The Greece Golden Visa, Explained for Private Clients

1. What the Greece Golden Visa actually offers

For internationally minded families, the Greece Golden Visa is best understood as a long-term, renewable residence framework anchored in qualifying real estate. It is not a shortcut to EU citizenship, nor a pure yield play, but a structured way to secure private-client mobility and optionality in a Schengen member state.

Under current rules, the Greek Golden Visa grants a 5-year renewable residence permit with no minimum physical-stay requirement, provided the qualifying investment is maintained. Once issued and while valid, and subject to Schengen border rules and continued compliance, the permit allows short-stay travel across the Schengen Area, generally up to 90 days in any 180-day period. It does not grant residence or work rights in other Schengen states.

For many clients from South Africa, the Middle East, the UK and North America, this combination — Schengen mobility, a Mediterranean base, and no mandated days on the ground — may make Greece a useful component of wider residence planning, particularly when paired with thoughtful jurisdiction selection elsewhere.

2. Investment tiers: how the modernised thresholds work

Greece has moved away from a single, low entry point to a more tiered structure. The current thresholds were revised through the 2024-2025 reform period, and the detail matters, particularly if you are balancing lifestyle use with portfolio discipline.

2.1 The standard residential route: EUR 400,000 tier

The core route for many investors is the EUR 400,000 tier. Under current rules, this requires:

• Acquisition of a single residential property in designated standard areas; and
• A minimum size of 120 m² for that property.

This structure favours families who want a single, usable home — often in secondary cities, suburbs or selected mainland and coastal locations — rather than a fragmented portfolio of smaller units.

2.2 Higher-threshold locations: EUR 800,000 tier

The EUR 800,000 tier applies where the qualifying residential property is located in:

• The Region of Attica;
• The Regional Unit of Thessaloniki;
• Mykonos;
• Santorini; or
• Any other Greek island with more than 3,100 inhabitants.

The qualifying property must again be a single residential property of at least 120 m². All other areas of Greece fall under the EUR 400,000 tier, subject to confirmation by Greek counsel for the specific asset and location.

This higher tier is relevant if you are targeting established neighbourhoods in Attica, the Thessaloniki regional unit, or larger islands with more developed infrastructure and deeper lifestyle appeal.

2.3 Specialist projects: EUR 250,000 conversion and restoration

There remains a EUR 250,000 tier, but it is now tightly defined. It applies to:

• The conversion of commercial property to residential use; or
• The restoration of a listed building,

and this applies regardless of location or size. In practice, this tier is more suitable for investors comfortable with development risk, planning processes and construction oversight, rather than those seeking a turnkey residence.

For commercial-to-residential conversion, eligibility depends on the change of use being properly completed and legally documented under the current rules. For listed-building restoration, the relevant planning approvals, restoration milestones, completion evidence and renewal conditions should be verified before acquisition. The permit security of this route can depend not only on the purchase price, but also on whether the conversion or restoration has been completed, documented and maintained in compliance with the applicable requirements.

2.4 Property-use restrictions

Current Greek Golden Visa rules include important restrictions on the use of qualifying properties. In particular, properties used for the EUR 400,000 or EUR 800,000 residential routes are subject to restrictions that include a prohibition on short-term rentals. Conversion-route properties may also be subject to restrictions on use as a registered business seat or branch. Breach can lead to penalties and residence-permit consequences.

These restrictions are especially important where an investor is modelling rental income, family use, or business-linked use of the asset. Before exchange, Greek counsel should confirm the applicable restrictions for the specific property, intended use and permit route.

2.5 Comparing the tiers

All thresholds are indicative and subject to change; they should be confirmed against the latest Greek regulations before any commitment.

3. What the residence permit provides in practice

3.1 Duration, renewal and physical presence

The Greek Golden Visa residence permit is issued for five years and is renewable every five years as long as the qualifying investment is maintained. Under current rules, there is no minimum physical-stay requirement to renew.

This makes Greece structurally different from many residence regimes that require a set number of days per year. It can be held as a strategic option — used heavily in some years, lightly in others — without jeopardising the status, provided the property is retained and other conditions are met.

3.2 Schengen mobility

Because Greece is a full Schengen member, a valid Greek residence permit allows visa-free short-stay travel across the Schengen Area once issued and while valid. The practical limit is generally 90 days in any 180-day period, subject to Schengen border rules and continued compliance.

This mobility benefit does not grant residence or work rights in other Schengen states. For families currently relying on short-stay visas for Europe, it can materially simplify travel planning, particularly for regular European business, family or lifestyle travel.

3.3 Family inclusion

The programme is designed to be family-centric. Under current rules, the following can generally be included in a single application:

• The main applicant’s spouse;
• Unmarried children under 21;
• Children who turn 21, who may be eligible for an independent permit up to age 24, with further renewal subject to the applicable immigration rules; and
• The parents of both the main applicant and the spouse.

This broad definition of the family unit is particularly relevant for clients supporting children and elderly parents, and can reduce the need for multiple, uncoordinated residence strategies. Exact dependency, marital-status, study and renewal requirements should be confirmed with Greek counsel at the time of application.

3.4 Indicative processing timelines

Processing is not instantaneous and should be factored into any relocation or schooling timetable. As an illustrative planning assumption, the end-to-end process is often modelled in the range of 4-9 months. Timeframes vary by region, authority workload, appointment availability and file quality, so planning for the longer end of the range is prudent.

4. Cost structure beyond the purchase price

When evaluating programme suitability, it is important to look beyond the headline investment threshold and model the total cost of acquisition. Precise figures depend on the property, region, notary, lawyer, filing route and file complexity, so the following should be treated as illustrative modelling assumptions rather than fixed charges.

4.1 Property transfer taxes and transaction costs

• Property transfer tax: where transfer tax applies, it is commonly modelled at around 3.09%. VAT treatment for new-build or other properties must be confirmed for the specific asset and transaction date.
• Notary and land registry fees: together, these are often modelled at about 1.7% of the property value, but the actual amount can vary by transaction.
• Legal fees: these are often modelled at around 1.2% of the property value, plus 24% VAT on the legal fee itself, subject to the engagement terms agreed with counsel.

For a private-client investor, the key is to ensure that all acquisition costs are transparently modelled upfront and that the property due diligence is not compromised in pursuit of marginal savings on fees.

4.2 Application fees and insurance

In addition to property-related costs, there are state application fees. Current modelling assumes approximately EUR 2,000 for the main applicant and EUR 150 per dependent for the Greek Golden Visa application. These figures are indicative and should be confirmed against the latest Greek fee schedule.

Annual health-insurance costs are also commonly modelled, with indicative premiums around EUR 350 per person per year and Schengen-style minimum cover often modelled at around EUR 30,000. The final policy should be checked against the current Greek application requirements before filing.

5. Tax considerations: the Greek non-dom regime

The Golden Visa itself is a residence permit; it does not automatically determine your tax residence. However, Greece has introduced a non-dom, or alternative taxation, regime that some Golden Visa holders may consider if they choose to become Greek tax residents.

5.1 Core features of the non-dom regime

Under the current framework for new Greek tax residents:

• Tax on worldwide non-Greek income can be fixed at a flat EUR 100,000 per year.
• An additional EUR 20,000 per year applies for each included or additional family member.
• The regime generally requires a qualifying Greek investment of at least EUR 500,000 to be made within three years, although this condition may be disapplied for holders of qualifying Greek investor residence permits; tax counsel should confirm the position for the specific permit and investment structure.
• The applicant must not have been a Greek tax resident in seven of the previous eight years.
• The regime can run for up to 15 years.

This is a separate decision from the Golden Visa itself and should be evaluated with specialist tax advice in both Greece and your home jurisdiction, particularly if you are subject to complex anti-avoidance or controlled foreign company rules.

5.2 Interaction with the Golden Visa

Holding a Greek Golden Visa does not, by itself, make you a Greek tax resident. Many clients initially use the residence permit primarily for mobility and lifestyle, without triggering Greek tax residence. Others, particularly retirees or those re-basing their affairs to Europe, may later consider the non-dom regime once their broader structuring is in place.

From a planning perspective, it is important to treat the Golden Visa, tax residence and the non-dom regime as three distinct levers. They can be aligned, but they should not be conflated.

6. Who the Greece Golden Visa tends to suit

Not every family or investor profile is well served by the Greek route. It is worth considering if you:

• Value Schengen mobility and a Mediterranean base, but do not currently plan to relocate full-time.
• Are comfortable with a single-property strategy at the relevant threshold, rather than multiple smaller units.
• Have a clear view on how you will use the property — as a second home, for family use, or as a long-term asset — and are prepared to comply with current restrictions on short-term letting and other prohibited uses.
• Are prepared to hold the property for the medium to long term, given that residence renewal depends on maintaining the investment.
• Are open to integrating Greece into a broader residence planning and jurisdiction selection exercise, rather than treating it as a stand-alone transaction.

By contrast, if your priority is a purely financial investment with maximum flexibility to dispose of the asset quickly, or if you require a path to citizenship on a defined timetable, other jurisdictions may be more aligned with your objectives.

7. Process overview and due diligence

While local counsel will guide the procedural detail, it is useful to understand the broad sequence:

• Initial suitability assessment: Clarifying your objectives — mobility, education, relocation, tax — family composition and budget, and testing whether Greece is the right jurisdiction at all.
• Qualifying real estate selection: Identifying properties that meet the relevant tier’s criteria, including location, minimum value, minimum size and, where applicable, conversion or restoration conditions.
• Legal and technical due diligence: Title checks, planning and zoning verification, construction quality review, use-restriction analysis and confirmation that the property is eligible for the Golden Visa under current rules.
• Conversion or restoration verification: For EUR 250,000 projects, confirming planning approvals, change-of-use documentation, restoration milestones, completion evidence and renewal implications before committing capital.
• Acquisition and registration: Executing the purchase through a Greek notary, paying applicable taxes and fees, and registering the property with the land registry.
• Residence application: Submitting the Golden Visa application, paying state fees, and responding to any queries from the authorities until permits are issued.

At each stage, the emphasis should be on robust due diligence rather than speed. The residence permit is only as secure as the underlying property, documentation and continuing compliance.

8. Integrating Greece into a wider residence strategy

For many private clients, Greece is one component of a multi-jurisdictional plan that may also involve residence in Cyprus, Portugal, Mauritius or the UK, alongside existing citizenships. The key is coherence: ensuring that your Greek position complements, rather than conflicts with, your other residence and tax arrangements.

That typically means aligning your Greek Golden Visa with your broader family optionality goals — education, healthcare access, succession — your private-client mobility needs, and your long-term residence planning, including where, if anywhere, you ultimately wish to be tax resident.

At Kestrel Private, we focus on helping clients evaluate whether Greece — and specific qualifying real estate within Greece — fits that wider picture before capital is committed. A confidential consultation can help you compare Greece against other recognised residence routes and structure a programme that matches your family’s priorities.