Greece Golden Visa Zones: Government Prepares Three Regional Property Investment Tiers

February 22, 2024 · Greece · 9 min read

Greek government sources and industry experts have recently indicated that the investment threshold will rise again, with proposed Greece Golden Visa zones setting different minimums by region. An official announcement is likely in the coming weeks.

Greek government sources and industry experts have recently indicated that the investment threshold for the Greece Golden Visa will rise again. An official announcement is likely in the coming weeks.

For the Greek economy, 2023 was a standout year, with Greece topping a ranking of the best-performing economies. Building on that momentum, the Greece residency by investment program was among the world’s most popular residency by investment programs in 2023. Greece Golden Visa applications kept rising, even after the program raised its investment threshold in mid-2023.

Greece Golden Visa zones: three price tiers for real estate investment

Last week, Greek Prime Minister Kyriakos Mitsotakis told Parliament that the minimum property investment for the Greece Golden Visa would “soon” rise to as much as €800,000 (approximately US$896,000) in certain areas. According to several Greek media reports, the new thresholds may be split into three tiers and could take effect in the coming weeks.

Under the reported plan, the new minimum investment would be set at three levels:

• Zone A: €800,000
• Zone B: €400,000–€500,000
• Zone C: €250,000

Although it is not yet clear which cities or areas will fall into which zone, the Prime Minister made clear that the most sought-after areas will be the ones facing higher investment thresholds.

Several major Greek newspapers expect Zone A to include at least central, southern, and northern Attica (the Athens capital region), as well as central Thessaloniki and the islands of Mykonos and Santorini. Some also predict that Crete, the Cyclades, and the Dodecanese could be classified as Zone A.

Areas where the €250,000 minimum currently applies but that have come under pressure from last year’s price increases would fall into Zone B. This zone could include Piraeus, the western suburbs of Athens, and some northern and eastern suburbs such as Gerakas, Ekali, and Markopoulo, along with other developing parts of Attica that remain at the €250,000 level.

The rest of Greece, where demand from foreign buyers is still limited, would fall into Zone C.

Why Greece residency by investment remains one of Europe’s most attractive programs

The Greece residency by investment program is expected to remain one of the most sought-after European residency programs. Despite repeated increases in the investment threshold, many families find that the benefits of a Greece Golden Visa still far outweigh the higher entry cost — especially as the routes into Europe through residency by investment gradually narrow.

The areas facing higher thresholds, such as central Athens, Mykonos, and Santorini, have already overheated and offer less room for exceptional growth. The tiered structure is seen as reasonable and consistent with a shift in development away from the core toward other cities, for more balanced and sustainable growth. Meanwhile, areas with lower thresholds still have growth potential. Investors who find well-positioned projects in qualifying areas, backed by established developers offering attractive terms, may continue to gain a dual benefit: owning property in promising parts of Greece from €250,000 while securing Greek residence permits for the whole family.

Key benefits of a Greece Golden Visa residence permit include:

• Visa-free travel within the 29-country Schengen Area, with stays of up to 90 days in any 180-day period.
• Access to healthcare, education, and other benefits in Greece.
• After 7 years of residence, holders may become eligible to apply for Greek citizenship, and with it EU citizenship, subject to the naturalization requirements. Family members who become citizens can then live in any EU member state. The Greek passport offers visa-free access to 185 destinations.
• The investment and application process typically takes 6–8 months, and much of it can be handled from your home country.

IMM Group currently offers projects that meet the €250,000 threshold in force at the time of writing, including the Iliso Suites premium apartments in Athens and Aphrodite II on Crete. All projects are built by established developers with long track records, selected with both the residency application and the value of the investment in mind.

Aphrodite II premium apartment project

Iliso Suites premium apartment project

If you are interested in Greek residency by investment, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess your application’s likelihood of success. We are committed to keeping your personal data confidential and will use the information you provide only to advise on your family’s application.

IMM Group

• Tags:
• European immigration
• Aphrodite II
• Greece Golden Visa
• European citizenship
• Greek residence permit

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