A Practical Guide for Non-EU Citizens Considering Permanent Residency Through Property Investment in Greece
The Greek Golden Visa is a permanent residence permit granted to non-European Union citizens who invest in real estate in Greece. The permit is valid for five years and can be renewed indefinitely, provided that ownership of the property is maintained. It does not require permanent residence in Greece, allows free travel within the Schengen Area, and extends to members of your family as well. The procedure is governed by Article 100 of Law 5038/2023, as amended by Law 5100/2024.
Investment Thresholds
The minimum investment amount depends on the location of the property. For Attica, Thessaloniki, Mykonos, Santorini, and islands with a population exceeding 3,100 inhabitants (including Evia/Euboea), the minimum investment is €800,000, excluding VAT. For all other regions of Greece, the threshold is €400,000.
In two special cases, a lower threshold of €250,000 still applies:
- when purchasing a property whose use is converted from commercial to residential; or
- when undertaking the restoration of a listed or preserved building.
In the first two categories, where the property is residential or intended to be constructed on purchased land, the law requires that the main living areas cover at least 120 square meters. Auxiliary spaces — such as storage rooms, parking spaces, and corridors — are not counted toward this requirement, although they are included in the purchase value.
It is important to note that the law permits the acquisition of only one property that meets the required investment threshold, rather than multiple properties whose combined value reaches the minimum amount.
Payment Requirements
The law strictly regulates the methods of payment for the purchase price. Payment may be made through:
- a crossed bank cheque deposited into the seller’s account with a Greek bank;
- a bank transfer to the seller’s account; or
- payment via a POS terminal installed in Greece.
A combination of these methods is acceptable, as is payment in instalments, provided that the full purchase price has been paid before the residence permit application is submitted.
The payment may also be made by a spouse or close relative, provided that this relationship is expressly stated in the purchase contract.
The purpose of these rules is to ensure full traceability of the transaction and eliminate any doubts regarding the lawful origin of the funds. Errors in the payment process can be corrected through an amending deed, even after the application has been submitted, although proper planning from the outset is strongly recommended.
The Procedure Step by Step
The process begins with obtaining a Greek Tax Identification Number (AFM) in your name and, in most cases, executing a special power of attorney in favour of a lawyer in Greece.
Through this power of attorney, we are able to act on your behalf throughout the entire procedure without requiring your physical presence at every stage.
The next steps include:
- a full legal due diligence review of the property;
- drafting and signing the purchase agreement;
- registration of the deed with the competent Land Registry or Cadastre Office; and
- payment of the purchase price through the legally prescribed banking channels.
Once the acquisition is completed, the residence permit application is submitted electronically together with the required supporting documents, including:
- a copy of your passport;
- health insurance with adequate coverage;
- government fees;
- the purchase deed;
- the registration certificate; and
- proof of payment.
Your only mandatory physical presence in Greece is for the collection of biometric data. In most cases, the residence permit is issued within a few months after the application file is completed.
Your Family Members
The Golden Visa also extends to your family members without requiring any additional investment.
Eligible family members include:
- your spouse or registered partner, whether the partnership was concluded in Greece or abroad;
- unmarried children under the age of 21; and
- the parents of both spouses.
All family members receive residence permits with the same duration as the main applicant’s permit.
After reaching the age of 21, children may transition to an independent three-year residence permit, no longer dependent on the principal applicant’s status.
Important Considerations
The Greek Golden Visa is considered one of the most established residency-by-investment programmes in Europe. However, the success of the process depends heavily on careful attention to legal and practical details.
The legal due diligence review of the property must cover:
- title ownership;
- encumbrances and seizures;
- urban planning violations; and
- declarations regarding the legalisation of unauthorized constructions.
Special care is required in cases involving:
- co-ownership arrangements;
- bare ownership structures;
- acquisition of land without a building permit; or
- properties located in border areas, where additional restrictions may apply.
After the residence permit is issued, your principal obligation is simply to maintain ownership of the property.
You are fully entitled to lease the property — whether through long-term or short-term rentals — and receive rental income, with one important exception: properties included in the programme through a change of use from commercial to residential may not be used as the registered seat of a business.
Our firm undertakes the entire process on your behalf, from property selection and legal due diligence to the issuance and collection of the residence permits for you and your family.