The headlines are grim. Big changes and even a possible end to the Greek Golden Visa program.

Is that true? And if an end is coming, what should people midway through the process do?

Despite plenty of confusion being sown, Greece’s recently announced changes to the Golden Visa are actually positive signs that the avenue to citizenship will remain.

Let’s look at exactly how the program operates and what changes happened in late 2024 and early 2025.

The Greek Golden Visa: A Quick Overview

The Greek Golden Visa program gives residency permits to non-EU citizens who make investments in Greece. Those investments have to meet certain eligibility requirements, and those have changed through the years.

This is a popular path to citizenship because, over time, your legal residency can lead to full Greek citizenship—provided you meet the 7-year residency requirement, pass Greek language proficiency exams, and maintain a clean criminal record.

Although the Greek Golden Visa has undergone notable policy shifts in just the pass two years, it’s extraordinarily popular. It attracts global investors from countries like China, Turkey, the U.S., Lebanon, and the UK. In fact, it attracts so many of these global investors that the rules have been adjusted yet again to protect the Greek real estate market. Let’s go there next.

The 2025 Extension: What Actually Happened

On January 31, 2025, Greece’s Ministry of Migration officially extended the Golden Visa deadline for certain applicants until February 28, 2025, long past the December 31, 2024 cutoff. This deadline specifically helps individuals who:

  • Placed a 10% deposit on a Greek property before August 31, 2024
  • Need more time to finalize their property purchase contracts

Why is there an extension?

With the announcement in 2024 of new, higher thresholds for Golden Visa investments, we saw a rush of investors hoping to lock in purchases under the older (and lower) thresholds.

Just how many applied? A backlog of a jaw-dropping 31,000 new applications and renewals formed. Along with the wave, processing times ballooned to over 18 months.

To handle this surge, Greece introduced a grace period, which let deals already in the pipeline finish under the older regulations. That preserved around 3,000 pending real estate transactions valued at around €750 million.

New Investment Thresholds in 2025

New applicants in 2025 face new eligibility requirements. It’s all part of a plan to reduce the rampant speculation in prime real estate markets and heat up other sections of the country that get less attention from Golden Visa investors. Five major categories saw changes.

1. Prime Locations

  • Minimum Investment: €800,000
  • Areas: Santorini, Mykonos, the Attica region (including Athens), Thessaloniki, and some larger islands.
  • Restrictions: Property must be a single purchase (minimum 120 sq. meters), and cannot be used for short-term rentals (like Airbnb) or company headquarters.

2. Secondary Regions

  • Minimum Investment: €400,000
  • Areas: Non-prime real estate markets.
  • Restrictions: Similar usage rules apply—no short-term renting, must be a single property of a certain minimum size, etc.

3. Conversion of Commercial Properties

  • Minimum Investment: €250,000
  • Requirements: You must convert a commercial property into residential use before applying.

4. Renovation of Listed Buildings

  • Minimum Investment: €250,000
  • Requirements: Historical or culturally significant buildings. You get the visa upon purchase, but you must finalize renovations within five years to renew the permit.

5. Startups

  • Minimum Investment: €250,000
  • Requirements: You cannot own more than 33% of the company’s total share capital or voting rights. Plus, the startup you invest in needs to create at least two jobs in its first year. Those jobs need to keep going for at least five years.

The Backlog

The Greek government’s changes to the Golden Visa program come out of a context where massive demand for real estate to qualify is meeting shrinking supply. This is putting the real estate market into dangerous territory.

This really got started as word got out about the possibility of new rules. People rushed to apply under the old €250,000 threshold in prime areas. Property prices in prime regions soared as foreign buyers raced to outbid against each other.

By increasing the thresholds, the government hopes to stabilize prices and distribute investment more broadly across the country.

Is the Greek Golden Visa Actually Ending?

There is no indication that the Greek Golden Visa is ending in 2025. But changes are underway.

If you aren’t already invested in the program, the February 28, 2025 extension doesn’t apply to you. It should simply be seen as a way to clear bureaucratic backlogs, not a warning sign.

And how do we look at the changes to eligibility requirements? Greece appears to be making changes that keep housing within reach of Greek people. They also look to be more and more interested in other kinds of qualifying investment—and that’s something we expect to see more of from Golden Visa programs throughout the Mediterranean. Who knows? Innovative new corridors could be opening up soon.

Should You Invest Now or Wait?

If you’ve been on the fence, the “perfect time” to invest was arguably before August 2024 if you wanted the absolute lowest threshold in prime areas. If you already placed a deposit, you have until February 2025 to lock in a deal at lower rates.

But even after 2025, the program has a clear future. If anything, the new categories—especially the new startup investment path—may open doors to those less interested in real estate.