Greece Golden Visa Scheme

Greece’s highly sought-after Golden Visa scheme has attracted an influx of international investors purchasing property in Greece. he Golden Visa offers non-EU nationals and their family members a five-year renewable residency in Greece, along with visa-free travel across the Schengen Zone, in exchange for investing in Greek real estate.

Recent statistics indicate that more than 10% of all real estate transactions during the 2023–24 period were tied to this residency-by-investment scheme, highlighting Greece’s strong appeal to those looking for both a home and a gateway into the European Union. Data from the Hellenic Property and Investment Authority shows that, in 2023 and 2024, at least €4.44 billion of the total property transactions in Greece were linked to Golden Visa applicants.

In 2023, there were 8,477 residency applications, which changed by 9.6% to 9,289 in 2024. While the minimum investment requirement was set at €250,000, many investors exceeded this amount, contributing to rising property values. Experts attribute this surge to buyers rushing to finalize purchases before new regulations were implemented.

Golden Visa Rule Changes

On March 21^st, 2024, the Greek government raised the minimum investment threshold for the Golden Visa. While the minimum investment amount, under specific conditions (e.g., restoration of historical or culturally significant buildings), remained at €250,000, two new tiers were introduced for the majority of applicants:

• Tier 1: €800,000 Investment – High-demand regions, including the entire Attica region, Thessaloniki, Mykonos, Santorini, and other islands with populations exceeding 3,100 residents.
• Tier 2: €400,000 Investment – All other regions of Greece not specified in Tier 1.

The new tiers were introduced in an effort to tackle housing shortages and encourage broader economic contributions. As a result, analysts anticipated a decline in real estate-driven applications moving forward. However, Greece’s Golden Visa program has continued to attract interest, particularly due to policy changes in other European nations, such as Spain’s decision to eliminate its own Golden Visa initiative. Industry specialists believe changes to other European countries’ Golden Visa could lead to an influx of investors turning their attention to Greece.

What’s Next for the Golden Visa?

Greek authorities have shown interest in promoting more diverse investment opportunities, as reflected in new incentives proposed in the 2025 draft budget. While real estate remains a significant draw for foreign investors, the government’s evolving approach signals a higher focus on alternative investment avenues. These developments reflect Greece’s commitment to balancing foreign investment with local economic and social needs, ensuring the program’s sustainability and appeal.