Greece Golden Visa Property Tiers 2026: €800K vs €400K
Law 5100/2024 created three Greece Golden Visa tiers. Compare €800K prime zones, €400K regional, and €250K conversion thresholds to pick the right investment.
By Greek Invest Editorial · Updated June 17, 2026 · 11 min read
Quick answer: Law 5100/2024 set three Greece Golden Visa property tiers, €800,000 for prime zones (Attica, Thessaloniki regional unit, Mykonos, Santorini, and islands with populations above 3,100), €400,000 for all other regions, and €250,000 exclusively for commercial-to-residential conversions or the restoration of heritage-listed buildings.
The question investors ask most often, “Is my target property €400,000 or €800,000?”, has a precise legal answer. This guide walks through every classification rule, the size requirements, the rental restrictions, and the full cost stack so you can model your investment before engaging a notary.
What Are the Three Greece Golden Visa Property Tiers in 2026?
Greece’s Golden Visa program now operates on a three-tier investment framework established by Law 5100/2024 and clarified through Circular 1/2026, which became operational on 22 April 2026. Each tier corresponds to a different category of property and a different minimum investment amount.
The first and highest tier requires a minimum of €800,000 and applies to residential property purchases in designated prime zones, essentially the locations where international demand is highest and where the Greek government sought to limit speculative price pressure on housing for locals. The second tier sets the threshold at €400,000 for built residential property in any region of Greece outside those prime zones. The third tier sits at €250,000 and is reserved exclusively for the conversion of commercial buildings into residential dwellings or the full restoration of officially listed heritage structures.
All three tiers grant a five-year renewable residency permit for the investor, their spouse, and dependent children up to age 21 (extendable in specific circumstances). The visa does not require physical presence in Greece, and it provides visa-free travel throughout the Schengen Area.
| Tier | Minimum Investment | Property Type | Key Restriction |
|---|---|---|---|
| Prime zone | €800,000 | Built residential, new or existing | Single property, ≥120 m² |
| Regional | €400,000 | Built residential, new or existing | Single property, ≥120 m² |
| Conversion/restoration | €250,000 | Commercial-to-residential or heritage restoration | No short-term tourist rentals |
Understanding which tier applies to a given property is the first decision every investor must make, because getting the classification wrong, or assuming a property in a €400,000 zone qualifies for a lower price, can result in a rejected application or a forced top-up investment.
Which Locations Require the €800,000 Investment?
The €800,000 threshold applies to properties in five defined prime-zone categories under Law 5100/2024. Misidentifying a location as regional when it falls inside a prime zone is one of the most common errors in Golden Visa applications.
Attica region. The entire Attica administrative region is subject to the €800,000 threshold. This encompasses Athens municipality, the port city of Piraeus, the southern suburbs from Glyfada down through Vouliagmeni and Varkiza on the Athenian Riviera, and all municipalities within the administrative Attica boundary. The Attica region is not just central Athens, it is a substantial geographic administrative unit, and any residential property within it requires the higher investment.
Thessaloniki regional unit. The Thessaloniki regional unit, distinct from the broader Central Macedonia region, triggers the €800,000 threshold. Central Thessaloniki, its eastern suburbs, and the western industrial areas all fall under this classification.
Mykonos and Santorini. Both islands are explicitly named in Law 5100/2024 as €800,000 destinations, regardless of their population figures. These two islands were the catalyst for the 2024 reform: international buying pressure had driven prices so far above local affordability that a separate, higher threshold was considered necessary.
Islands with population above 3,100. Any Greek island whose registered population exceeds 3,100 residents also falls into the prime zone. This is the most dynamic category, as population registers are periodically updated. Investors targeting smaller popular islands should verify current population data before assuming they qualify for the €400,000 tier.
| Prime Zone | Threshold | Administrative Basis |
|---|---|---|
| Attica region (incl. Athens, Piraeus, Riviera) | €800,000 | Administrative region |
| Thessaloniki regional unit | €800,000 | Regional unit within Central Macedonia |
| Mykonos | €800,000 | Named explicitly in Law 5100/2024 |
| Santorini | €800,000 | Named explicitly in Law 5100/2024 |
| Any island with population over 3,100 | €800,000 | Population threshold from national register |
If your target property sits in any of these zones, the qualifying investment for a single built residential property is €800,000 with a minimum usable area of 120 square metres.
Which Locations Qualify for the €400,000 Tier?
The €400,000 tier covers all Greek territory not classified as a prime zone under Law 5100/2024. In practice, this means the majority of Greece by both land area and number of available properties qualifies at the lower threshold.
On the mainland, any region outside Attica and outside the Thessaloniki regional unit falls into the €400,000 tier. That includes the Peloponnese, Central Greece, Epirus, Western Macedonia, Eastern Macedonia and Thrace, Thessaly, and the Ionian Islands region. Investors targeting mountain retreats, lakeside villas, coastal properties on the Peloponnesian coast, or urban apartments in cities such as Patras, Ioannina, Larissa, or Volos are operating in €400,000 territory.
The large island destinations that attract significant foreign buyer interest, Crete, Rhodes, Corfu, Lefkada, Kefalonia, Zakynthos, generally qualify at €400,000, though island-specific population data should always be confirmed. Crete in particular offers significant opportunity at the €400,000 tier, combining a large property market, established international appeal, and strong long-term rental fundamentals.
For a full breakdown of the property search process for non-EU nationals, including how to open a tax identification number (AFM) and use a notary-escrow structure, see our guide to buying property in Greece as a foreigner.
The €400,000 tier also applies to the vast majority of smaller Greek islands. Islands with registered populations under 3,100 sit in this tier regardless of their tourist profile or property prices. Many Cycladic islands outside the Mykonos-Santorini axis, Paros, Naxos, Milos, have populations close to or below the 3,100 threshold, making population verification an essential early step.
What Does the €250,000 Conversion Tier Cover?
The €250,000 tier is a distinct, purpose-specific category. It is not a general entry point for investors who find €400,000 out of reach, it applies only to two narrowly defined scenarios.
Commercial-to-residential conversion. A qualifying commercial building must be formally reclassified to residential use under Greek building regulations. The full cost of acquisition and conversion together must meet or exceed €250,000. The resulting residential unit becomes the qualifying property for the Golden Visa, and the investor must retain ownership for the duration of the residency permit.
Heritage building restoration. For properties on the official list of protected heritage structures in Greece, full restoration to habitable residential standards can qualify at the €250,000 threshold. The investment must cover the complete restoration cost, and the work must comply with the specifications set by the relevant preservation authorities.
In both cases, the critical restriction is the same as for all Golden Visa properties: short-term tourist rentals are prohibited on the qualifying asset. The conversion or restoration must create a genuine residential dwelling, not a hospitality product.
The €250,000 tier has attracted interest from investors seeking to participate in Athens’ ongoing urban regeneration, particularly in historic neighbourhoods where former industrial and commercial buildings are being repositioned as residential properties. However, the regulatory and construction complexity of such projects is significantly higher than a straightforward residential purchase, and professional project management is effectively mandatory.
What Are the Minimum Property Size Requirements Under Each Tier?
For built residential properties in the €400,000 and €800,000 tiers, Law 5100/2024 introduced an explicit minimum size requirement: 120 square metres of usable area in a single property.
This rule matters in two ways. First, investors cannot aggregate smaller properties to reach the financial threshold, the investment must be concentrated in one property. A buyer cannot purchase two 60 m² apartments for a combined €400,000 and expect to qualify; they must buy one unit of at least 120 m² at or above the threshold price. Second, the 120 m² measurement refers to usable area (the area of the interior of the dwelling), not the total registered area that may include common spaces, balconies above a certain size, or storage.
For investors coming from markets where smaller city-centre apartments have historically anchored Golden Visa strategies, Athens studio investors from 2018 to 2022, for example, this size requirement fundamentally changes the product profile. The minimum size effectively pushes buyers toward family apartments, larger townhouses, or detached villas, all of which tend to be more liquid in the resale market and better suited to long-term residential rentals.
There is no explicit minimum size requirement stated for the €250,000 conversion and restoration tier, but the finished property must meet Greek habitation standards and be formally classified as a residential dwelling following the conversion or restoration work.
For a broader look at what the Greek market offers at different price points and how to assess value per square metre by region, see our Greece property investment guide.
Can You Rent Out Your Golden Visa Property?
One of the most important restrictions in the Greece Golden Visa framework, and one that frequently surprises investors who have been following the market since the pre-2024 era, is the absolute prohibition on short-term tourist rentals for qualifying properties.
Under Law 5100/2024, a property acquired as the qualifying asset for a Golden Visa cannot be registered on any short-term rental platform. This means Airbnb, Booking.com, Vrbo, and any equivalent platform are off-limits for the Golden Visa property while it serves as the qualifying asset and while the associated residency permit remains in force.
The rationale is explicit in the law’s preamble: the reform sought to channel Golden Visa investment toward genuine long-term housing rather than adding to the supply of tourist accommodation that had been contributing to local housing shortages in prime zones.
Long-term residential leases, typically 12 months or longer, are permitted. An investor can legally rent their Golden Visa property to a family or individual on a standard Greek residential lease agreement. This approach is compatible with the visa requirements and generates a yield stream that, in many regional markets, reflects genuine rental demand from local residents and long-term expatriates rather than the seasonal volatility of tourism.
For a quantitative view of what long-term yields look like by region and property type, our Greece rental yield guide covers the current data.
Investors who specifically want to operate short-term rental properties should hold those assets separately, outside the Golden Visa qualifying structure, which is entirely legal and increasingly common among investors who combine a qualifying Golden Visa property with a separate income-generating short-term rental elsewhere in their portfolio.
What Are the Total Acquisition Costs Beyond the Purchase Price?
The investment threshold is the floor, not the ceiling, of what you will spend when purchasing a Golden Visa qualifying property in Greece. Budgeting correctly for acquisition costs is essential, because underfunding the purchase side can mean renegotiating a deal or, in a worst case, failing to complete on a contracted property.
Transfer tax. Greece levies a property transfer tax of 3.09% on the taxable value declared by the tax authority (the ENFIA value or contract price, whichever is higher in the relevant municipality). For a newly constructed property purchased directly from a developer, VAT rules may apply instead, typically 24% on the objective value of new builds in some categories. Your notary and legal counsel will confirm which applies to the specific property.
Notary fees. Notarial fees in Greece are calculated on a sliding scale based on the contract value. For a transaction in the €400,000–€800,000 range, notary fees typically fall between 0.8% and 1.5% of the contract value.
Legal fees. Engaging independent Greek-qualified legal counsel is not optional when buying under the Golden Visa program, it is the practical standard, and Circular 1/2026 documentation requirements reinforce the need for legal oversight. Legal fees for a Golden Visa transaction typically run 1–1.5% of the property value plus VAT.
Land registry fees. Registration of the transfer in the Hellenic Cadastre (land registry) involves fees that vary by region and transaction value. Budget 0.5–0.7% for cadastral registration costs.
Agent commission. Real estate agent commissions in Greece are paid by both buyer and seller, with buyer’s commission typically 2% plus 24% VAT.
| Cost Component | Typical Rate | On €400,000 | On €800,000 |
|---|---|---|---|
| Transfer tax | 3.09% | ~€12,360 | ~€24,720 |
| Notary fees | 0.8–1.5% | €3,200–€6,000 | €6,400–€12,000 |
| Legal fees | 1–1.5% + VAT | ~€5,000–€7,500 | ~€10,000–€15,000 |
| Land registry | 0.5–0.7% | ~€2,000–€2,800 | ~€4,000–€5,600 |
| Agent commission | 2% + 24% VAT | ~€9,920 | ~€19,840 |
| Total additional | ~7–10% | ~€32,000–€44,000 | ~€65,000–€77,000 |
For a complete line-by-line breakdown of every cost involved in a Greek property purchase from offer to keys, see our dedicated guide to the cost of buying property in Greece.
How Do You Navigate the Application Process Under Circular 1/2026?
Circular 1/2026, issued by the Greek Migration Ministry on 22 April 2026, codified the procedural rules for Golden Visa applications under the Law 5100/2024 framework. For investors whose applications were initiated before or during the legislative transition, the circular clarified which rules apply at which stage.
Under the current framework, the application process follows a broadly predictable sequence. The investor first identifies and contracts a qualifying property, simultaneously opening a Greek tax identification number (AFM) and a Greek bank account, both necessary for the property transaction and the subsequent visa application. The purchase is completed before or alongside the visa submission: unlike some residency-by-investment programs, the Greek Golden Visa requires the property acquisition to be formally recorded in the Hellenic Cadastre before the visa application is filed.
Once the property is registered and the notarised deed is in hand, the investor submits the Golden Visa application to the decentralised migration authority in the region where the property is located. The application package includes the notarised deed, evidence of full payment, proof of health insurance, a clean criminal record certificate (apostilled from the applicant’s home country), and biometric data captured at an appointment in Greece.
Processing times vary by regional authority and current caseload. The surge in approvals in 2025, 8,879 approvals, up 95% year on year, has meant that some regional offices are working through substantial backlogs. During processing, a confirmation of application receipt serves as a legal right of entry and residence in Greece for up to 12 months. For a detailed end-to-end timeline and checklist, see the full Greece Golden Visa property guide.
What Do the 2025 Golden Visa Statistics Tell Investors?
The 2025 Golden Visa statistics contain two headline figures that appear contradictory at first glance but together paint a coherent picture of the market in transition.
8,879 new approvals in 2025, a 95% year-on-year increase. This figure reflects applications filed before the Law 5100/2024 changes took effect being processed and approved by the administrative system. Many investors who had contracted properties, paid deposits, or were mid-application when the new thresholds were announced continued through to approval under the transitional rules, creating an approval surge even as the law tightened entry conditions.
6,978 new applications in 2025, down 24.8% year on year. This is the more forward-looking indicator. The drop in fresh applications directly reflects the impact of the higher thresholds. Investors who had been targeting Athens studio apartments at €250,000–€300,000 under the old framework have largely exited the market or are reassessing their strategy. The investors now entering applications are typically targeting higher-value assets in prime and regional locations with longer hold intentions.
Together these figures suggest a program that is actively reshaping toward higher-commitment, longer-horizon investors, which is precisely the legislative intent. The reduction in applications has not caused a collapse in program activity; rather, it represents a filtration toward applicants for whom the €400,000 or €800,000 investment is genuinely accessible.
For the investor, these trends have a practical implication: the competitive dynamics in the application queue are shifting. Properties in the €400,000 regional tier, particularly in desirable locations like Crete, the Peloponnese coast, and the Ionian islands, are attracting more serious qualified buyers and experiencing tighter inventory at the qualifying size and price point.
How Does the Tier Decision Tree Work in Practice?
Choosing the right tier is not simply about identifying which threshold applies to a location, it is about aligning investment size, property type, location fundamentals, and long-term strategy before committing. The following decision framework reflects the questions Greek Invest advisers walk through with investors.
Step 1: Confirm the administrative location of your target property. Use the official Hellenic Cadastre mapping tool or have your legal counsel confirm whether the property’s municipality falls within the Attica region, the Thessaloniki regional unit, Mykonos, or Santorini. If you are targeting an island, verify the current official population from the Hellenic Statistical Authority (ELSTAT) to determine whether the 3,100-population threshold applies.
Step 2: Confirm your investment capacity at the applicable threshold. If the property is in a prime zone, your qualifying purchase must be €800,000 or above in a single property of at least 120 m². If it is in a regional zone, the threshold is €400,000 in a single property of at least 120 m². Build in the 7–10% acquisition cost buffer before finalising your budget.
Step 3: Confirm the property classification. Is the property a built residential property (the standard route for both tiers)? Is it a commercial building eligible for residential conversion (the €250,000 route)? Or is it an officially listed heritage structure requiring restoration? The classification determines which tier applies and which documentation your notary and legal counsel must prepare.
Step 4: Confirm the rental restriction is acceptable. If your strategy depends on short-term tourist rental income from the qualifying property, the Golden Visa framework is structurally incompatible with that income model on the qualifying asset. Restructure accordingly before proceeding, either accept the long-term rental model or hold short-term rental assets separately.
Step 5: Engage legal counsel and proceed with due diligence. Check title, encumbrances, land use classification, building permit status, energy certificate, and any outstanding municipal charges. These checks apply regardless of tier.
What Law 5100/2024 Actually Says: A Citability Passage
Law 5100/2024, enacted by the Hellenic Parliament and published in the Government Gazette, restructured the Greece Golden Visa real estate investment thresholds with the stated objective of protecting housing affordability in areas of intense tourist and investment activity. The law established a binary geographic classification: a prime zone carrying a minimum residential investment of €800,000 (covering the Attica region, the Thessaloniki regional unit, Mykonos, Santorini, and any island with a registered population exceeding 3,100 residents), and a regional zone carrying a minimum of €400,000 for the rest of Greece. For investments in either geographic tier, the law imposed an additional structural constraint: the qualifying investment must be made in a single residential property with a usable area of no less than 120 square metres. A third tier, set at €250,000, was retained specifically for the conversion of commercial buildings to residential use and for the restoration of officially listed heritage buildings. Across all tiers, Law 5100/2024 explicitly prohibits the use of the qualifying Golden Visa property for short-term tourist rental during the validity period of the residency permit. Circular 1/2026, issued 22 April 2026, operationalised these rules by specifying the documentation requirements, processing pathways, and transitional arrangements for applicants whose files bridged the pre-2024 and post-2024 frameworks.
Frequently Asked Questions
The €800,000 threshold applies to prime zones defined by Law 5100/2024: the Attica region (Athens, Piraeus, the Athenian Riviera), the Thessaloniki regional unit, Mykonos, Santorini, and any island with a registered population above 3,100. Outside these zones the threshold is €400,000.
All Greek territory outside the €800,000 prime zones qualifies for the €400,000 tier. That covers most of mainland Greece, Crete, Rhodes, Corfu, the Dodecanese, and the majority of the Aegean islands. Any island with a population under 3,100 also falls into this tier.
The €250,000 tier is reserved for converting commercial properties into residential use, or restoring officially listed heritage buildings. The converted or restored property becomes the qualifying asset, must meet habitation standards, and cannot be used for short-term tourist rentals.
Yes. Built residential property purchased under the €400,000 or €800,000 tier must have a minimum usable area of 120 square metres. The investment must also be concentrated in a single property, splitting the threshold across two smaller units is not permitted.
No. Greek law explicitly bars short-term tourist rentals on Golden Visa qualifying properties. Long-term residential leases are permitted, but the property cannot be listed on Airbnb, Booking.com, or any similar short-term rental platform for the duration of your residency permit.
Beyond the purchase price, buyers face transfer tax at 3.09% of the taxable value, plus notary fees, legal counsel, land registry charges, and agent commission. Combined, these additional costs typically run 7–10% of the purchase price, so budget accordingly when targeting either threshold.
Greece granted 8,879 new Golden Visa approvals in 2025, a 95% year-on-year increase. New applications in the same period fell 24.8% to 6,978, indicating that investors who applied before the Law 5100/2024 changes were moving through the pipeline while fewer new applicants entered the queue.
Circular 1/2026 was issued on 22 April 2026. It sets the operational rules for processing Golden Visa applications under Law 5100/2024, covering documentation requirements, file submission procedures, processing timelines, and the classification rules for qualifying properties across all three tiers.
Yes. Co-ownership by spouses in a single qualifying property is permitted. The entire investment in that one property must still meet the applicable tier threshold, either €400,000 or €800,000, and each spouse applies for their own residency permit on the basis of that shared qualifying asset.
It depends on the official administrative boundary. The €800,000 prime zone is the Attica administrative region, which includes Athens, Piraeus, and the Athenian Riviera. Properties outside that administrative boundary, even if geographically adjacent, qualify for the lower €400,000 tier.
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