Greece’s Golden Visa remains a major EU investor residency route, but the decision between real estate and investment funds has changed since new rules took effect in August 2024. Both routes remain available, but they now involve different thresholds, restrictions, risks, and investor profiles.
New rules changed the real estate route
Law 5100/2024, effective August 2024, reshaped Greece’s Golden Visa investment options.
For real estate, the minimum investment increased to:
- €800,000 in high-demand zones, including Athens, Thessaloniki, Mykonos, and Santorini;
- €400,000 in other areas;
- €250,000 only for limited cases involving commercial-to-residential conversions and listed heritage buildings.
Golden Visa properties can no longer be used for short-term rentals through platforms such as Airbnb. Violations can result in fines of €50,000.
These changes make real estate a more expensive and less yield-focused route than before, especially for investors who previously relied on short-term rental income as part of the financial case.
Fund route remains at €350,000
The investment fund route remained unchanged after the 2024 reforms.
The entry point is €350,000, which is below all current real estate thresholds. Qualifying mutual funds must invest in listed Greek shares, corporate bonds, or government bonds, and are supervised by the Hellenic Capital Market Commission.
The article identifies around four qualifying fund options currently available: three regulated mutual funds and one venture capital vehicle, managed by established asset managers or custodian banks.
For investors seeking EU residency without owning and managing property abroad, the fund route offers a lower capital requirement, less operational complexity, and exposure through a regulated institutional structure.
Market context
Greece continues to attract investor interest partly because of its broader economic and market performance.
The Athens Stock Exchange delivered a 44.30% return in 2025, its fifth consecutive year of positive returns. Market capitalization reached €146 billion, and corporate profits hit an all-time high.
The article also compares Greece with Portugal’s Golden Visa market. In Portugal, real estate once accounted for close to 85% of all Golden Visa investment. Fund investment later increased by 45.5% in one year, from €86.6 million in 2022 to €125.5 million in 2023, before real estate was formally excluded in October 2023. Funds now represent close to 80% of Portugal Golden Visa applications.
Greece has not removed real estate from its Golden Visa program, but the comparison shows how investors may shift toward funds when real estate economics become less attractive.
When real estate makes sense
Real estate remains suitable for investors who want a physical connection to Greece.
This route may make sense for applicants who want:
- A second home;
- A lifestyle asset;
- A place to spend time regularly;
- A future relocation option;
- A long-term property holding in Greece.
The higher thresholds are significant, but for buyers who genuinely want the property, the investment can still serve a purpose beyond residency. The short-term rental ban changes the yield calculation, but it does not remove the value of owning a well-selected property in Greece.
When the fund route makes sense
The fund route is better suited to investors whose main goal is residency rather than building a physical presence in Greece.
At €350,000, it is the most capital-efficient Golden Visa entry point described in the article. It can largely be executed remotely, requires no property management, and avoids the operational issues tied to owning real estate abroad.
The fund route may also be relevant for investors considering Greece’s Non-Dom tax regime, which applies a flat €100,000 annual tax on foreign-source income. The article notes that the Golden Visa fund route and Non-Dom regime can work together as part of a broader strategy.
Choosing the right structure
The key question is what role Greece is intended to play in the investor’s wider plan.
Real estate may be appropriate when Greece is part of the lifestyle or relocation strategy. The fund route may be more suitable when the objective is EU residency, mobility, and optionality with lower capital commitment and less management burden.
Both routes remain viable, but they now serve different objectives. Investors should assess whether they are primarily buying a home and connection to Greece, or whether they are seeking a cleaner residency structure through a regulated investment vehicle.
Source article: www.globalcitizensolutions.com
