Expats can purchase a wide range of Greek Golden Visa properties to obtain Greek residency, ranging from luxury villas in Mykonos to classic maisonettes in Athens.
The array of qualifying property has contributed to the growing popularity of Greece Golden Visas among expat investors eager to embrace the Mediterranean lifestyle.
Keep reading as we provide insights into the Greece property market, walk you through the steps for investing in Greece property to obtain a Greek residency permit, and offer details on the updated Greek Golden Visa cost for property investment.
Investing in Real Estate to Obtain a Golden Visa in Greece
The Greek Golden Visa program provides the lucrative opportunity to buy property to obtain a Golden Visa and a permanent Greek residence permit.
Greece offers different tiers of investment, from €250,000 to €800,000, and you’ll surely find a type of investment you want and need.
Buying commercial, and residential properties qualifies foreign buyers for a Golden Visa in Greece, allowing foreign buyers to acquire a new residence or an investment property such as hospitality accommodation. This flexibility enhances the appeal of the Greek Golden Visa.
5 Benefits of Buying Property in Greece
Buying a property in Greece comes with numerous benefits, including:
- EU residency and visa-free travel: Greece Golden Visa grants you and your family residency in Greece, as long as you maintain your investment. Moreover, you get visa-free access to the Schengen area.
- No minimum stay requirement: Once you obtain a Greece Golden Visa, you are not required to live in the country to maintain it.
- Permanent residency in Greece: You retain all Greek residency perks as long as you are maintaining your investment. After seven years of residency, you may apply for Greek citizenship.
- Family inclusion: You can include your family in Greece Golden Visa. According to the Greek government, you may include your spouse, children under the age of 21, and your and your spouse’s parents.
- Tax incentives: Greece has great tax incentives for foreign investors, namely low property taxes and income tax exemptions.
Eligible Golden Visa Properties in Greece
The Greek property market provides an expansive range of property options that meet your needs. Investors can obtain a Golden Visa card and move to Greece permanently by purchasing properties, including:
- Residential condominiums
- Hotel resorts
- Commercial buildings
- Luxury villas
- Maisonettes
- Agricultural land
Applicants to the investor immigration program who are choosing the investment must purchase or lease Golden Visa properties that meet specific requirements – mainly the minimum value.
Updated minimum investment amount for real estate investments
The Popularity of the Golden Visa in Greece led to the Greek government raising the bar for specific property investments. The previous threshold stood at €250,000 for real estate purchases and leases nationwide.
However, effective 31 July 2023, the threshold increased to €500,000 for investments in designated regions, including northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini.
It should also be noted that investors can qualify for Golden Visa in Greece through joint ownership, provided the investment of applicants applying for Golden Visas meets the minimum threshold for the program.
Update on August 31, 2024:
As of August 31, 2024, the Greek government divided investment options into two main tiers, tier one and two. While tier one requires a minimum investment of €800,000 for high-demand regions such as Attica (including Athens), Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100 residents, tier two investment applies to all other regions in Greece with a minimum investment of €400,000. In both of these cases, the investment must be made on a single property of at least 120 square meters.
On top of that, you’ll still have cheaper options available for €250,000. The properties that fall into this category should either be converted from commercial to residential use, or they should be of historical or cultural significance and fully restored.
Golden Visa Greece September 2024 update
In September 2024, Greek Prime Minister Kyriakos Mitsotakis announced plans to introduce a new investment option for the Golden Visa program. By investing a minimum of €250,000 in Greek startups, foreign investors can get a five-year residence permit. Additional details, such as an implementation date or whether the investment will be limited to certain businesses or locations, have not yet been announced.
What to Consider When Investing in a Greece Golden Visa Property
Before investing in any property in Greece, you must ensure it is a legal and lawful investment following the Golden Visa properties’ requirements list. Knowing what to look for is the first step in investing in real estate to qualify for a Golden Visa in Greece.
It is essential to verify that the property you select is situated within Greek territory, as Greece comprises numerous islands (ranging from 1,200 to 6,000) interspersed with Turkish islands in the Aegean Sea.
The next step is to assess the properties Greece has on the market. While you can hardly go wrong with property acquisition in Greece, it is advisable to take into account the following criteria before making your decision:
Renovation
Investors acquiring Greek residency through purchasing Greece Golden Visa houses or commercial properties should be advised that Greek homes and commercial real estate may need renovation as many properties are old or neglected.
Check to see if the infrastructure has been taken care of. The property’s purchase price may qualify for a Golden Visa in Greece to obtain permanent residence. Still, unexpected maintenance and renovation costs might be significant after you acquire the property.
Legal registration and ownership
Any property development or registration issues might affect your Greece Golden Visa application. Avoid complications by thoroughly examining ownership history before buying property in Greece.
For example, some Greek houses may not be legally registered in the title deed. Consulting specialists familiar with the country’s bureaucracy can avoid issues. Should you sign a long-term lease for a commercial property, familiarizing yourself with rental income taxes in Greece is crucial.
Location
The choice of location plays a pivotal role in real estate acquisition for securing a Golden Visa in Greece. If you intend to retire in Greece, acquire a vacation home, move to Greece with family, or invest in a rental property in a popular Greek tourist hotspot, various factors must be taken into account.
Lifestyle
Lifestyle elements such as the cost of living and infrastructure are significant considerations for non-EU nationals seeking a foreign country to acquire residency. Dreaming of living in Greece by buying property on one of the Greek islands will mean considering the slower pace of life in those regions before investing in eligible Golden Visa properties.
Property Investment Requirements for a Greece in Golden Visa
Real estate, capital transfer, capital contribution, and shares or bonds are the four main investment routes for obtaining a Greece Golden Visa. The following are the specific requirements and details of each of these investment routes to help you understand how they can lead to residency in Greece:
Investment amount
Investors must take into account where exactly they want to purchase the property. The investment requirement for Greek properties in northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini is €800,000.
For the rest of Greece, the minimum investment is €400,000. You can find cheaper options for €250,000, but these properties either have to be converted from commercial to residential use or be of cultural or historic significance and they need to be fully restored.
Property types
The investment can be in any property type, including residential, commercial, industrial properties, or land. Properties purchased can consist of one or several Greek properties, provided the total investment meets the minimum requirement.
Joint ownership
Joint ownership is allowed, provided each co-owner applying for a Golden Visa invests the minimum sum required for the program.
Leasing and timeshare
Buying property isn’t the only option to obtain a Golden Visa in Greece; investors can meet the investment requirement through a ten-year lease of hotel accommodations or furnished tourist residences. Like purchases, the minimum amount of the lease must reach €250,000 over ten years or €500,000 in specified regions.
Alternative investments to obtain a Golden Visa
An investment of at least €500,000 in a company registered or operating in Greece- An investment of at least €500,000 in a real estate investment company focused exclusively on Greece
- Invest a minimum amount of €500,000 in a closed-end investment company or a closed-end mutual fund provided that alternative investment entities exclusively intend to invest in companies based or established in Greece.
- Acquisition of shares or corporate bonds through a minimum investment threshold of €800,000.
- Acquisition of Greek government bonds through a minimum investment threshold of €500,0000 and a remaining maturity of no less than three years at the time of purchase.
- Acquisition of €350,000 in units from a mutual fund incorporated in Greece or another country, with the explicit purpose of exclusively investing in shares, corporate bonds, and/or Greek government bonds that are either listed for trading or actively traded on regulated markets or multilateral trading platforms operating in Greece.
- Acquisition of units or shares with a minimum purchase value of €350,000 from an alternative investment fund established in Greece or another EU country, dedicated exclusively to investments in immovable property within Greece.
- A fixed-term deposit of at least €500,000, held in a Greek bank account or other national credit institution, maintained for a minimum of one year with an automatic renewal arrangement in place.
An investment of at least €500,000 in a company registered or operating in GreeceThe Greece Golden Visa program provides investors a path to residency and extends this opportunity to their family members. You can enjoy your new life in Greece with your loved ones.
After holding a Greek real estate investment for five years, Golden Visa holders can exchange their residence permits for unconditional residency. Seven years of residence is required for permanent residents to obtain Greek citizenship.
Obtaining Greek citizenship by naturalization requires continuous residence for all seven years and passing a Greek language test.
Take a look at our Ultimate Guide to the Greece Golden Visa Program
Best Places to Buy Property to Obtain a Golden Visa in Greece
Athens
Properties in Athens offer a blend of ancient history with a modern touch. As Greece’s capital and largest city, the real estate landscape is diverse, with options ranging from elegant neoclassical apartments in the city center to contemporary maisonettes overlooking the Acropolis.
Thessaloniki
Greece’s second-largest city caters to a wide range of preferences and budgets. The city boasts a blend of restored buildings and townhouses lining cobblestone streets. Modern luxury apartments can be found along the waterfront area of Nikis Avenue. Thessaloniki is home to many Greece residence permit holders from the Golden Visa program.
Mykonos
Mykonos is renowned as a party paradise and haven for luxury living. Famous for its dazzling beaches, including Paradise and Super Paradise, the island attracts sun-seekers and partygoers worldwide. The island offers lavish white villas and high-end apartments with breathtaking views of the Aegean Sea.
Santorini
Property in Santorini epitomizes the essence of Cycladic, with iconic architecture spread across the island. Like Mykonos, foreign buyers can find whitewashed villas as well as cave houses and luxury resorts that make worthy investments to qualify for the Golden Visa.
Crete
As a popular destination for seniors who retire in Greece, investors will find expats living in all types of homes on the island, from rural villas to contemporary apartments. Its coastline stretches for hundreds of miles, offering American retires and expats many coastel Greece Golden Visa properties for sale.
Rhodes
The largest island of the Dodecanese islands, Rhodes offers a range of properties, from traditional village homes to apartments and commercial buildings within its ancient city walls. The city has quaint villages with rich heritage, suitable for investors seeking a Golden Visa residence card though buying property with historical charm and authenticity.
Taxes on Greek Golden Visa Properties
There are specific Greek property taxes investors are liable to pay when purchasing and owning property in Greece. The primary Greek taxes include:
- Transfer tax: 3.09 percent of the property value
- Value-Added Tax (VAT): 24 percent on the sale of new buildings
- ENFIA (Unified Tax on the Ownership of Real Estate): Annual property tax of €0.0037 to €9.25 per m2
Residents and non-tax residents are liable to pay taxes on property they buy and own. Foreigners may be able to reduce their taxes if Greece has a double taxation treaty with their home country.
Additionally, foreigners who obtain a Golden Visa in Greece can qualify for one of Europe’s best tax incentive programs. The Greece Non-Dom Tax regime provides several tax benefits, including the option of an annual lump sum tax instead of income tax on foreign income.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
Frequently Asked Questions about Properties for the Greece Golden Visa
What is the Greek Golden Visa?
Launched in July 2013, the Greece Golden Visa program is a permanent residency by investment scheme that provides a Greek permanent residence permit to third-country nationals (non-EU/EEA and non-Swiss) in exchange for a real estate investment in Greece with a minimum investment threshold.
What are the benefits of buying Greece Golden Visa properties?
The benefits of buying Greece Golden Visa properties are:
- EU residency and travel
- No minimum stay requierment
- Permanent residency as long as you maintain your investment
- You can include your family
- Low property taxes
Can I get permanent residency if I buy property anywhere in Greece?
Buying an eligible property can qualify investors for a Greece residence permit under the Greek Golden Visa scheme.
The minimum value of the property investment must be €800,000 if the property is located in northern or central provinces, the South Athens Attica region, the municipalities of Thessaloniki, Mykonos, or Santorini. In case you’re buying a property in another part of Greece, the minimum investment must be at least €400,000.
Provided you maintain your investment and follow the requirements of the Golden Visa, you will acquire permanent residency status in Greece.
An investment through the Greece Golden Visa program grants permanent residence. You can renew your permanent residence permit every five years if you maintain your investment.
Can you get a mortgage for a Golden Visa in Greece?
Obtaining a mortgage to buy a Golden Visa property in Greece is possible. Greek banks and financial institutions offer mortgage options to both Greek citizens and foreign investors, including those acquiring property as part of the Golden Visa program.
However, the minimum real estate investment must be financed entirely by the investor’s own assets or external funding from overseas to be eligible for the program.
A mortgage provided by a Greek financial institution can only cover the additional investment amount that exceeds the qualifying investment required for the investment program.
Can an investor buy commercial property to obtain a Golden Visa in Greece?
Investors can buy commercial properties to obtain a Golden Visa in Greece.
The Greek Golden Visa program allows investors to qualify for residency by investing in various real estate types, including commercial properties such as office buildings, retail spaces, and hotels.
What are the stay requirements for the Greek Golden Visa?
The great thing about the Golden Visa in Greece is that there are no stay requirements to maintain permanent residence status.
The only prerequisite to enjoying unrestricted travel is maintaining the investment to renew permanent residency every five years.
For Golden Visa holders to obtain Greek citizenship by naturalization, applicants must have lawfully resided in Greece continuously for seven years, with a minimum of 183 days of physical residency each year and possess fluency in the Greek language.
Are there any specific locations in Greece where the investment must be made?
The threshold increased to €800,000 for investments in designated regions, including northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini.
The threshold of €400,000 applies to the rest of Greece.
How much do I need to invest in property to qualify for the Greece Golden Visa?
The minimum value of the property investment must be €800,000 if the property is located in northern or central provinces, the South Athens Attica region, the municipalities of Thessaloniki, Mykonos, or Santorini.
Other regions in Greece require a minimum investment of €400,000.
Where can I find Greece Golden Visa properties for sale?
You can find Greece Golden Visa properties for sale through the following means:
- Real estate websites
- Golden Visa agencies
- Local real estate agents
- Government-endorsed listings and consultants
Can I sell my Greece Golden Visa property and retain my residency?
No, you can’t sell your Greece Golden Visa property and retain your residency. Your Greek residency depends on the property, and if you sell it, you lose the residency perks.
