added to the application at the same time as the main investor or shortly after. They must submit their own documentation, passports, photos, health insurance, and proof of relationship, all translated and certified. Their applications are processed alongside yours, making it easy to receive all residence permits together.
Including your family in your Golden Visa plan is not just a bonus; it’s a core benefit. It gives you peace of mind knowing your loved ones are covered, while opening doors to a European lifestyle for everyone.
Living with the Golden Visa: Your Rights & Limits
Once you’ve received your Greek Golden Visa, life becomes a lot more flexible. You are not required to live in Greece to keep your residency. As long as you continue to own the qualifying property and maintain your insurance, your visa stays valid.
This means you can live anywhere in the world, visit Greece whenever you want, and stay for as long as you like. The visa also gives you unrestricted travel across all 27 Schengen countries, allowing you to enter and exit without extra paperwork. This is incredibly useful for both personal and business travel across Europe.
However, it’s important to understand the limits. You won’t have automatic access to public benefits like social welfare, and in many cases, you’re not allowed to work as an employee in Greece. You can manage your own property, rent it out (long-term in most areas), and run your own business, but salaried jobs are usually off-limits unless you change your residency status.
Short-term rentals like Airbnb may also be restricted in certain areas, especially high-demand zones. Make sure to check local laws before setting up any rental business, as violating these rules could risk your visa.
Path to Greek Citizenship (Optional)
While the Golden Visa grants residency, it doesn’t automatically lead to citizenship, but it can if you meet certain conditions. To apply for Greek citizenship, you must legally reside in Greece for at least seven consecutive years. This means actual physical presence in the country for most of each year.
You’ll also need to demonstrate integration into Greek society, which involves speaking the language, understanding the culture, and passing a basic citizenship exam. This is different from the Golden Visa, which requires no language or residency commitment.
If you or your family are planning to live in Greece long-term, citizenship can be a valuable goal. It gives full access to EU rights, including the ability to live and work anywhere in the European Union. But it’s a path that requires real commitment, not just property ownership.
Costs, Taxes & What to Budget For
Buying property and applying for the Golden Visa involves more than just the investment amount. Here are typical costs you should plan for:
- Legal fees, property transfer taxes, and notary fees usually add up to around 7–10% of the property value.
- Golden Visa application fees are approximately €2,000 per adult and €150 per child.
- Annual property taxes and insurance depend on the size and location of your investment.
- You should also factor in ongoing costs for maintenance, property management (if you’re overseas), and travel if you plan to visit Greece periodically.
The good news is that Greece does not tax foreign income, which makes this program very attractive if you’re living elsewhere and not earning money in Greece. However, if you rent out your property, rental income is taxed locally , usually at a flat rate between 15% to 45%, depending on the income level.
Being aware of the full financial picture helps avoid surprises and ensures your investment continues to work for you over time.
Benefits & Risks for Investors
The Greek Golden Visa offers a range of strong benefits that make it a top choice for property-based residency. You get EU residency, free Schengen travel, family inclusion, and the freedom to live wherever you want. It’s flexible, affordable compared to other EU programs, and backed by real assets in a stable market.
On the flip side, there are real risks. Regulations can change, potentially increasing thresholds or tightening eligibility rules. Currency exchange rates may also affect your investment. If you’re managing property from abroad, it adds complexity. And while the visa offers residency, it does not guarantee citizenship or work rights unless you pursue additional steps.
If you treat this as both a lifestyle move and a long-term asset strategy, not just a quick residency trick, it can bring significant value and peace of mind.
Final Thoughts
The Greek Golden Visa is more than just a residency permit; it’s a doorway to long-term freedom, mobility, and opportunity. With a smart real estate investment, you gain access to Europe, stability for your family, and the flexibility to shape your future without uprooting your current life.
If you’re clear on your goals and make informed choices, this visa can become one of the most rewarding moves you’ve ever made. Whether you use it as a plan B, a family gateway, or a lifestyle upgrade, it’s a strategy that truly works when done right.
Ready to Take the Next Step?
If you’re serious about securing European residency through real estate, our team at The Open World in Dubai is here to guide you every step of the way. From property selection to legal processing, we make the Greek Golden Visa simple, safe, and stress-free.
Contact us today to book a free consultation, and let’s turn your global goals into reality.
