Vathis & Associates — Real Estate Law | Noteworthy News
The Greek Golden Visa has long been one of the most successful and popular investment migration programs within the European Union. Since its introduction in Greece in 2013 by Law 4146/2013, the program has acted as a catalyst for attracting capital from third countries, granting investors and their family members the right to lawful residence in Greece through substantial investment opportunities.
For more than a decade, the Golden Visa served thousands of investors as a “golden ticket” to Europe: access to the Schengen Area, investment opportunities in a recovering economy, and a particularly flexible regime with no requirement for permanent residence or tax domicile in Greece.
However, from 2025 onwards, the philosophy of the program undergoes a fundamental shift. The Golden Visa is no longer an “easy” or quasi-automated process; it evolves into a complex investment instrument in which strategy, accurate information, and professional guidance become decisive success factors. For many investors, the new landscape resembles an investment-level Squid Game: the rules have tightened, and wrong decisions carry real and tangible costs.
1. The Numbers Tell the Story: What Official Data Reveal
Official statistics from the Ministry of Migration and Asylum (Legal Migration – Annex B, October 2025) demonstrate that, despite the changes, the Greek Golden Visa program remains highly attractive. Since 2021, a steady increase in granted permits has been observed, with 2023 recorded as a landmark year: 7,251 new residence permits, positioning Greece among the leading countries in Europe.
China remains the principal country of origin, accounting for approximately 50% of initial permits and nearly 65% of renewals. It is followed by Turkey at 15.2%, Lebanon at 5.9%, and the United Kingdom at 3.9%.
These figures represent more than mere statistics. They underscore Greece’s consistent role as a safe investment destination and a reliable gateway to the European market.
2. What the Greek Golden Visa Substantively Offers
The acquisition of a Greek Golden Visa provides investors with a robust legal and investment protection framework. Upon completion of an eligible investment, a five-year residence permit is granted, renewable indefinitely, provided the investment is maintained. In parallel, free movement within the remaining Schengen countries is ensured for up to 90 days per six-month period, along with full coverage for the investor’s family members.
On a professional level, while salaried employment is not permitted, the Golden Visa regime allows full entrepreneurial activity: participation in companies, shareholding, board membership, and the assumption of executive roles, including that of Chief Executive Officer. In essence, it constitutes an ideal model for investors with an entrepreneurial rather than salaried profile.
3. Eligible Investment Categories
The current legislative framework establishes a broad range of investment options, allowing alignment with each investor’s individual profile. Investments may be made through real estate, participation in business activities, or the placement of capital in financial and collective investment products.
4. The Golden Visa Application Process
The procedure is designed to remain functional and relatively swift. The starting point is the selection of the appropriate investment category. Subsequently, the application is submitted to the competent regional authority, accompanied by the required documentation evidencing the lawful origin and completion of the investment.
As a result of the digitization of a substantial portion of the procedure, evaluation is typically completed within two to three months, leading to the issuance of the five-year residence permit. A key condition remains the retention of the investment for a minimum period of five years.
5. The New Regime from 2025: Stricter Yet More Strategic
Pursuant to Law 5038/2023, Law 5100/2024, and Circular 9/25.09.2024, the Golden Visa program is substantially restructured. Particular emphasis is placed on the new minimum thresholds for real estate investments.
In high-demand areas—Attica, Thessaloniki, Mykonos, Thira (Santorini), and all islands with a population exceeding 3,100 inhabitants—the minimum investment amount is now set at EUR 800,000. For the rest of Greece, the threshold is EUR 400,000. In all cases, the investment must concern a single property, and for built properties a minimum surface area of 120 sq.m. is required.
At the same time, the EUR 250,000 exemption is retained for special categories of properties, such as listed buildings and properties converted to residential use, subject to strict restoration conditions. Failure to complete renovation within five years results in revocation of the residence permit, the imposition of a EUR 150,000 fine, and the nullity of subsequent transfers.
6. Golden Visa Without Real Estate: Alternative Pathways
Of particular significance is the framework introduced by Article 99 of Law 5053/2023, which effectively decouples the Golden Visa from exclusive reliance on real estate acquisitions. Investors may now obtain residence permits through investments in share capital increases of Greek companies, corporate or government bonds, REICs (AEEAP), private equity funds (AKES), venture capital funds (AEKES), listed shares, or collective investment schemes investing exclusively in Greece. Investment thresholds range from EUR 350,000 to EUR 800,000, depending on the product and risk profile.
7. Start-Up Golden Visa: A New Pillar from 2025
As of 1 January 2025, Greece introduces the Start-Up Golden Visa, enabling residence permits through a EUR 250,000 investment in a company registered with the National Start-Up Registry (Elevate Greece). This measure aims to attract investors with technological expertise and international experience, strengthening Greece’s innovation ecosystem.
8. Costs, Taxes, and Annual Obligations
Real estate acquisitions entail notarial fees, legal fees, registration costs, and either transfer tax or VAT, depending on the case. In addition, property owners are subject to annual charges such as ENFIA (property tax) and municipal levies, while rental income is taxed progressively.
Given the frequency of legislative changes, recalculating the applicable tax burden prior to each acquisition is deemed absolutely essential.
9. Greece in Comparison with the Rest of Europe
Unlike other countries, Greece continues to offer one of the most flexible Golden Visa programs within the EU. Portugal has significantly restricted its scheme by increasing investment thresholds and imposing physical presence requirements, while Spain definitively abolished its program on 3 April 2025.
10. Conclusion
The success of any investment initiative under the Golden Visa framework now depends on the investor’s strategic choices, accurate assessment of the evolving regulatory environment, and careful exploitation of emerging opportunities. In an environment more complex and demanding than ever, timely and specialized guidance is no longer merely helpful—it is a fundamental prerequisite for maximizing both the security and the return of the investment.
In light of the above, guidance from specialized professionals becomes imperative, offering comprehensive support at every stage of the process—from investment assessment and legal due diligence to ensuring regulatory compliance and completing the Golden Visa procedure with both security and efficiency.
Sources
(1) Ministry of Migration and Asylum, Legal Migration – Annex B, October 2025
For more information regarding real estate law and investment programs under the Golden Visa, please do not hesitate to contact our office.
