Greece: Golden Visa thresholds raised on popular islands

Greece grants a residence permit to foreigners who acquire real estate above a value threshold. The permit allows residence in and travel within the Schengen area; it confers neither tax residency nor any obligation of physical presence.

Law 5100 of 2024 replaced a single threshold with a geography. The required investment is now €800,000¹ in Attica, in the Thessaloniki metropolitan area and on islands with a population above more than 3,100² inhabitants.

Elsewhere in the country, the threshold is set at from €400,000³. Before the reform, it stood at from €500,000⁴ in high-demand areas and from €250,000⁵ in the rest of the country.

The island criterion is the most confusing: it is based on a population threshold, which pushes some highly sought-after islands into the most expensive category while leaving others nearby in the cheapest.

An island-by-island check is therefore essential, and it must be based on a population figure established at a reference date, not on an impression formed as a tourist.

The scheme also includes non-property routes, with different thresholds and conditions: investment in securities, in fund units, or a bank deposit. They are less used but worth comparing, as they do not expose the investor to the risk of the local property market.

The legislator's intention is explicit: to curb the pressure of foreign demand on housing in the tightest areas. It is not a revenue-raising measure but a housing measure.

The most populous and most touristic islands are among the tightest markets in Greece, and their inclusion in the top category is consistent with this aim.

The observable effect is displacement rather than a halt: an investor aiming for a modest entry ticket turns to mainland regions and the least populous islands.

We publish neither a Greek property price index by area nor the number of permits issued: we have not found an up-to-date official series to measure the effect of the reform.

What can be said is that the rise in Greek prices preceded the reform by several years, and that it is driven by tourism and short-term rentals as much as by residency by investment.

The permit does not confer Greek tax residency, which requires presence of more than more than 183 days⁶. A French national who obtained it without leaving France would remain fully taxable there.

Nor does it give access to Greece's tax incentive regimes, which have their own conditions: 7%⁷ for 15 years⁸ for foreign pensioners, or a flat tax of €100,000⁹ for high-net-worth individuals.

Finally, Greek rental income falls under the ordinary scale, not under any flat-tax regime. This point is often overlooked in the yield calculations presented to investors.

For a French national, the scheme is of limited interest in any case: freedom of movement already allows them to live in Greece with no investment condition. The permit is aimed at third-country nationals.

1. Determine the exact zone of the property, since the threshold depends entirely on it.
2. For an island, check the population figure used by the law.
3. Check the property's planning compliance and that it has clear title.
4. Calculate the tax on Greek rental income, which falls under the ordinary scale.
5. Keep the property: selling it has consequences for retaining the permit.

The thresholds have changed twice in a few years, always upwards, and the European Commission keeps constant pressure on these schemes. An investor should therefore reason on what is secured at the time of application, not on a supposedly stable trajectory — renewal conditions being governed by the law applicable at the time of renewal.