Athens, September 3, 2024 — Greece has significantly increased the cost for non-EU citizens to obtain residency through real estate investment, with new rules taking effect on September 1. The minimum investment for a “Golden Visa” in Athens, Thessaloniki, and larger islands has jumped from €250,000 to €800,000, while in other regions, it has doubled to €400,000, according to the government.
The “Golden Visa” program grants residency to investors and their immediate family members, allowing free movement throughout the EU. The permit is valid for five years and can be renewed if the property remains under the same ownership. Most applicants come from China, Turkey, and, more recently, Israel.
The new regulations are part of the government’s efforts to boost state revenue while addressing housing shortages and rising property prices, which have been driven up by foreign investment in recent years. A special visa option remains available for €250,000 for those who purchase and restore historic properties.
In 2023, Greece approved over 1,800 property purchases under this program, generating around €2.5 billion in revenue.
