A tangible, euro-denominated asset and a residence permit for your whole family through a Greece Golden Visa conversion property \u2014 with entry from \u20ac250,000<\/strong> (approximately US$280,000). The UK has closed its investor visa, Spain has ended its Golden Visa, and Portugal has removed real estate from its program; against that backdrop, Greece has maintained a stable program since 2013.<\/p>\n Kastella Bay, Piraeus \u00b7 IMM Group \u2014 exclusive distributor in Vietnam \u00b7 IMM Group \u00d7 Arish Capital Partners podcast<\/p>\n From \u20ac250,000<\/p>\n Entry point at Kastella Bay via the change-of-use route (commercial to residential)<\/p>\n 4\u20136 months<\/p>\n From biometrics to Golden Visa card \u2014 one of the faster residence permit timelines<\/p>\n 3% per year<\/p>\n A 5-year rental yield commitment backed by a guarantee from Arish, with a full-service operator<\/p>\n 29 countries<\/p>\n Visa-free travel within the Schengen Area \u2014 no requirement to live in Greece to keep the permit<\/p>\n 01 What is the Greece Golden Visa?<\/p>\n The Greece Golden Visa grants long-term residency through real estate investment. You own a tangible, euro-denominated asset, and your whole family gains lawful residence in Europe.<\/p>\n \ud83c\udfe0 A tangible euro asset \ud83d\udc6a Residence permits for the whole family \ud83d\udd11 100% ownership \ud83d\udd04 Stable since 2013<\/p>\n A residency base for when you need it \u2014 without having to leave your home country right away.<\/p>\n The program suits families who want greater optionality for the future \u2014 more flexibility in travel, education, and wealth management. You retain full rights to use, sell, rent out, and bequeath the property.<\/p>\n 02 Three investment thresholds<\/p>\n The program sets three thresholds by location. The \u20ac250,000 route is an exception for property lawfully converted from commercial to residential use, and it applies even in high-density areas.<\/p>\n 1<\/p>\n \u20ac800,000<\/p>\n High-density areas: central Athens, Mykonos, Santorini, and the entire Attica region<\/p>\n 2<\/p>\n \u20ac400,000<\/p>\n All other areas outside the group above<\/p>\n 3<\/p>\n From \u20ac250,000<\/p>\n Property lawfully converted from commercial to residential use \u2014 available even in high-density areas<\/p>\n Outcome<\/p>\n \u2605<\/p>\n Kastella Bay<\/p>\n Located in Piraeus (an \u20ac800,000 threshold area), but as a lawful conversion project it offers entry from just \u20ac250,000<\/p>\n 03 Project overview<\/p>\n 1<\/p>\n Sea-view apartments in Piraeus \u2014 Greece’s largest port city, about 10\u201315 minutes from central Athens.<\/p>\n 2<\/p>\n The building currently operates as a hotel (commercial use) and has been approved for conversion to residential use \u2014 the basis for qualifying under the \u20ac250,000 route.<\/p>\n 3<\/p>\n 100% outright ownership, with full rights to use, sell, rent out, and bequeath the property.<\/p>\n 4<\/p>\n Optional: a committed rental yield of 3% per year for 5 years, with full-service property management.<\/p>\n 5<\/p>\n IMM Group is the exclusive distribution partner for this project in Vietnam.<\/p>\n 6<\/p>\n Only a limited number of units qualifying at \u20ac250,000 remain; buyers who reserve in this phase receive a complimentary full furniture package.<\/p>\n \u201cIn Arish’s assessment, this is an asset worth owning even without the Golden Visa<\/strong>, given its scarce waterfront location and the dynamic Piraeus economy.\u201d<\/p>\n 04 Built-in safeguards<\/p>\n A<\/p>\n Building permit (conversion approval) + independent legal opinion + certification from the project’s chief engineer confirming eligibility for the \u20ac250,000 route.<\/p>\n B<\/p>\n Greece maintains a public land registry; once the purchase is complete, you can verify your ownership in the registry yourself.<\/p>\n C<\/p>\n Construction costs in many markets have risen 30\u201340% in recent years; Arish has chosen to absorb the increase rather than raise prices.<\/p>\n 05 The European context<\/p>\n Stable since 2013<\/p>\n Closed \u00b7 tightened \u00b7 real estate removed<\/p>\n !<\/p>\n The goal for most clients: more optionality for the future<\/p>\n Not necessarily leaving your home country right away, but gaining a residency base and more flexibility for the whole family in travel, education, and wealth management.<\/p>\n Set the right expectations, make the right decision<\/p>\n A tangible asset in Europe. A residence permit for the whole family. And a competitive entry price. Weigh it against your family’s real goals before deciding.<\/p>\n Full analysis<\/p>\n Read on for the details: how the \u20ac250,000 route works, the legal documentation, costs, the timeline to your residence permit, and the path toward citizenship.<\/p>\n \u2304<\/p>\n 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 \u20ac250,000 conversion property route works, and which goals the Kastella Bay project in Piraeus can serve \u2014 based on a discussion between IMM Group and its partner Arish Capital Partners.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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?”<\/p>\n Arish’s view is that the remaining options are very limited and may not last much longer \u2014 more countries could close their programs in the next few years.<\/p>\n The table below summarizes where Greece stands today relative to European investment migration programs as a whole.<\/p>\n Criteria<\/p>\n Greece Golden Visa<\/p>\n Many other European programs<\/p>\n Status<\/p>\n Stable since 2013<\/p>\n The UK and Spain have closed or ended theirs; Portugal has shifted to fund investment; Ireland has closed its program<\/p>\n Investment type<\/p>\n A real estate investment route remains<\/p>\n Some countries have removed real estate or raised requirements<\/p>\n Residence requirement<\/p>\n No requirement to live in Greece to maintain the permit<\/p>\n Varies by program<\/p>\n Asset<\/p>\n Tangible real estate, valued in euros<\/p>\n Varies by program<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n The real estate route of the Greece Golden Visa currently has three investment thresholds, depending on the area:<\/p>\n Kastella Bay falls under the \u20ac250,000 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.<\/p>\n Kastella Bay is a sea-view apartment project in Piraeus, Greece’s largest port city, about 10\u201315 minutes (roughly 8 km) from central Athens. The building is currently a hotel and has been approved for conversion into high-end residential apartments \u2014 this conversion mechanism is what allows the project to qualify for the \u20ac250,000 investment route.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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<\/strong>, which clearly shows that the competent authority approved the conversion of the building from a hotel (commercial use) to residential apartments \u2014 the basis for qualifying for the \u20ac250,000 investment route.<\/p>\n In addition, Arish says it has proactively added two layers of independent verification:<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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 \u2014 IMM Group and Arish \u2014 rather than finding and coordinating multiple parties in Greece themselves, from legal work and completing ownership formalities to handover and rental operations.<\/p>\n Arish says it turns down more projects than it accepts. The most important criterion is legal certainty<\/strong> \u2014 clear title, complete permits, and complete registration records \u2014 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.<\/p>\n 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.<\/p>\n Arish highlights three factors that underpin Kastella Bay’s long-term value:<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n Item<\/p>\n Amount (indicative)<\/p>\n Apartment price (Golden Visa route)<\/p>\n From \u20ac250,000<\/p>\n Real estate transfer tax<\/p>\n Around 3.09% of the transaction value<\/p>\n Notary fees, title registration, Golden Visa application, furniture<\/p>\n Included in the total budget<\/p>\n Typical total budget<\/p>\n Around \u20ac278,000<\/p>\n After the complimentary furniture package worth more than \u20ac10,000 (through IMM Group)<\/p>\n Around \u20ac265,000 (including taxes and Golden Visa fees)<\/p>\n For an apartment at the \u20ac250,000 investment level, including Golden Visa application costs and a furniture package to the project’s standard, the total budget typically comes to around \u20ac278,000. However, for the final units distributed through IMM Group, Arish is offering a complimentary furniture package worth more than \u20ac10,000; according to the project documents, this brings the effective total budget to around \u20ac265,000 (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.<\/p>\n According to Alex, if a client decides to work with IMM and Arish, the main process is as follows:<\/p>\n 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 \u2014 an advantage worth weighing for families who want to act early.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n However, holding a Golden Visa \u2014 even for many years \u2014 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.<\/p>\n 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 \u2014 to balance value and manage risk \u2014 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.<\/p>\n 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 \u2014 subject, of course, to the requirements and conditions of financial institutions in Greece.<\/p>\n The Greece Golden Visa is more than a travel convenience. For many families, it is a backup plan \u2014 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 \u20ac250,000 threshold are now limited, applying only to projects that meet very specific legal conditions, such as Kastella Bay.<\/p>\n 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?<\/p>\n The \u20ac250,000 threshold is a statutory exception that applies to property lawfully converted from commercial to residential use \u2014 and it can apply even in areas that otherwise fall under the \u20ac800,000 threshold. Kastella Bay in Piraeus is one such project.<\/p>\n 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.<\/p>\n According to the project documents, the total budget is typically around \u20ac278,000 (including transfer tax of around 3.09%, notary fees, Golden Visa application costs, and furniture). With the complimentary furniture package worth more than \u20ac10,000 for clients through IMM Group, the effective total comes to around \u20ac265,000.<\/p>\n After biometrics are taken, investors can generally expect to receive the permit in around 4\u20136 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\u20136 weeks.<\/p>\n 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.<\/p>\n 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.<\/p>\n This content is for reference only, based on the documentation provided; program conditions, investment amounts, taxes and fees, and timelines may change depending on regulations and individual cases. This is not binding legal or financial advice.<\/p>\nEuropean residency through a tangible asset<\/h2>\n
In operation since 2013 \u00b7 real estate investment<\/h4>\n
Kastella Bay falls under the \u20ac250,000 exception<\/h2>\n
Kastella Bay \u2014 sea-view apartments in Piraeus<\/h2>\n
Location<\/h4>\n
Legal status<\/h4>\n
Ownership rights<\/h4>\n
Managed rental program<\/h4>\n
Distribution<\/h4>\n
Current status<\/h4>\n
Three layers of protection for your investment decision<\/h2>\n
Legal \u2014 3 layers of verification<\/h4>\n
Ownership \u2014 verify it yourself<\/h4>\n
Commitment \u2014 price held firm<\/h4>\n
Greece holds steady while other programs tighten<\/h2>\n
Greece Golden Visa<\/h4>\n
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Many other programs<\/h4>\n
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Is Kastella Bay right for your family?<\/h2>\n
It may suit you if you want<\/h4>\n
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Think twice if you<\/h4>\n
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The full article: the Greece Golden Visa and the Kastella Bay project<\/h3>\n
Greece Golden Visa conversion property and Kastella Bay: why the \u20ac250,000 route is still worth considering for families<\/h2>\n
What is the Greece Golden Visa?<\/h2>\n
Why are European options narrowing for investors?<\/h2>\n
Greece Golden Visa vs. other European programs<\/h2>\n
How stable is Greece?<\/h2>\n
The three Greece Golden Visa real estate thresholds: \u20ac800,000, \u20ac400,000, and \u20ac250,000<\/h2>\n
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What is Kastella Bay, and where is it?<\/h2>\n
Why Piraeus, and not central Athens?<\/h3>\n
What legal documents show the project qualifies?<\/h2>\n
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How does IMM Group conduct project due diligence?<\/h2>\n
Who is Arish Capital Partners, and what is its role?<\/h2>\n
Arish’s project selection criteria<\/h3>\n
Why did IMM choose to partner with Arish?<\/h3>\n
Where does Kastella Bay’s potential for capital appreciation come from?<\/h2>\n
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Buying process and title protection in Greece<\/h2>\n
Timeline, handover, and protections in case of delay<\/h2>\n
Total costs to budget for<\/h2>\n
The timeline from first steps to your residence permit<\/h2>\n
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Proving source of funds: how strict is it?<\/h2>\n
Protections if an application is unsuccessful<\/h2>\n
Does a Golden Visa automatically lead to citizenship?<\/h2>\n
What does a European residence base offer a family’s finances?<\/h2>\n
Conclusion: three questions to answer before deciding<\/h2>\n
Frequently asked questions<\/h2>\n
Which projects qualify for the \u20ac250,000 Greece Golden Visa threshold?<\/h3>\n
Do I need to live in Greece to maintain the residence permit?<\/h3>\n
What is the total cost for a \u20ac250,000 unit at Kastella Bay?<\/h3>\n
How long does it take to receive the Golden Visa?<\/h3>\n
When will Kastella Bay be handed over?<\/h3>\n
Does holding a Golden Visa mean I become a Greek citizen after 5 years?<\/h3>\n
Book a consultation<\/h2>\n