Golden Visa in Greece: The Current Legal Framework for Real Estate Investments

The Golden Visa in Greece is a residence permit for third-country nationals that is linked to an investment in real estate. The current legislative framework provides for specific conditions, depending on the area, the type of property and the amount of the investment, while also setting clear rules regarding payment, the use of the property and the maintenance of the investment for the renewal of the permit. For this reason, before any purchase, it is important to have a complete understanding not only of the required amount, but also of the legal restrictions accompanying the Golden Visa regime in Greece.

The Golden Visa is granted, in principle, for five years, with the possibility of renewal, to a third-country national who has entered Greece lawfully or resides lawfully in the country and acquires real estate in full ownership and possession, provided that the conditions of the law are met. The framework covers not only the direct purchase of property, but also certain other cases, such as acquisition through a legal entity of which the investor holds all the corporate participations, certain forms of long-term tourist accommodation contracts, as well as certain cases of succession or parental gift, subject to the respective legal conditions.

Under the current regime, the minimum amount of the investment varies depending on the area. For the Region of Attica, the Regional Unit of Thessaloniki, the Regional Units of Mykonos and Thira, as well as for islands with a population of over 3,100 inhabitants, the minimum investment amount is set at 800.000 euros. For the remaining areas of the country, the minimum amount is set at 400.000 euros. In both of these basic categories, the investment through purchase is, as a rule, made in one property only, while, if it concerns a built property or a property for which a building permit has been issued, a minimum main-space area of 120 square meters is required.

The law also provides for special cases in which the minimum threshold remains at 250.000 euros. This applies in particular where the property’s main spaces are converted into residential use, on the condition that the change of use has been completed before the submission of the application, as well as in cases involving the acquisition of a listed building or part of a listed building that is to be fully restored or reconstructed. In these cases as well, the investment concerns one property only, while the law sets specific conditions regarding the completion of the necessary works.

Particular importance also attaches to the manner in which payment of the purchase price is made. The total purchase price or, where applicable, the total rent must have been paid in full before the submission of the application for the granting of the residence permit. Payment cannot be made freely by any means whatsoever, but only by the specifically prescribed lawful means of payment, such as by bank cheque, credit transfer or POS, subject to the conditions of the law. The details of the payment, of the contracting parties and of any third-party payer must be declared and reflected in the contract, while, upon submission of the application, a relevant certificate of the notary is also required.

Therefore, this means that the eligibility of an investment does not depend solely on the commercial agreement between buyer and seller, but also on the proper observance of the formal and substantive requirements of the law. Even where the price appears to meet the required threshold, the structure of the transaction, the type of property, the area in which it is located, the method of payment and the intended use of the property may decisively affect whether the investment actually satisfies the conditions for a Golden Visa.

The residence permit may be renewed for an equal duration, provided that the investment is maintained and the remaining conditions of the law continue to be met. The legislature clarifies that periods of absence from the country do not in themselves constitute an obstacle to renewal. However, in special cases, such as in relation to properties falling under the special restoration or reconstruction regime, additional conditions are imposed for the first renewal of the permit.

At the same time, the current framework includes significant restrictions which the investor must know in advance. The short-term lease of properties acquired for the initial granting or the renewal of the investor residence permit, as well as their sublease, is expressly prohibited. In addition, in cases of properties falling within the regulation concerning change of use into residential use, their use as a registered seat or branch of a business is not permitted. Non-compliance with these prohibitions may lead not only to revocation of the residence permit, but also to the imposition of significant administrative fines.

One further crucial point is that the residence permit granted under this framework does not provide a right of access to any form of employment in Greece. Consequently, the Golden Visa is a residence regime linked to investment and not a work permit. Furthermore, in the event of the resale of the property during the validity of the permit to another third-country national, the new purchaser may acquire the right to be granted a residence permit, while the seller’s permit is revoked simultaneously.

The Golden Visa continues to constitute an important instrument for third-country nationals who wish to connect their presence in Greece with an investment in real estate. However, the current legislative framework is more specific and stricter as regards the amounts, the structure of the investment, the use of the property, and the compliance obligations. For this reason, before any step is taken, it is essential that a careful legal review be carried out so that the investment is properly structured from the outset and no issues arise either at the stage of submitting the application or at the stage of renewing the residence permit.

This article is provided exclusively for general informational purposes and does not constitute legal advice, nor can it replace an individualized legal assessment of a specific case. For specialized legal guidance, it is recommended that individualized legal advice be obtained before any action is taken.

REFERENCES

Law 5038/2023, in particular, Article 100 thereof, as amended by Article 64 of Law 5100/2024