Greece Golden Visa: Restoration and Conversion Properties Starting at €250,000

What is the Greece Golden Visa

The Greece Golden Visa allows non-EU investors to obtain a renewable 5-year residence permit by making a qualifying investment. The route has been available since 2014.

The route was introduced under Law No. 4251/2014, Greece’s Migration and Social Integration Code, and has since been updated through later amendments ^[1] Source: Law No. 4251/2014 introduced the legal framework for granting residence permits to investors in Greece .

Investors can choose from several investment options:

• real estate purchase — at least €250,000;
• investment in funds — at least €350,000;
• real estate lease — at least €400,000;
• opening a deposit — at least €500,000;
• purchase of securities — at least €500,000.

To apply, the investor must be over 18, have a legal source of income, hold valid medical insurance, and have no criminal record.

The Greece Golden Visa is usually issued in 4 months or more. The initial residence permit is valid for 5 years and can be renewed as long as the investor keeps the qualifying investment.

7 benefits you get after obtaining Greece residency by investment

A Greece Golden Visa gives foreign investors the right to live in Greece, open accounts with local banks, and use healthcare and education services in the country. Greek residents can also travel across the Schengen Area without a visa and stay there for up to 90 days in any 180-day period.

1. Low investment threshold

Investors can obtain a Greek residence permit by investing at least €250,000 in qualifying property. It is available for commercial properties converted into residential use and for listed buildings that the investor restores. This is one of the lowest real estate investment thresholds for residence in Europe.

For comparison, Cyprus grants permanent residence to foreign investors who invest at least €300,000.

2. Residence permit for the whole family

The investor can include close family members in the Golden Visa application. A spouse, children up to and including 20, and financially dependent parents can obtain Greek residence together with the main applicant.

3. Visa-free travel across the Schengen Area

Greek residence permit holders can travel across the Schengen Area without applying for separate visas. They may spend up to 90 days in any 180-day period in other Schengen countries.

This makes short European trips much easier: a weekend in Paris or Milan, a winter ski holiday in Switzerland, a business meeting in Germany, or a trip to Norway to see the northern lights. The investor can plan these journeys from Greece or travel directly from another country, as long as they stay within the Schengen time limit.

4. No residence requirement

The Greece Golden Visa gives investors the right to move to Greece, but does not require them to live in the country. They can use the residence permit for relocation, seasonal stays, family visits, or travel across Europe.

To keep the residence permit, the investor must continue to meet the programme conditions. In the case of property investment, this means retaining ownership of the qualifying property.

5. Access to education and healthcare

The investor’s children can study at Greek schools and universities under the same conditions as Greek citizens. This makes the Golden Visa useful not only as a relocation option, but also as a long-term plan for children’s education in the EU.

The family can also use healthcare services in Greece. With extended health insurance, they may receive treatment in private clinics in Greece or other EU countries, depending on the insurance terms.

6. Path to citizenship

After 7 years of legal residence in Greece, the investor can apply for citizenship. The Golden Visa can therefore become the first step towards a Greek passport, but only if the investor actually lives in the country and meets the naturalisation requirements.

Absences from Greece during this period must not exceed 6 consecutive months or 3 years in total. Citizenship applicants must also pass exams in Greek at B1 level, Greek history, geography, and the country’s system of government.

7. Recoverable investment

The Greece Golden Visa does not require the investor to keep the property for life. The property can be sold if the investor decides not to renew the residence permit or after they obtain Greek citizenship.

Features of the €250,000 property investment option

In autumn 2024, Greece introduced a €250,000 Golden Visa option for investors who restore protected buildings or convert industrial properties into residential use. At the same time, the investment thresholds for standard residential and commercial property increased: to €800,000 in Attica, Thessaloniki, Mykonos, Santorini, and other major islands, and to €400,000 in the rest of Greece ^[2] Source: Enterprise Greece explains the current Golden Visa investment thresholds and the types of property that remain eligible for the €250,000 option .

The €250,000 option remains available, but the choice of eligible properties is limited. Applicants for Greek residence can buy either an industrial property converted into residential use or a building intended for restoration.

Investors may buy one property in any region of Greece. There is no minimum floor area requirement.

Industrial projects usually involve former factories, warehouses, or office buildings that are no longer used for their original purpose. Architects convert them into housing while preserving recognisable industrial features. They redesign layouts, upgrade utilities, and add lifts, safety systems, parking, green courtyards, and residential infrastructure.

Restoration projects involve protected buildings that have architectural value for Greece. Developers preserve façades, mouldings, mosaics, columns, and other historic elements, while the interiors are fully renovated and adapted for modern living.

Which properties can be restored for the Greece Golden Visa

Preserving historic buildings is expensive, so Greece has kept the €250,000 Golden Visa threshold for investors who restore protected properties. An investor can buy a listed building, finance its restoration, and apply for a Greek residence permit.

Requirements for properties under restoration

In Greece, a historic building must have Diatiriteo status. This status is granted by architectural heritage authorities and means that the building has recognised value and must be restored or, in some cases, rebuilt under approved conditions ^[3] Source: The Greek Ministry of Environment and Energy publishes information on protected building status .

For the Golden Visa, the property must be suitable for residential use after restoration. Historic mansions and old apartment buildings may qualify if they can legally be converted or restored as housing. Monasteries, museums, and other properties that cannot be used as residential buildings do not qualify.

There is no single list of restoration properties that qualify for the Greece Golden Visa. The investor chooses the property and checks its legal status: whether the building has Diatiriteo status, whether restoration is allowed, and whether the property can be used as housing after the works are completed.

The protected status of a property can be confirmed through the State Cadastre Register and the Ministry of Culture’s database of protected buildings. There are 2 ways to check this:

1. Request an extract through the Hellenic Cadastre. In the electronic services section, the investor selects the cadastral sheet option and enters the property’s cadastral number or exact address ^[4] Source: Hellenic Cadastre, the official electronic real estate cadastre of Greece .
2. Find the property in the online register of protected buildings through the ESTIA map. The investor can enter the address or select the region on the map, then filter results by the protected buildings category ^[5] Source: ESTIA Map, the online register of protected buildings by the Greek Ministry of Environment and Energy .

The search usually requires the property’s cadastral number or exact address. The cadastral extract or registry card shows the building description and links to a PDF with the official decision granting protected status.

Investors may also buy a land plot with a protected building on it. The key condition is that Diatiriteo status must apply to the existing building itself, not to a layout, plan, or future project. The building must already exist, even if it is in emergency condition.

Investors can buy a property or acquire an ownership share in a specific property, provided the purchase price is at least €250,000. The threshold applies to the transaction value, not to the market value of the entire property.

For example, a historic mansion in Athens costs €1,000,000 and consists of 4 apartments of equal size, each registered as a separate ownership share. If an investor buys one apartment for €250,000, they can qualify for a residence permit. If the share costs less than €250,000, the application will be rejected.

The purchase agreement must describe the property in detail: cadastral number, address, description of the building or ownership share, and information confirming Diatiriteo status. If the investor buys a land plot with a protected building on it, this must also be stated in the agreement.

How restoration works

The investor must restore the building, finance the project, and hire qualified specialists. The restoration can be supervised only by an architect or engineer registered with the Technical Chamber of Greece. Construction work must be carried out by contractors listed in the state register.

Certified restorers approved by the Ministry of Culture are involved if the building has protected elements. These may include a stucco façade, columns, mosaics, stone walls, or decorative interior details.

Any work on a historic building requires an official permit. Even changes to the interior cannot be made without approval from the competent authorities.

The investor submits the restoration design to the Architectural Council for approval. The commission checks whether the project preserves the building’s architectural appearance and protected elements. If the design is approved, the local building authority issues a building permit — Οικοδομική Άδεια.

To obtain approval, the investor submits a document package to the Architectural Council. It usually includes:

• an engineer’s technical report on the condition of the building;
• a historical report describing the value of the property;
• photos of the exterior, interiors, and surroundings;
• the restoration design registered in the e-Adeies system;
• drawings showing damage and planned restoration works;
• a list of materials and restoration methods;
• if required, an opinion from the Ministry of Culture under Archaeological Law No. 3028/2002 ^[6] Source: In Greece, the protection of monuments and archaeological heritage is regulated by Law No. 3028/2002 on the Protection of Antiquities and Cultural Heritage .

The restoration design may include structural reinforcement, utility upgrades, layout changes, or extensions. The façades and protected details must remain unchanged unless the approved design allows otherwise.

Any deviation from the approved plan requires a new review by the Architectural Council. Work on a protected building cannot start without a permit. Otherwise, the investor may face fines and problems with renewing the residence permit.

The investor does not have to finish the restoration before obtaining the residence permit. The works may continue after approval, but they must be fully completed before the first renewal and confirmed by completion and acceptance certificates.

Which industrial properties qualify for the Greece Golden Visa

An investor can buy an industrial property for €250,000 and obtain a Greece Golden Visa only if the building is converted into residential use.

Requirements for industrial properties

An industrial property is a building originally used for production, storage, or business operations. Examples include factories, plants, warehouses, and logistics centres. The building must be out of operation and unused for its original purpose for at least 5 years.

The conversion must be completed before the residence permit application is submitted. The converted property must meet residential building standards: it needs a kitchen, bathroom, heating, ventilation, and the required thermal and sound insulation. If the building is divided into several apartments, each unit must receive its own cadastral number.

The investor can buy a property of any size, provided the transaction value is at least €250,000. The purchase is completed through a notarial deed, and ownership is registered with the Hellenic Cadastre, or Ελληνικό Κτηματολόγιο.

How industrial-property conversion works

The investor can choose between 2 approaches: find an industrial property independently and manage the conversion, or choose a ready project from specialists. For example, they can work with an immigration company that supports the Greece Golden Visa process, such as Passportivity. In this case, the main permits and project documentation are usually already prepared.

The investor finds an industrial property. Investors who manage the conversion themselves can search Greek real estate websites, such as Spitogatos, XE, and Spiti24, or work with agencies that specialise in commercial buildings. The property must be out of operation and suitable for conversion into housing.

Licensed specialists are required for the conversion. After purchasing the property, the investor hires an architect, an engineer, and licensed contractors. The engineer assesses the load-bearing structures, floors, roof, and foundations, and identifies any defects.

The technical report sets out calculations and recommendations for strengthening the building so that it meets residential safety standards. The report is included in the document package for the Architectural Council and the local building authority. It is then used to prepare the conversion design and obtain the building permit.

If the property is located in a protected area, such as near architectural monuments or within a traditional settlement, additional approvals may be required from the competent authorities. They check whether the planned works affect the historic appearance of the area, the architectural ensemble, or important urban utilities.

The Greek Ministry of Culture approves the conversion if the building contains elements of historic or cultural value.

The investor obtains approval for residential use. The local building authority issues a permit for the change of use from non-residential to residential, based on the approved architectural design. The permit specifies the intended use of each space and the full scope of work required for the conversion.

The conversion design must be prepared by a licensed architect or engineer and registered in the e-Adeies electronic system ^[7] Source: Building and architectural project approvals in Greece are processed through the e-Adeies electronic system . It includes:

• floor plans showing the current and future condition of the building;
• the proposed layout changes and technical solutions;
• plans for utility systems, including electrical wiring, water supply, sewerage, heating, and air conditioning;
• a description of construction and finishing materials;
• calculations for thermal insulation, sound insulation, ventilation, and energy efficiency;
• landscaping plans for the surrounding area;
• seismic-resistance calculations, if required.

The contractor follows the approved design. Conversion work must be carried out in line with the approved project documentation. The contractor must follow the approved layouts, materials, and technical solutions. Even minor changes, such as moving a partition wall or replacing an engineering solution, require official amendments.

If the project needs to be changed, the amendments are submitted through the e-Adeies system. The architect or engineer files updated drawings, explanatory notes, and calculations. Work may continue after the municipal building authority approves the revised documents. Unauthorised changes are treated as a violation and may lead to project suspension or fines.

The converted building is inspected. After the works are completed, the contractor submits the property for inspection by the municipal building authority. Inspectors visit the site and compare the layouts, engineering systems, façades, and finishes with the approved design. If they find discrepancies, the investor is given time to correct them before a repeat inspection.

The building authority confirms that the property has passed inspection and issues a completion certificate. The document confirms that the building is safe and complies with technical standards and the approved project documentation. At the same time, the property receives approval for residential use, and the changes are entered into the State Cadastre Register.

The completion and residential-use documents are mandatory for the Greece Golden Visa application. Without them, the migration service will not accept the application package, even if the purchase agreement has been signed and ownership has already been registered.

Investor costs for buying and maintaining property in Greece

Greek property owners pay taxes, fees, and annual property-related charges. These costs directly affect the final cost of the investment.

Taxes and fees on purchase

When buying property, the investor pays a property transfer tax of 3.09%. It is calculated on the higher of the 2 values: the purchase agreement price or the property’s objective tax value.

A notary must formalise every real estate transaction in Greece. Without a notarial deed, the transfer of ownership has no legal force. Notary fees are calculated under the tariffs of the Notary Chamber of Greece and are usually around 1.5% of the transaction value.

Registration of ownership with the State Cadastre Register costs around 0.6—0.8% of the property value. This includes the main registration fee of 0.475% and 24% VAT charged on the fee.

For a €250,000 property, taxes and transaction costs usually total around €12,000—13,000.

Annual property tax

Property owners in Greece pay the Unified Real Estate Ownership Tax, known as ENFIA. The tax is assessed annually on property and rights in rem held on January 1st of the relevant year. It applies regardless of whether the property is owner-occupied, rented out or vacant ^[8] Source: The Greek Ministry of Economy and Finance explains who pays ENFIA, which property rights are taxable and how the tax is assessed .

For buildings, the amount depends on the property’s location: €2 to 16.20 per m². Additional coefficients are then applied, while plots of land and agricultural land are taxed under separate formulas ^[9] Source: Greece’s Property Tax Code sets the basic ENFIA rates for buildings and the coefficients used to calculate the final amount .

For individuals whose total taxable real estate holdings in Greece exceed €500,000, the calculated ENFIA is increased by:

• 5% for property worth more than €500,000 and up to €650,000;
• 10% for property worth more than €650,000 and up to €800,000;
• 15% for property worth more than €800,000 and up to €1,000,000;
• 20% for property worth more than €1,000,000.

For the 2026 tax year, ENFIA assessment notices were issued on March 15th, 2026. The tax can be paid in a lump sum or in up to 12 monthly instalments, with the first instalment due on March 31th, 2026. Payments can be made through myAADE, the myAADEapp or online banking using the payment reference shown on the assessment notice ^[10] Source: The Greek Independent Authority for Public Revenue announced the publication of the 2026 ENFIA assessment notices . 

How to renew a Greece residence permit

The Greece Golden Visa is issued for 5 years. The residence permit can be renewed repeatedly, as long as the investor keeps the qualifying investment and continues to meet the programme requirements.

For property investors, the key condition is simple: the real estate used for the Golden Visa must still belong to the investor. If the residence permit was obtained through a long-term lease, the lease must also remain valid.

When to start renewal. The renewal application can be submitted no earlier than 2 months before the current residence permit expires. It is better to start preparing documents in advance, so there is enough time to update insurance, check property records, prepare translations, and pay the required fees.

Main documents. The renewal file usually includes:

• a completed renewal application form;
• 4 recent colour passport-style photos in printed form and in digital format on a CD;
• a certified copy of a valid passport or another travel document recognised by Greece;
• copies of all passport pages covering the period of the current residence permit;
• valid private health insurance;
• proof that the qualifying investment is still in place;
• proof of ownership or a valid lease for the property used to obtain the Golden Visa;
• an official document from the applicant’s country of origin, if required;
• confirmation of government fee payment.

The renewal fee is €2,000. The investor also pays €16 for printing the electronic residence permit card.

After renewal, the residence permit is issued for another 5 years. The investor can continue renewing it as long as the qualifying investment is retained.

Greek real estate market overview

Residential property prices in Greece are rising in 2026, but more moderately than in previous years. Apartment prices increased by 5.7% year-on-year in the 1st quarter of 2026. In 2025, the annual increase was 8.1%, after 9.1% in 2024.

Price growth varies by location. In the 1st quarter of 2026, apartment prices rose by 5.2% in Athens, 6.4% in Thessaloniki, 5.4% in other cities, and 6.9% in the rest of Greece. This makes the exact location, district, building condition, and legal status of the property especially important for investors.

Nuances and risks of buying property for the Greece Golden Visa

Investment in historic buildings and former industrial properties requires strict compliance with deadlines, legal requirements, and property-use rules.

If the property does not meet the Golden Visa requirements, the application will not be accepted. If the issue is discovered later, the Greek migration authority may refuse renewal or revoke an already issued residence permit.

Project timeline

For industrial properties, the key requirement is that conversion into residential use must be completed before the residence permit application is submitted. This means that the property’s new residential use has already been registered with the State Cadastre Register, and the building authority has issued the required completion and residential-use documents. Without them, the application will not be accepted.

Protected buildings have a more flexible timeline. Restoration may be completed after the investor obtains the residence permit, but before the first renewal, which means within 5 years. If the works are not completed and the acceptance certificates are not issued by that time, the residence permit will not be renewed.

Legal status of the property

Before the purchase, the investor needs to confirm that the property meets the Golden Visa requirements. For protected buildings, this means confirmed Diatiriteo status recorded in the cadastral extract and the register of protected buildings. For industrial properties, this means a valid permit for the change of use from non-residential to residential.

The title documents also need to be checked carefully, including purchase, donation, or inheritance documents. Unregistered rights, court disputes, long-term lease agreements, or mortgage encumbrances may make the transaction invalid or prevent ownership from being registered.

Additional costs and delays

Old buildings and former industrial properties often have hidden defects: cracks in load-bearing structures, worn-out utilities, or waterproofing problems. Fixing these issues can increase the project budget and extend the timeline.

Construction delays can also affect the Golden Visa process. For industrial properties, any delay means the investor cannot submit the residence permit application until the conversion is completed. For protected buildings, delays may lead to refusal of renewal if the restoration is not completed before the first renewal deadline.

Restrictions on property use

After restoration or conversion, the property may only be used as housing or rented out under a long-term lease. Short-term rentals through platforms such as Airbnb are prohibited. Violation of this rule may lead to revocation of the residence permit and a fine of €50,000—150,000.

The property also cannot be used as an office, shop, or warehouse. Even registering a company address at the property may be treated as a violation.

The restrictions apply for the entire period of residence permit validity. If the Greek migration authority finds that the property is being used for another purpose, it may revoke the residence permit or refuse renewal.

Key points about buying property for €250,000 under the Greece Golden Visa

1. Investors can obtain Greek residence by investing at least €250,000 in qualifying property. Eligible options include former industrial properties converted into residential use and protected buildings for restoration.
2. Restoration of a protected building may be completed after the residence permit is issued, but before the first renewal in 5 years.
3. Industrial properties must be converted into residential use before the investor submits the residence permit application.
4. The Greece Golden Visa is issued for 5 years. It can be renewed as long as the investor keeps the qualifying property and continues to meet the programme requirements.
5. The property may only be used as housing or rented out under a long-term lease. Short-term rentals are prohibited.