The Greek Golden Visa: what buyers need to know

The Greek Golden Visa programme grants non-EU citizens a residence permit for a property investment above a certain threshold. For EU buyers the programme does not apply, but it does shape the market they buy in.

How it works

A non-EU citizen investing more than the threshold amount in Greek property receives a residence permit valid for five years, renewable as long as the investment is maintained. The permit extends to a spouse and minor children and allows free travel within the Schengen area. There is no requirement to actually live in Greece.

Thresholds differ by region

Since the programme was revised, different thresholds apply: higher in the busiest areas such as Athens, Thessaloniki, Mykonos and Santorini, and lower across the rest of the country. Crete sat in the most favourable category for a long time, which made the island popular with investors.

The amounts and the regional split have changed several times in recent years, sometimes with short transition periods. Always ask us for the current threshold in the region where you want to buy; what applied last year may no longer hold.

What this means if you are not buying for the visa

Even as an EU buyer you will feel the effect. In areas with a low threshold, extra demand builds around exactly that price point, pushing values there up faster than in the segment below. Buyers looking just under or just over that line often get better value.

Points to watch

• The investment generally has to be in one property or a coherent set of properties
• The amount must be transferred from abroad through the banking system and be demonstrable
• Renting out is allowed, but short-term letting of Golden Visa properties is subject to additional rules
• If you sell the property, the permit lapses

Our advice

Never buy a property purely because it sits just above a threshold. A house you would not want to live in is rarely a good investment either. Start with the property and the location; let the visa be a consequence, not a goal.

Want to know which properties in our portfolio qualify and which threshold currently applies to Crete? Get in touch and we will send you the current position.