A New Golden Visa Category on the Table: How Housing Policy Is Reshaping the Rules
While the core framework of the Greek Golden Visa has already settled around the three-zone investment system (€800,000 / €400,000 / €250,000), recent developments bring to the forefront a change that could meaningfully reshape the logic of the programme: its connection to national housing policy.
The proposal for a property "portfolio" Golden Visa
As part of the National Strategy for Housing Policy 2026-2035, recently put out for public consultation, the government is examining a new Golden Visa category. Unlike the current model — where the permit is tied to the acquisition of one specific property — the new proposal would allow an investor to acquire a portfolio of more than one property, on the condition that these properties are made available for long-term rental within a predetermined period.
The stated goal, as described in the strategy, is to activate vacant or underutilised properties and boost the available housing supply in areas of high demand — without sacrificing the programme's investment appeal for foreign investors. The plan also envisages a monitoring mechanism for how the properties are used, while uses that do not serve this purpose, such as short-term rentals (Airbnb-type), would be expressly excluded.
It is important to stress that this measure is still at the consultation stage. It has not yet taken legislative form, and its final parameters — minimum investment amount, number of qualifying properties, duration of the long-term rental commitment — are expected to be determined once the process concludes.
Why it matters for investors
If the proposal moves forward, it would signal a shift in philosophy: the Golden Visa would no longer be purely a capital-attraction tool but would also, in part, become an instrument of housing policy. This opens new opportunities for investors interested in diversified property portfolios for rental income, but it also comes with new commitments — chiefly the requirement of long-term rather than short-term leasing — that should be carefully weighed before any investment decision.
The 21 April 2026 circular: tighter scrutiny of change-of-use properties
Alongside the debate over the programme's future, the authorities have already tightened enforcement of the existing framework. The circular issued on 21 April 2026 clarified several key issues that had arisen in the application of Article 100 of Law 5038/2023, particularly regarding properties admitted to the programme through a change of use from commercial to residential (the €250,000 threshold).
Among other points, the circular clarified that:
- A property that was previously residential, temporarily changed use, and then reverted to residential use cannotqualify for the lower €250,000 threshold; the higher thresholds apply instead (€800,000 or €400,000, with a minimum area of 120 sq.m.).
- Mixed-use properties may have each individual use assessed separately for purposes of the applicable investment threshold.
- "Legacy" investments completed before the new provisions took effect, and which met the conditions in force at the time, may remain under the previous regime.
Circular 1/2026: no more "reusing" the same property
Also worth noting is Circular 1/2026, which expressly prohibits re-admitting to the programme a property that has already been used to obtain a Golden Visa for a different investor. This closes a gap that had been identified in practice and now requires a substantive check of each property's "history" before the purchase contract is signed — a check that should be carried out by the investor's authorised lawyer as part of legal due diligence.
What this means in practice
The picture that emerges is one of a programme in constant evolution, where legislative stability coexists with frequent administrative clarifications and, potentially, a substantial expansion of the programme's underlying philosophy in the years ahead. For prospective investors, this translates into one essential piece of practical advice: before making any commitment, the legal and administrative status of the property — including its history in relation to prior Golden Visa applications — must be verified against the most current interpretive framework, not just the statute itself.
The Property Law team at Vekris Law systematically monitors developments in the Golden Visa regulatory framework and carries out full legal due diligence on every investment, so that clients know in advance whether the property they are considering meets the current requirements.
This article is for informational purposes only and reflects the regulatory framework as it stood in July 2026. The proposed "property portfolio" measure is still under public consultation and may change substantially before taking final legislative form. For advice on your specific situation, please contact our office.
Contact: +30 210 6644666 | info@vekrislaw.gr