New Golden Visa in Greece (Law 2024)
In recent years, Greece has become one of the most attractive destinations for foreign investors seeking permanent residency through investment. The Golden Visa program, launched in 2013, has contributed significantly to capital inflows, but over time has created problems in the real estate market. Therefore, in 2024, a new law was passed that radically changed the conditions for granting permits.
The old Golden Visa program (until 2023)
For almost ten years, investors could obtain a “golden visa” by purchasing real estate worth as little as €250,000.
This was one of the lowest investment thresholds in Europe, making Greece extremely attractive.
➤ What happened in practice?
Thousands of foreign investors purchased real estate mainly in Athens, Thessaloniki, and tourist areas.
Most of the real estate was used for short-term rentals (Airbnb) rather than permanent residence.
Demand grew to excessive levels, causing prices to skyrocket, especially in central areas.
The previous situation put significant pressure on the real estate market, creating difficulties for Greeks looking to buy or rent a home.
This was one of the lowest investment thresholds in Europe, making Greece extremely attractive.
➤ What happened in practice?
Thousands of foreign investors purchased real estate mainly in Athens, Thessaloniki, and tourist areas.
Most of the real estate was used for short-term rentals (Airbnb) rather than permanent residence.
Demand grew to excessive levels, causing prices to skyrocket, especially in central areas.
The previous situation put significant pressure on the real estate market, creating difficulties for Greeks looking to buy or rent a home.
Which countries did most investors come from?
According to the latest available data:
Most applications for Golden Visas until 2024 came from:
Most applications for Golden Visas until 2024 came from:
- China — about 55% of all applications
- Turkey
- Lebanon
- Iran
- Egypt
- Israel
Why the law was tightened in 2024
The government decided to change the program because:
🔸 There was significant pressure on real estate prices
A massive influx of foreign investors drove up market prices and rents, making many areas unaffordable for permanent residents.
🔸 The number of short-term rentals increased
Over the years, a large number of properties were purchased exclusively for Airbnb, which led to a reduction in affordable housing on the market.
🔸 The €250,000 limit was too low
Compared to other European programs, Greece had one of the lowest limits, which attracted an excessive number of investors.
🔸 Goal: to protect housing and balance the market
With stricter conditions, investments become higher quality and less “massive.”
🔸 There was significant pressure on real estate prices
A massive influx of foreign investors drove up market prices and rents, making many areas unaffordable for permanent residents.
🔸 The number of short-term rentals increased
Over the years, a large number of properties were purchased exclusively for Airbnb, which led to a reduction in affordable housing on the market.
🔸 The €250,000 limit was too low
Compared to other European programs, Greece had one of the lowest limits, which attracted an excessive number of investors.
🔸 Goal: to protect housing and balance the market
With stricter conditions, investments become higher quality and less “massive.”
New Golden Visa Program (Law 5100/2024)
From August 31, 2024, new, much stricter conditions will come into force.
🟦 Category A — €800,000
Applies to areas with high demand:
Attica (center and suburbs)
Thessaloniki
Popular islands: Mykonos, Santorini, Rhodes, etc.
🟩 Category B — €400,000
For areas with lower demand or less investment interest.
New rule:
The investment must relate to a single property with an area of at least 120 square meters.
This avoids a multitude of small purchases that would “break” the limit.
🟦 Category A — €800,000
Applies to areas with high demand:
Attica (center and suburbs)
Thessaloniki
Popular islands: Mykonos, Santorini, Rhodes, etc.
🟩 Category B — €400,000
For areas with lower demand or less investment interest.
New rule:
The investment must relate to a single property with an area of at least 120 square meters.
This avoids a multitude of small purchases that would “break” the limit.
Restrictions on short-term rentals (Airbnb)
The new law prohibits:
The use of Golden Visa properties exclusively for Airbnb or other short-term rental platforms.
Permitted:
The use of Golden Visa properties exclusively for Airbnb or other short-term rental platforms.
Permitted:
- Long-term rentals
- Independent living
- Use as professional premises (in some cases)
Golden Visa through reconstruction
Important new opportunity:
Investors can purchase old properties and invest in their renovation.
It is sufficient for the total amount (purchase + renovation work) to cover the limit of €400,000 or €800,000.
Investors can purchase old properties and invest in their renovation.
It is sufficient for the total amount (purchase + renovation work) to cover the limit of €400,000 or €800,000.
Alternative investments besides real estate
The new law allows Golden Visas to be obtained through:
This makes the program more modern and less dependent on the real estate market.
- Investments in startups
- Technology companies
- Renewable energy sources
- Investment funds
This makes the program more modern and less dependent on the real estate market.
Transitional regime for old applications
Those who began the process before the law changed may, in some cases, complete it under the old conditions if they submitted the necessary documents in a timely manner.
Conclusion
The Golden Visa reform in 2024 was expected and necessary.
The old system, with a low threshold of €250,000, attracted thousands of investors but led to price increases and limited housing availability for Greeks.
In 2024, with a new threshold of €400,000–800,000, a ban on Airbnb, and stricter conditions, the program becomes more balanced and socially equitable, while continuing to attract serious investors interested in a long-term presence in Greece.
The old system, with a low threshold of €250,000, attracted thousands of investors but led to price increases and limited housing availability for Greeks.
In 2024, with a new threshold of €400,000–800,000, a ban on Airbnb, and stricter conditions, the program becomes more balanced and socially equitable, while continuing to attract serious investors interested in a long-term presence in Greece.