New Greek Rules Unblock Thousands of Golden Visa Applications

For international buyers, developers, and homeowners, this is the most important update to the Golden Visa program since last year’s changes. Thousands of foreign investors and property owners had been waiting for this regulation, as they had been unable to proceed with purchases or complete applications they had already submitted for months. Below, we explain what actually changed, why applications were frozen, and what this means going forward, in simple, practical terms.

Why Applications Were Stuck

Over the past six months, many investors have been unable to move forward because the government had not yet clarified how certain types of properties fit into the new Golden Visa rules. This affected:

• - Commercial buildings being converted into homes

• - Listed/heritage buildings (διατηρητέα)

• - Properties under renovation

• - Plots of land intended for new construction

As a result, 13,499 applications remained on hold, nearly 80% of them in Attica. Lawyers paused new submissions, developers paused sales, and many buyers submitted “placeholder” files just to secure a position in line, knowing they would not be approved until the new framework was published.

What the New Decision Changes (Simple Overview)

The new joint ministerial decision of the Ministers of National Economy and Finance, Development, and Migration and Asylum, finally explains how these properties can qualify for the Golden Visa. Here’s what’s now allowed:

1. Buildings with a Change of Use (e.g., office → home)

Properties such as former offices or industrial spaces can now join the program, provided they are legally converted into residences. A certified engineer must confirm that the conversion was done properly under the new rules. For old industrial sites, additional proof is required that no factory activity has occurred in the last five years.

2. Listed / Heritage Buildings

These can qualify too. The notary simply needs to reference the building’s official listing (the FEK or Government Gazette number) and confirm that the heritage status is still valid. Even restored or extended listed buildings are now clearly covered.

3. Buying a Plot and Building a Home

This is a major update, opening the door for custom-built homes to enter the program. Buying land and constructing a residence now counts as a valid investment if:

• - You have a building permit

• - The total value (land + construction) meets the Golden Visa threshold.

We remind you that the new thresholds for the Golden Visa are €800,000 or €400,000, depending on the area. €800,000 applies in Attica, Thessaloniki, Mykonos, Santorini and islands with a population of over 3,100 inhabitants. €400,000 applies to real estate in all other areas of the country, including the smaller islands. Special categories, such as listed buildings or properties that change use to residential, have a limit of €250,000.

Furthermore, in cases where the investment concerns the purchase of a residence and not a change of use or reconstruction, the property must have a minimum surface area of 120 square meters.

4. Renewing a Golden Visa Residence Permit

To renew, the homeowners must confirm:

• - They still own the property

• - It is not used for short-term rentals (such as Airbnb)

• - For properties with a change of use, it is used only as a residence

5. Clear, Modern Documentation

The decision standardises all required documents, making the process faster and less interpretative. This includes notary statements, proof of ownership, engineering reports (if needed), insurance, E9 tax form (real estate declaration), and the application fee.  This decision brings something the Golden Visa program needed: clarity and predictability. Buyers, agents, developers, engineers, and lawyers now know exactly:

• - which properties qualify

• - what documentation is needed

• - how to proceed without delays 

Looking Ahead: A More Open and Reliable Path to Residency

The latest decision marks a turning point for the Golden Visa program. With more explicit rules, faster procedures, and broader eligibility, Greece re-establishes itself as one of Europe’s most accessible and attractive residency-by-investment destinations. For investors seeking stability, quality of life, and long-term value, the path forward is now smoother, more stable and transparent than ever.

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Disclaimer: This content is for informational purposes only and does NOT constitute legal or tax advice. For any issues relating to specific cases, it is highly recommended to consult a lawyer, an accountant or a notary, depending on your needs. Our experienced and specialised in-house lawyer team can guide you safely through the process, so feel free to contact us.