Greece Golden Visa conversion property and Kastella Bay: why the €250,000 route is still worth considering for families

In recent years, many European investment migration routes have closed or raised their requirements. This article explains why the Greece Golden Visa is still regarded as stable, how the €250,000 conversion property route works, and which goals the Kastella Bay project in Piraeus can serve — based on a discussion between IMM Group and its partner Arish Capital Partners.

What is the Greece Golden Visa?

The Greece Golden Visa, in place since 2013, grants long-term residence in Greece to real estate investors and their families. Investors own a tangible, euro-denominated property, while the whole family gains lawful residence in Europe and can travel freely across the 27 countries of the Schengen Area. A feature many families value is that the program does not require you to live in Greece to maintain your residence permit.

According to the discussion, for most IMM Group clients the goal is not necessarily to leave their home country right away, but to gain more optionality for the future: a base for lawful residence in Europe when needed, with greater flexibility in travel, education, business, wealth management, and long-term family planning.

Why are European options narrowing for investors?

The European investment migration landscape has changed quickly. The United Kingdom closed its investor visa; Spain ended its Golden Visa; Portugal removed real estate from its program and shifted to fund investment; and Ireland closed its program. In the countries that remain, requirements have been raised repeatedly.

According to Arish Capital Partners, since the early 2020s Europe has steadily tightened residency and citizenship by investment in many countries, including Ireland, the UK, Cyprus, Malta, Spain, and Portugal. The question today is therefore no longer "which programs does Europe offer?" but "which programs are still suitable and viable for investors?"

Arish's view is that the remaining options are very limited and may not last much longer — more countries could close their programs in the next few years.

Greece Golden Visa vs. other European programs

The table below summarizes where Greece stands today relative to European investment migration programs as a whole.

For most clients, the goal is not necessarily to leave their home country right away, but to add optionality for the whole family's future.

How stable is Greece?

Against that backdrop, Greece is regarded as one of the few programs to have remained relatively stable. According to Alex, an IMM Group representative who has introduced European residency programs to investors since 2012 (Portugal) and 2013 (Greece), most changes to the Greek program over more than a decade, from 2013 to 2026, have involved raising the investment amount, while its core structure has changed little.

However, looking at Europe as a whole, no one can be certain the program will continue this way indefinitely. The advice to investors: once you have determined that the program fits your family's direction and goals, it is best to proceed as early as possible.

The three Greece Golden Visa real estate thresholds: €800,000, €400,000, and €250,000

The real estate route of the Greece Golden Visa currently has three investment thresholds, depending on the area:

• €800,000 — applies to high-density areas such as central Athens, Mykonos, Santorini, and the entire Attica region.
• €400,000 — applies to all other areas.
• From €250,000 — a special route for property lawfully converted from commercial use to residential use. Notably, this route can apply even in areas that otherwise fall under the €800,000 threshold.

Kastella Bay falls under the €250,000 exception. For families focused on a flexible right of residence in Europe and on owning a tangible euro-denominated asset, it is regarded as one of the more accessible options on the market today.

What is Kastella Bay, and where is it?

Kastella Bay is a sea-view apartment project in Piraeus, Greece's largest port city, about 10–15 minutes (roughly 8 km) from central Athens. The building is currently a hotel and has been approved for conversion into high-end residential apartments — this conversion mechanism is what allows the project to qualify for the €250,000 investment route.

Investors own 100% of the property outright, with full rights to use, sell, rent out, and bequeath it. Owners who join the optional managed rental program receive a committed rental yield of 3% per year for 5 years, subject to the program terms, with a full-service operator managing the property.

Why Piraeus, and not central Athens?

Piraeus is in fact part of the greater Athens area. According to Arish, the choice of Piraeus is driven not by distance from the center but by room for growth. Many central areas are already highly priced, with little room left to appreciate, whereas Piraeus is a key maritime, logistics, and commercial hub for the Mediterranean region, where billions of euros continue to be invested in port, transport, and tourism infrastructure. Its waterfront, with a marina, restaurants, and hotels, also offers a lifestyle popular with locals and international visitors alike.

What legal documents show the project qualifies?

Clients today often ask not only whether a project qualifies but also what legal basis proves it. For Kastella Bay, the core document is the building permit, which clearly shows that the competent authority approved the conversion of the building from a hotel (commercial use) to residential apartments — the basis for qualifying for the €250,000 investment route.

In addition, Arish says it has proactively added two layers of independent verification:

• A legal opinion from an independent lawyer, confirming that the project meets the conditions applicable to the €250,000 Golden Visa route under current rules.
• Certification from the project's chief engineer, which carries weight in confirming the building's current condition, its designated use, and compliance with the relevant technical regulations under Greece's building control system.

How does IMM Group conduct project due diligence?

According to Alex, one thing that sets IMM Group apart from many firms in the field is a dedicated team that conducts due diligence on partners and products. The working principle is to vet the partner first, and only then the product the partner brings.

With Kastella Bay, after completing partner due diligence, IMM moved on to project due diligence, focusing first on establishing that the project qualifies for the Golden Visa and is legally sound for clients, and only then on investment merits such as location, total investment, completion and handover timelines, and the project's commitments, based on verifiable documents. In some cases, IMM also engages third-party lawyers to review the documentation. The guiding principle: as long as any aspect of a project remains unclear, IMM will not offer it to the market.

Who is Arish Capital Partners, and what is its role?

Arish Capital is a real estate investment and asset management company based in the United Kingdom, with nearly 15 years of experience. It has invested in and managed many asset types, from residential and commercial real estate to specialized segments such as student housing and senior care property. About 6 years ago, when it expanded into Europe, Arish focused on two highly regarded markets, Portugal and Greece, and has since worked with more than 1,000 international investors.

In the case of Kastella Bay, Arish is the developer and coordinates the entire delivery process: it owns the project, selects the construction contractor, manages construction progress, puts in place legal mechanisms to protect clients' interests, and is accountable for the handover commitment. For the rental program, Arish is the party that commits to and underwrites the 3% annual rental yield, subject to the program terms, while day-to-day operations are handled by local professional firms under Arish's supervision. As a result, investors essentially work through a single channel — IMM Group and Arish — rather than finding and coordinating multiple parties in Greece themselves, from legal work and completing ownership formalities to handover and rental operations.

Arish's project selection criteria

Arish says it turns down more projects than it accepts. The most important criterion is legal certainty — clear title, complete permits, and complete registration records — because this is often the first question international investors ask: how do you prove the asset and the paperwork actually exist? The second criterion is long-term growth potential, assessed across the surrounding economic ecosystem: capital flows, infrastructure, and genuine demand from people living, working, and staying in the area.

Why did IMM choose to partner with Arish?

According to Alex, choosing the right partner can sometimes matter far more than choosing the right product, because products can change with the business environment. What gives IMM confidence is Arish's clear criteria for selecting projects, transparent and complete legal documentation from the outset, proactive updates throughout the partnership, and a track record of successful collaboration on projects in other countries. Most importantly, the two firms share the same working principle: putting clients' interests first.

Where does Kastella Bay's potential for capital appreciation come from?

Arish highlights three factors that underpin Kastella Bay's long-term value:

• Location scarcity: Kastella is a fully built-out area with very limited remaining land. Greece has a fairly strict architectural preservation regime (no skyscraper development), which increases scarcity and limits the risk of new supply eroding the value of existing assets.
• Waterfront location: Not only in Greece but worldwide, seafront or marina-adjacent real estate tends to hold its value better over time, thanks to limited supply and steady demand.
• Regional economic drivers: Port and logistics activity at Piraeus creates a dynamic local economy and real demand, which in turn supports long-term property values.

According to Arish, even setting the Golden Visa aside, Kastella Bay is still a property worth considering; the Golden Visa is a valuable added benefit, but the asset itself is the primary consideration in any assessment.

Buying process and title protection in Greece

Greece operates a public land registry system. The purchase process is document-driven: the investor signs a sale and purchase agreement before a Greek notary, who witnesses and certifies it; the new owner's details are then recorded in the registry system. Once the process is complete, investors can look up and confirm their ownership through the public system. Throughout the process, investors are supported by local lawyers, together with Arish and IMM Group.

Timeline, handover, and protections in case of delay

Under the current plan, Kastella Bay is expected to complete construction around June 2027 and begin handing over apartments from around September 2027. This timeline is based on a detailed construction plan, Arish's delivery experience, and a contingency allowance for unforeseen events. More importantly, the terms governing the handover timeline and each party's responsibilities are set out clearly in the sale and purchase agreement; if delays exceed the committed timeframe, the contract also sets out how they will be handled and the investor's entitlements in each scenario.

Arish also shared how it has responded to challenges: over the past few years, construction costs in many markets have risen by 30% to 40% amid global volatility. For projects already launched and committed, Arish says it has absorbed the additional costs rather than revising the sale prices already committed to investors.

Total costs to budget for

Beyond the apartment price, investors should also budget for transaction and application costs. The largest item is usually real estate transfer tax (around 3.09% of the transaction value, according to the project documents), along with notary fees, title registration, administrative processing, and the necessary legal fees.

For an apartment at the €250,000 investment level, including Golden Visa application costs and a furniture package to the project's standard, the total budget typically comes to around €278,000. However, for the final units distributed through IMM Group, Arish is offering a complimentary furniture package worth more than €10,000; according to the project documents, this brings the effective total budget to around €265,000 (including taxes and Golden Visa fees). We recommend reviewing the total cost of ownership from the outset so you can plan your finances in full.

The timeline from first steps to your residence permit

According to Alex, if a client decides to work with IMM and Arish, the main process is as follows:

• Source-of-funds documentation and unit selection (in parallel): IMM helps document the source of the investment funds — a key factor in whether an application succeeds — while advising each family on a unit that fits its goals. The case assessment to plan how the source of funds will be explained takes around 14 days on its own.
• Signing and funding: The client signs a power of attorney in favor of the lawyer, transfers the investment funds, and the application is submitted — a stage that takes around 4–6 weeks.
• Biometrics and permit issuance: After biometrics are taken, clients can generally expect to receive the Golden Visa residence permit in around 4–6 months, depending on processing times.

In IMM's assessment, this is one of the programs through which investors can obtain a Golden Visa in a relatively short time compared with the market generally — an advantage worth weighing for families who want to act early.

Proving source of funds: how strict is it?

Documenting the source of wealth is a major concern for many investors. According to IMM, this is a basic responsibility of participating in the global financial system, whether or not immigration is involved. IMM says it requires its staff to study for and earn the global investment migration certification of the Switzerland-based Investment Migration Council (IMC), so that source-of-funds explanations are transparent and concise while fully meeting Greece's criteria. In practice, most investors who own companies, hold assets, or have funds from gifts or inheritance meet the basic requirements; the rest is a matter of building a coherent investment narrative supported by verifiable documents.

Protections if an application is unsuccessful

According to Alex, the risks in the Greece Golden Visa program fall into three groups: the project's legal status not qualifying from the outset (ruled out through the partner and project due diligence process); a source-of-funds explanation without sufficiently persuasive evidence; and issues in the client's personal background. The latter two are managed through in-depth vetting to identify weak points and prepare contingency options.

However, IMM stresses that it cannot promise assured approval or a success rate of 100%, because the final decision rests with the Greek migration authorities and is beyond the control of both IMM and Arish. Should an application be refused, IMM says protection remains available through refund provisions, with the circumstances in which they apply clearly defined from the outset.

Does a Golden Visa automatically lead to citizenship?

Holding a Golden Visa means holding a long-term right of residence. In Greece, the permit is valid for around 5 years and is renewable as long as the investor maintains the investment; a key advantage is that there is no minimum stay requirement in Greece while you hold the permit.

However, holding a Golden Visa — even for many years — does not automatically make an investor a Greek citizen. Citizenship requires meeting a number of other conditions, such as a longer period of actual residence (the figure cited is 7 years), learning Greek, and becoming a Greek tax resident who pays taxes in full. If you view the program as a way to secure flexibility in travel, finances, and your children's education, it is a suitable choice; if you see it as a step toward citizenship, you will need to be prepared to do considerably more.

What does a European residence base offer a family's finances?

Many families currently hold most of their wealth in a single country, a single currency, and a single market. As wealth grows, the need to diversify — to balance value and manage risk — becomes clearer. According to IMM, investors in a project like Kastella Bay should look at several layers of value: owning a euro-denominated asset in Europe, holding a long-term right of residence that opens the door to European life and education for their children, and having a backup plan for the future.

A long-term right of residence also gives investors more options, such as access to bank accounts and to European-standard investment opportunities through Greece — subject, of course, to the requirements and conditions of financial institutions in Greece.

Conclusion: three questions to answer before deciding

The Greece Golden Visa is more than a travel convenience. For many families, it is a backup plan — a way to prepare in advance for education, living environment, assets, and future flexibility. Real estate routes to European residency are narrowing, and opportunities at the €250,000 threshold are now limited, applying only to projects that meet very specific legal conditions, such as Kastella Bay.

This is not a decision to make out of a fear of missing out. What matters is answering three questions: Does this property genuinely align with your family's goals? Does your family's profile meet the necessary requirements? And does your family truly need another option in Europe for the future?

Frequently asked questions

Which projects qualify for the €250,000 Greece Golden Visa threshold?

The €250,000 threshold is a statutory exception that applies to property lawfully converted from commercial to residential use — and it can apply even in areas that otherwise fall under the €800,000 threshold. Kastella Bay in Piraeus is one such project.

Do I need to live in Greece to maintain the residence permit?

No. There is no requirement to live in Greece to maintain the permit; the permit is valid for around 5 years and is renewable as long as the investor maintains the investment.

What is the total cost for a €250,000 unit at Kastella Bay?

According to the project documents, the total budget is typically around €278,000 (including transfer tax of around 3.09%, notary fees, Golden Visa application costs, and furniture). With the complimentary furniture package worth more than €10,000 for clients through IMM Group, the effective total comes to around €265,000.

How long does it take to receive the Golden Visa?

After biometrics are taken, investors can generally expect to receive the permit in around 4–6 months, depending on processing times. Before that, the source-of-funds assessment takes around 14 days, and signing, transferring funds, and filing take around 4–6 weeks.

When will Kastella Bay be handed over?

Under the current plan, construction is expected to be completed around June 2027, with handover beginning around September 2027. The terms on the timeline and on remedies for delays are set out in the sale and purchase agreement.

Does holding a Golden Visa mean I become a Greek citizen after 5 years?

Not automatically. Becoming a citizen requires meeting several other conditions, such as a longer period of actual residence (the figure cited is 7 years), learning Greek, and meeting tax obligations in full.