Greece’s Golden Visa program didn’t appear overnight — it grew step by step, evolved, set rules, and then revised those rules.
Let’s get into it!
➤ Why Did Greece Launch the Golden Visa?
When the program started in 2013, it was very simple:
“Buy a property for 250,000 Euros, get your residence permit.”
Greece was still trying to recover from a severe economic crisis at the time, and introduced this system to clear its stock of unsold housing.
➤ Timeline: Year-by-Year Legal Changes
2014 – Law 4251/2014
By 2014, the government realized something:
Some investors weren’t only interested in residential property — they also wanted to invest in tourism facilities and time-share systems.
So Immigration Law 4251/2014 was enacted, and the Golden Visa program was officially incorporated into this law.
This meant it was no longer just about residential property;
10-year lease agreements at tourist facilities,
and time-share arrangements also became eligible for application.
In short, a few more investment types were added alongside “property purchase,” and the system gradually became more professionalized.
2015: The Turning Point for Family Inclusion (Law 4332/2015)
In 2015, the Greek government said, “Let’s turn this visa into a family project.”
And a critical addition was made to the Golden Visa: coverage extending to three generations of the family.
This meant that now;
- the investor,
- their spouse,
- their children,
- and the parents of both the investor and the spouse could all obtain the Golden Visa through a single property.
This same law also opened a path to citizenship for the investor and their spouse after 7 years of legal residence in Greece.
In other words, the system became “not just residence, but a path to permanent life” in Greece.
Special provisions were also introduced for children:
children being educated in Greek schools gained an additional advantage when it came to obtaining citizenship.
2018: The Period When Abuses Were Identified
By that point, Greece had expanded the program significantly, but some loopholes had started being exploited.
The most common issue was this:
some investors were buying apartments in installments, but before the installments were even finished, they would say, “Let me submit my Golden Visa application now.”
The government’s response was clear:
“No — an application cannot be submitted until the full 250,000 Euros has been paid.”
This introduced a “full payment requirement” before application.
With this change, the investor profile became somewhat more serious.
2019: Expansion of Investment Types (Law 4605/2019)
In 2019, Greece said:
“I don’t just want to attract people who want to buy a home — I also want to attract those who want to make a financial investment.”
And Law 4605/2019 was introduced.
You no longer had to buy residential property to obtain the Golden Visa.
The new options included:
- a minimum of 400,000 EUR in stock investment,
- the same amount in company capital participation,
- government bonds,
- or a bank deposit.
In other words, the system shifted from a “Real Estate Golden Visa” to an “Investment Golden Visa” concept.
2020–2021: The Pandemic Period and Remote Application
Then came the pandemic, as we all know.
Borders closed, flights stopped, but since the Golden Visa system was carrying a significant part of the economy, the government didn’t want to halt it either.
What did they do?
They introduced a new regulation:
applicants could now submit their application remotely, without coming to Greece.
This meant investors could buy a property without seeing it in person, send the required documents with a digital signature, and carry out the process through their lawyers.
A very high number of applications were made during this period, because for the first time the system became a truly “online Golden Visa.”
2022: EU Sanctions (Russia & Belarus)
By 2022, the global agenda had shifted again — the Russia–Ukraine war broke out.
The EU imposed sanctions, and Greece had to comply.
As a result, Golden Visa applications from Russian and Belarusian citizens were suspended.
However, some savvy investors continued to apply through dual citizenship.
For example, someone holding a Russian passport who had also obtained Turkish citizenship could still apply using their Turkish passport.
2023: The Period of Regional Price Differentiation
In 2023, Prime Minister Mitsotakis said:
“Demand has surged in areas like Athens, Thessaloniki, Mykonos, and Santorini — let’s raise the threshold there.”
And that’s when the well-known regional price differentiation was introduced:
- Athens, Thessaloniki, Mykonos, Santorini → minimum 500,000 EUR
- Other regions → 250,000 EUR
But there’s an important detail here:
investors who paid a 10% deposit by July 31, 2023 could still benefit from the old 250,000 EUR threshold if they completed the transaction by the end of that year.
As you can imagine, Greece practically turned into a “notary queue” in those final weeks.
The highest number of Golden Visa applications in the country’s history was submitted during that period.
2024–2025: The New Rule Set (and the Final Wave)
By 2024, the European Union applied pressure once again.
First Portugal, then Spain, closed the real estate route for their Golden Visa programs.
Then attention turned to Greece.
But Greece played it smart.
It essentially said, “Fine — I’ll make residential purchases more expensive, but I won’t close the system.”
And a two-tier system was introduced:
- In areas with a population over 3,100 → minimum 800,000 EUR and at least 120 m² of residential space
- In areas with a population under 3,100 → minimum 400,000 EUR and again at least 120 m² of residential space
This meant that small apartments were no longer viable for the program.
The 120 m² requirement was also introduced for the first time during this period.
However, an exceptional pathway was left open:
properties converted from commercial to residential use.
For this type of apartment, neither the 120 m² requirement nor the population limit applies.
As long as the investment amount is at least 250,000 EUR, a Golden Visa application can be submitted.
As a result, today more than 95% of investors applying in Greece are going through this exceptional route.
My personal view:
this exception will be the final wave.
Greece may keep this system running for another year — possibly through the end of 2027 — but after that, it will either close this route entirely or leave only the financial investment channel open.
In short, if you’re considering obtaining a Greece Golden Visa through real estate, you should act quickly. Once any such announcement is made, property prices will rise sharply due to increased demand.
You can visit our YouTube channel to learn more about the Greece Golden Visa process through video content and to follow the latest developments.
