Greece’s Golden Visa program lets non‑EU investors obtain a five‑year residence permit—renewable as long as the qualifying investment remains in place—by either purchasing real estate or placing capital in Greek banks or markets. The permit covers the applicant, a spouse, unmarried children under 21 and the parents of both spouses, imposes no minimum stay, and allows travel throughout the Schengen Area for up to 90 days in any 180‑day period.
Investment routes and thresholds
| Route | Minimum investment | Key conditions |
|---|---|---|
| Property purchase | €800,000 in Attica, Thessaloniki, Mykonos, Santorini and islands with >3,100 residents; €400,000 elsewhere | Must be a single home of at least 120 m². Commercial buildings converted to residential use or listed buildings under restoration qualify at €250,000. Short‑term rentals are prohibited; long‑term leasing is allowed. |
| Bank deposit | €500,000 fixed‑term deposit in a Greek bank | The full amount must stay with one institution; interest is taxed at a flat 15% withheld by the bank. |
| Government bonds | €500,000 in Greek sovereign bonds with ≥3 years to maturity | |
| Equity or corporate bonds | €800,000 in listed Greek shares or corporate bonds | |
| Other Greek‑focused funds | €350,000 in funds that invest exclusively in Greece |
The deposit route is the simplest: no deed, no transfer tax, and the residence right lasts as long as the money remains in the bank. Investors may later shift the capital to another qualifying asset (e.g., property) provided the new investment is completed within two months.
Economic backdrop
- Ten‑year Greek government bonds yielded 3.83% on 16 July 2026, compared with 3.93% for France and 3.95% for Italy.
- All major rating agencies now assign Greece an investment‑grade rating; public debt fell by 8 percentage points of GDP in 2025, the largest decline in the EU.
- GDP growth was 2.1 % in 2025 and 2.0 % YoY in Q1 2026—about four times the euro area’s pace.
- Tourism generated €23.6 billion in 2025 (38 million visitors).
- Net foreign direct investment rose 62 % to €11.4 billion in 2025.
Proposed property transfer‑tax increase
The government announced a draft amendment to raise the transfer tax on real‑estate purchases by non‑EU buyers from 3 % to 15 %, effective 1 July 2027 if enacted.
- The proposal applies to residential purchases by non‑EU nationals who do not already hold long‑term resident status. Commercial property and land are excluded.
- Example impact:
- €800,000 home in Athens – tax would rise from €24,000 to €120,000 (plus a small municipal surcharge).
- €400,000 home elsewhere – tax would rise from €12,000 to €60,000.
- The tax is payable before the notarial deed is signed, so the signing date determines the applicable rate. Deeds signed before 1 July 2027 would still benefit from the 3 % rate.
- Off‑plan projects that are not notarised before the deadline could face the higher tax, making timing a critical factor for buyers.
- The banking and securities routes are unaffected because they involve no property transfer.
Application backlog and processing
- Pending applications (including family members) fell from >52,000 at the start of 2025 to 29,273 by the end of July 2026.
- Decisions have consistently outpaced new submissions since spring 2025.
- Active residence permits increased from 22,001 in June 2025 to 34,278 by July 2026.
Tax residency considerations
Obtaining a Golden Visa does not automatically confer Greek tax residency. Tax residency requires either:
- Presence in Greece for more than 183 days in a 12‑month period, or
- Demonstration that the individual’s personal and economic centre of vital interests is in Greece.
Qualifying for Greek tax residency can enable a flat €100,000 annual tax on foreign‑source income for up to 15 years, but the election must be arranged before moving capital into Greece.
Practical pitfalls
- Property size – homes must be at least 120 m²; falling short can stall the application.
- Use change – converting a commercial building to residential use must be completed and approved before the permit is granted.
- Bond maturity – government bonds must have at least three years remaining to maturity.
- Deposit concentration – the €500,000 deposit must be held with a single bank; splitting the amount across institutions invalidates the qualification.
- Bank selection – given the low non‑performing exposure ratio (3.4 % in March 2026) and strong earnings (€1.1 billion in Q1 2026) among Greece’s four systemic banks, investors should assess stability and service quality as they would a property title.
Choosing between the property and financial routes hinges on family needs, liquidity preferences, and the tax environment in the investor’s home country. The upcoming transfer‑tax amendment adds urgency for prospective property buyers who wish to lock in the current 3 % rate before the proposed July 2027 deadline.
Source article: www.imidaily.com
