Greece's Golden Visa - A Guide to Europe for Investors

Greece Golden Visa for Real Estate Investors

In pursuit of stability, freedom of movement and access to better opportunities, many foreigners turn their sights to Europe. However, obtaining a residence permit in a European country is not an easy task. Greece has solved this problem by launching an attractive investment program called the Golden Visa. This program opens the doors to the Schengen area for those willing to invest in the Greek economy. The Greek Golden Visa program was created in 2013 with the aim of attracting foreign investment and stimulating the country's economic growth. The essence of the program is simple: invest a certain amount in the Greek economy, and you will receive a residence permit in this sunny Mediterranean country.

The key benefits of the Golden Visa program are:

1. Freedom of movement within the Schengen area is one of the main advantages of the Greek Golden Visa. It provides the opportunity to freely travel around the Schengen countries without the need to apply for a separate visa. This makes Greece particularly attractive to non-EU citizens.
2. Path to Greek Citizenship — Golden Visa investors can apply for Greek citizenship after 7 years of residence in the country and passing a Greek language exam. A Greek passport opens the door to all countries in the European Union and many other countries around the world.
   Investment Opportunities

To obtain a Golden Visa, you must make one of the following investments:

1. The most popular option for obtaining a Golden Visa is to purchase real estate. The minimum cost is €800,000 for properties in Attica and Thessaloniki and €400,000 for properties in other regions. There are exceptions for historical and industrial buildings in need of restoration. These can be purchased at a reduced price of €250,000, regardless of the region.
2. Investing at least €250,000 in a start-up or new business in Greece also opens the door to a Golden Visa.
3. Purchase of Greek government bonds or bonds of companies investing in real estate for at least €400,000

New rules and their impact on the market

In 2024, the Greek authorities tightened the conditions of the Golden Visa program regarding the purchase of real estate. These measures were taken to direct foreign investment to a more expensive real estate segment and avoid crowding out local residents from the housing market. Let's note the main key changes:

1. The minimum price of a property in Attica and Thessaloniki has increased to €800,000.
2. In the rest of the country, the minimum price is €400,000.
3. Investment in renovation programs for converted commercial buildings at a reduced price from €250,000
4. Applications under the old conditions were accepted until August 31, 2024.

These innovations have significantly affected the housing market in Greece. The increase in the minimum bar caused investors to reorient themselves towards more expensive properties.

Current status and prospects

Despite the tightening of requirements, Greece remains extremely attractive to foreign investors thanks to the Golden Visa program. Low entry barriers compared to other European countries, a simple procedure for obtaining a residence permit and the program’s high reputation continue to attract a significant flow of foreign investment. According to experts, about 10% of all real estate transactions in Greece are related to the Golden Visa. This indicates the continued high demand and viability of the program.

The Greek Golden Visa program therefore represents a lucrative investment opportunity for foreigners seeking to settle in Europe. It opens the way to Greek citizenship, freedom of movement within the Schengen area and access to the unique Greek lifestyle.
The new rules, introduced in 2024, are aimed at maintaining the sustainable development of the real estate market and attracting larger and more productive inward investment, contributing to the improvement of Greece’s external balance. Due to its reputation and relatively low entry barriers, the program will undoubtedly remain popular among wealthy foreign investors.