Greece’s Golden Visa has long made the Mediterranean dreams of investors around the world accessible—until now, that is.
Major changes enacted in 2023 and 2024 have really reshaped the landscape. So, what’s new, and what does it mean for your Mediterranean dream?
Greece introduced its Golden Visa program in 2014, quickly becoming Europe’s go-to residency-by-investment option thanks to relative affordability. Historically, investing just €250,000 in Greek real estate granted you and your family a five-year residency permit, renewable indefinitely. In the world of Golden Visas, that’s a bargain.
But concerns about housing affordability, especially in bustling cities like Athens and picturesque islands such as Mykonos and Santorini, prompted significant changes. Here’s a clear breakdown of the latest updates, what’s changed, and what investors need to know now.
The Big Changes in 2023
Starting May 2023, Greece doubled the minimum real estate investment from €250,000 to €500,000 in its most popular locations: Athens, Thessaloniki, Mykonos, and Santorini. Investors rushed to beat the clock, with a surge of applications pouring in ahead of the increase.
The government did offer a brief grace period—if investors placed a 10% deposit by July 31, 2023, they could still finalize their purchases at the old €250,000 rate until the end of that year. Outside these prime areas, the €250,000 threshold initially remained unchanged, but not for long.
At the same time, Greece revised non-real estate investment options, increasing bonds, stocks, and bank deposit thresholds to €500,000, while lowering investment fund requirements to €350,000. This shift made financial investments more appealing, anticipating higher future real estate costs.
Even Stricter Rules in 2024
In April 2024, Greece introduced even stricter measures to address ongoing housing shortages and rising costs. A new two-tier system emerged:
If you’re eyeing properties in top-tier locations—the entire Attica region, Thessaloniki, Mykonos, Santorini, or any island with more than 3,100 inhabitants—the minimum investment has jumped dramatically to just over €800,000.
For everywhere else in Greece, including quieter towns and rural areas, the minimum is now €400,000, still lower but significantly up from the original €250,000.
These new thresholds reflect the government’s attempt to balance attracting foreign investments with protecting local housing markets. They’re specifically designed to cool speculative buying in overheated markets, which will theoretically allow more options for locals.
Added Restrictions on Properties
Alongside the increased investment amounts, Greece also introduced three other key restrictions:
- You now have to meet the entire investment requirement with just one property. Previously, investors could combine multiple smaller properties. This new rule encourages substantial, single-property purchases rather than fragmented investments.
- Additionally, properties must now be at least 120 square meters, targeting larger, family-sized accommodations rather than small Airbnb-style apartments.
- Speaking of Airbnb, short-term tourist rentals are no longer permitted. Properties must be leased long-term or used personally; breaking this rule can result in a hefty €50,000 fine and permit revocation.
A Special Exception: Historical and Conversion Projects
There is an exception to these rules. The €250,000 threshold remains available for investors renovating historical or heritage-listed buildings or converting commercial properties into residential units. This is a smart carve-out looking to preserve Greek history.
These special projects have no minimum size requirement, offering investors a more affordable and culturally meaningful alternative.
What Does This Mean for U.S. and Canadian Investors?
Greece’s Golden Visa has been hugely popular with Americans and Canadians in particular because it’s one of the most affordable (and fast) routes to European residency. However, the new rules substantially raise the entry price beyond what many people consider possible.
For example, once upon a time you could acquire residency rights in Athens or popular islands for about $270,000 (€250,000). Today, that same privilege costs around $850,000 (€800,000). Even quieter areas now require roughly $425,000 (€400,000).
Additionally, the Airbnb ban impacts North Americans who previously saw Greek properties as both residency-enabling investments and lucrative short-term rentals. Investors must now consider properties primarily as second homes or long-term rentals rather than short-term tourist rentals. Reducing that return on investment limits its appeal even further.
Alternative Investment Paths
Given higher real estate costs, alternative investment options might become more attractive:
Capital investment of €500,000 in a Greek company remains an eligible route, as are Greek government bonds and fixed-term bank deposits. Another appealing alternative is investing €350,000 in Greek-focused mutual or alternative investment funds—the lowest-cost Golden Visa route currently available. This approach provides diversification, professional management, and a lower entry point compared to direct real estate.
There’s also the option of a long-term lease or timeshare agreement valued at €400,000 or €800,000, mirroring the new two-tier property thresholds. This allows investors residency rights without outright property ownership.
Learn all about these visa paths in our full guide.
Looking Ahead to the Golden Visa in 2026 and Beyond
Greece’s latest Golden Visa changes reflect broader EU trends of tightening residency-by-investment schemes, following the example of Portugal and Spain.
Still, these programs draw a lot of money and interest, and if they are continually managed to be a net gain (and not a drain) on the economy for locals, they will no doubt be an option for years to come.
If you’re looking to make sense of the new rules and use them to your advantage as an investor, reach out today. Our experts are offering a 100% free consultation
