New Rules for Greece’s Golden Visa: What Changes for Investors

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Greece has officially updated its Golden Visa Program, implementing new regulations effective November 11, 2025. The government’s decision reopens the pathway for investors working with commercial properties, redevelopment projects, historical buildings, and properties undergoing conversion, ending a six-month suspension in these categories. The update restores clarity to the program and provides a formal framework for including such investments in residence permit applications, Protothema reports.

A total of 13,499 applications were awaiting the ministry’s clarification, with 80% (10,703) concentrated in Attica. Lawyers had paused new submissions earlier this year due to the lack of legal guidance for Articles 100 and 64 of Laws 5038/2023 and 5100/2024. The recent amendments now allow authorities to resume processing applications and investors to finalize transactions.

How the Program Works Now

Property Conversion (Change of Use):
Non-residential properties converted into residential use can now qualify under the program if an engineer provides a certified technical report confirming that the transformation complies with legal standards. For former industrial sites, there is an additional requirement to prove that no production activity has taken place for at least five years, verified through power disconnection certificates or official documentation (E2 forms, etc.).

Historical Buildings:
For protected buildings, notaries must include the property’s registration number from the national heritage list and confirm that its preservation status remains active. The program now explicitly allows reconstruction or extension projects on heritage-listed sites, removing prior legal ambiguity.

Land Purchase and Construction:
Investments involving land and new housing development are valid if there is an active building permit and if the combined cost of the land and construction meets the minimum investment thresholds — €250,000 or €500,000, depending on the region.



Residence Permit Renewal:
To renew a residence permit, investors must confirm continued ownership of the property and that it is not rented on short-term platforms. If the property has undergone conversion, an additional declaration confirming exclusive residential use is required.

Required Documentation:
The updated application package includes a notarized certificate of ownership, proof of transaction registration or legal confirmation, an insurance policy, tax form E9, and an electronic fee of €2,000.

Market Dynamics and Financial Thresholds

The number of Golden Visa approvals in Greece declined in 2025, but processing times improved significantly — from 18 months to just a few weeks. At the start of the year, there were 52,521 pending applications; by July, this number dropped to 47,909. From January to July, authorities received 5,011 new applications and processed 5,044, eliminating backlogs in new submissions.

China remains the dominant source market, accounting for 8,179 Golden Visas (47%), followed by Turkey (2,499). Regionally, Attica leads with approximately 11,500 applications. In 2024 alone, 9,289 new applications were recorded, with most residence permits issued to citizens of China (6,398), Turkey (1,367), Lebanon (775), and Iran (556).

Demand has softened primarily due to the increase in minimum investment thresholds. Since September 1, 2025, the entry requirement in Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100 has risen from €500,000 to €800,000.
In other regions, the minimum threshold has increased from €250,000 to €400,000, with qualifying properties required to be a single unit of at least 120 square meters.

The €250,000 minimum remains only for non-residential buildings listed for restoration. Investment via startup equity or shared participation schemes has been eliminated, and eligibility is now restricted to selected “priority” municipalities.

Profitability and Market Appeal

Greece’s real estate market remains attractive but demanding. According to Global Property Guide, the average gross rental yield stands at 4.6% nationwide.
- Athens: 5.53%
- Thessaloniki: 4.51%
- Patras: 4.72%
- Kavala: 3.91%

However, these are gross figures that do not include taxes, utilities, and maintenance. Accounting for expenses, the net yield drops to around 2–3%, according to analysts at International Investment.

Tighter short-term rental regulations are adding further cost pressures, reducing profitability. Thus, for many foreign buyers, Greece’s main attraction remains residency rights and coastal property ownership, rather than high returns. Updated conversion and restoration rules are expected to stimulate reconstruction projects and new housing developments, though experts note that other markets, such as Georgia, currently offer far higher yields — up to 10–19% per year in branded hotels.