Greece's Golden Visa Program: A New Chapter in 2025
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golden visas have been a gateway for non-EU citizens seeking residency in Greece through real estate investment. However, recent reforms have reshaped the landscape, introducing zone-based investment thresholds that range from €250,000 to €800,000, depending on the property's location.
Investment Thresholds: Zone-Based Requirements
As of August 31, 2024, Greece implemented a three-zone system for its Golden Visa program:
- Zone A: Prime locations like Athens and Thessaloniki now require a minimum investment of €800,000.
- Zone B: Regional areas have a lowered minimum investment threshold of €400,000.
- Zone C: Special projects such as the restoration of listed buildings or conversion of commercial properties maintain a €250,000 minimum investment.
These changes aim to cool the overheated real estate market, making housing more affordable for locals.
Market Reaction: A Significant Decline in Applications
The introduction of higher investment thresholds has led to a sharp decline in Golden Visa applications, dropping by more than 26% in June 2025 compared to the previous year. This is the first tangible sign of market cooling after a nearly two-year surge, driven by investors rushing to apply before the new rules took effect.
Residency Benefits and Misconceptions
The Greek Golden Visa continues to offer a five-year residency permit, renewable every five years without a minimum stay requirement. It includes family members such as spouses and children, granting visa-free travel within the Schengen Area. However, it does not directly confer citizenship or passports, which require a separate naturalization process after several years of residency.
Impact on Housing Market: Beyond Short-Term Rentals
While platforms like Airbnb have been blamed for housing shortages, studies show that a significant volume of abandoned and unused properties (34.5% of housing stock) plays a larger role in driving up prices. Short-term rentals account for only about 3% of housing and 8.7% of empty housing nationwide.
Schengen Visa Cascade Regime: Separate from Golden Visas
The European Commission's "cascade" visa regime allows Indian passport holders with previous Schengen visas to obtain longer-term multiple-entry visas. This regime does not grant residency or employment rights and limits stays to 90 days within any 180-day period.
In summary, Greece's Golden Visa program remains operational but has become more selective due to these reforms. The new zone-based investment thresholds are a strategic move to balance investment incentives with housing market stabilization, reflecting a significant shift in policy to address both local and international real estate dynamics.
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