Portugal closed the residential property route to its Golden Visa programme in October 2023. Spain ended its Golden Visa entirely in April 2025. As of 2026, Greece operates the largest active EU residency-by-investment programme accepting real estate as a qualifying investment.
Cyprus offers permanent residence (not a 5-year permit) at €300K, with stricter family inclusion rules and a longer citizenship path. Malta offers citizenship-by-investment but at a fundamentally different price point (€600K-€1M+). Italy offers an investor visa requiring active business activity, not passive real estate.
For pure real-estate-anchored EU residency, Greece is now the standout option.
The 2024-2025 reforms introduced a graduated investment threshold based on geographic zone:
Zone A is the prestige tier. Athens Riviera, Mykonos, Santorini, and Thessaloniki centre dominate this category. Single property only — split investments across multiple smaller properties dont qualify in Zone A.
Zone B covers Crete, Corfu, Rhodes, Chalkidiki, the Peloponnese, and the entire mainland outside Attica/Thessaloniki. The 120 sqm minimum is a meaningful constraint — many central-Athens-style apartments dont qualify, even at €400K.
Zone C is the entry tier. The catch: youre buying a project, not a finished property. Heritage restoration projects require approval from the Greek Ministry of Culture, and the timeline from purchase to completion can extend 18-36 months. Commercial-to-residential conversions are administratively simpler but the inventory is limited.
The Greek Golden Visa is a 5-year renewable residence permit. Key features:
Investors who choose to become Greek tax residents may opt into the Non-Dom regime: a flat €100,000 per year tax on all foreign-sourced income, with €20,000 added per family member, valid for up to 15 years.
For HNW investors with substantial passive foreign income (dividends, interest, rental income from non-Greek sources), this is one of the most competitive HNW regimes in the EU. The math works above roughly €1M annual foreign income — below that, the flat tax tends to exceed regular Greek rates on the same income.
Short-term rental restrictions matter. Athens centre, Mykonos, Santorini, and several other tourist-heavy locations have introduced licensing caps and short-let prohibitions on Golden Visa-purchased properties. Penalties for unauthorized short-letting can reach €50,000. If your investment thesis is "buy and Airbnb in Athens," it now requires careful structuring to remain compliant.
Capital growth is more modest than Dubai or KSA. Greek property prices grew 8-12% annually 2022-2024 from a low base. Long-run cycles are slower. The Greek Golden Visa is fundamentally a residency play with property as the vehicle, not a yield-maximization strategy.
If your goal is residency at the lowest entry, Zone C heritage at €250K is the cheapest gateway — but understand youre signing up for a multi-year construction project.
If you want a finished, lettable property at moderate cost, Zone B at €400K minimum 120 sqm is the volume sweet spot. Crete (Chania, Heraklion), Rhodes, Corfu offer year-round livability and stable European tenant demand.
If you want capital growth + prestige + EU residency in one ticket, Zone A at €800K — Athens Riviera or Thessaloniki centre — is the institutional choice. Capital growth has been meaningfully stronger in Zone A locations during 2024-2025.
For specific Greek property opportunities matched to your zone preference, contact us via WhatsApp.
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