In 2025, the program for granting a residence permit (residence permit) through real estate investments — the Golden Visa — continues to operate in Greece, however, taking into account significant changes that entered into force in 2024. The authorities have revised the minimum investment thresholds and tightened the requirements for real estate.
Updated Investment Thresholds
Taking into account regional specifics, three main investment levels have been established:
€ 800,000 for areas with high demand for real estate. These include:
- Attica region;
- Thessaloniki Municipality;
- Popular tourist destinations (Mykonos, Santorini);
- Islands with a population of over 3,100 people.
This increased threshold is intended to reduce the burden on the local housing market.
€ 400,000 — for other regions of the country.
€ 250,000 — available only under special conditions:
- conversion of a commercial facility into a residential one;
- restoration of cultural heritage sites.
Important requirement: for investments of € 400,000 and € 800,000, the investor must purchase a single residential unit with an area of at least 120 m2.
Restrictions On Short-Term Rentals
The new rules strengthen control over the use of real estate under the program. The government's policy is focused on developing the long-term rental market and curbing overheating in tourist areas.
The following restrictions apply to properties purchased under the Golden Visa:
- short-term rentals are prohibited through platforms such as Airbnb, Booking and similar services;
- only long-term rentals with a contract of at least 5 years are allowed;
- violation of these rules may lead to the cancellation of the residence permit.
These measures are aimed at solving two key tasks:
- reducing the shortage of affordable housing;
- price stabilization in popular tourist locations.
This approach is in line with the pan—European trend towards stricter regulation of short-term rentals - similar measures have already been taken in Spain and Portugal.
Transitional Provisions And The Evolution Of Rules
At the beginning of 2025, transitional rules came into force, allowing investors to complete transactions initiated before legislative changes were introduced. If the preliminary agreement was signed before the reform came into force, the applicant could apply for a residence permit under the previous conditions, subject to timely payment and registration of the transaction.
Extending The Old Rules
Greece has extended the possibility of purchasing real estate under the previous conditions until February 28, 2025. This applied to investors who made a deposit of 10% before August 31, 2024. Initially, the deadline for concluding contracts was set for December 31, 2024.
Comparison of old and new rules
Rules for 2023-2024:
- €500,000 threshold — for certain areas of Athens and Thessaloniki, the islands of Mykonos and Santorini;
- еhe threshold of € 250,000 is for other regions.
New rules:
- € 250,000 — only for renovation and conversion of commercial real estate into residential;
- € 400,000 and € 800,000 — depending on the region, provided the area of the object is at least 120 m2.
Circular Dated November 11, 2025: Key Clarifications
On November 11, 2025, Circular No. 214926/2025 was published in the official Greek Government Gazette. The document systematizes and details the requirements for obtaining an investor's residence permit.
The Main Provisions Of The Circular
Classification of investment categories. The requirements for different types of investments are clearly delineated:
- purchase of finished real estate;
- acquisition of renovation facilities;
- purchase of land with subsequent construction;
- investments in protected and restored buildings;
- conditions of inheritance, donation and long-term lease (from 5 years).
- A list of required documents. The basic package includes:
- notary agreement;
- payment confirmation;
- The E9 tax return;
- valid medical insurance;
- An electronic fee of € 2,000.
Additional documents are required for special categories of real estate:
- technical reports;
- confirmation of the protected object status;
- permits for renovation work.
- criteria for extending a residence permit. The investor is obliged to:
- confirm ownership;
- provide valid medical insurance;
- pay the prescribed fee.
For objects with a modified purpose, a declaration of the actual use of the property as housing is required. A technical completion report is required for the restored facilities.
The purpose of the circular is to unify and increase the transparency of the application submission and review procedure. The document sets a single standard for all Greek agencies involved in the implementation of the program.
Statistics Of Applications For The "Golden Visa" Of Greece: The Results Of The Three Quarters Of 2025
According to the Greek Ministry of Migration (current information as of September 2025), in the third quarter of the year:
- 1,251 new Golden visa applications;
- 267 applications for status renewal.
Key trends:
- Decrease in the number of new investors by 40% year–on-year (compared to July-September 2024).
- A 20% reduction compared to the second quarter of 2025.
- Long-term growth: an 83% increase in the flow of new applications compared to the third quarter of 2022.
- 46% year-on-year increase in requests for extension of residence permit.
This dynamic indicates a stabilization of demand after a surge in activity in 2024 caused by upcoming changes in the terms of the program.
Geography Of Investments: Leaders And Trends
1. China
It retains its position as the largest source of applicants: almost half of all buyers are Chinese citizens.
In the first 9 months of 2025, 2,335 residence permits were issued for new applications (an increase of 36%).
The total number of valid residence permits for Chinese citizens is 8,792 (as of September 2025).
2. Turkey
It demonstrates record dynamics: the number of initial visas increased by 113% in 9 months (from 1,268 to 2,698).
Investors from Turkey have received 1,430 residence permits.
3. Other significant markets
Israel: 64% increase in applications in 9 months.
Great Britain, USA, Iran, Egypt, Lebanon: stable growth from 21% to 35%; the share of new residence permits is 2.4–3.6%.
Russia: reduction in the number of valid residence permits by 13% in 9 months.
Note: since 2022, Greece has officially suspended the issuance of a "golden visa" to citizens of Russia and Belarus. Participation in the program is possible only if you have the citizenship of another country, however, the extension of a residence permit is allowed with a Russian passport. The data on Russian investors are partial.
Why Does Greece Remain Attractive To Investors?
Despite the tightening of conditions, the residence permit program through real estate investments remains in demand. The key advantages of Greece:
- Low entry threshold among European countries offering similar programs.
- Schengen status: unlike Cyprus, where the minimum investment threshold is €300,000, but the country is not yet part of the Schengen area.
- Uniqueness of the offer: A number of European countries (Spain, Portugal, Hungary) have already canceled the possibility of investing in real estate under the Golden visa programs.
Thus, Greece continues to be one of the most affordable and profitable options for obtaining European residency through real estate investments.
