Greece’s Residency Program and Its Global Appeal

Article written by Christina Georgaki IMCM Cert(IM), Founder and Managing Partner, Georgaki and Partners Law Firm

Investment migration-often referred to as citizenship or residence by investment-has surged in popularity worldwide. This trend is fueled by factors such as globalization, which prompts high-net-worth individuals to diversify assets internationally and increasing demand for secure residency options in politically stable, economically robust environments. Key motivations include access to better business climates, optimized tax regimes, and improved quality of life.

Several countries now offer pathways to residency through investment, and the Greek Residency Program has emerged as one of the most sought-after residency programs globally, allowing for direct real estate assets investment. Greece offers residency to non-EU investors for a minimum real estate investment of €250,000, one of Europe’s lowest entry points.

Greece as a prime Investment Destination

With its stable political climate, robust economy, and attractive Mediterranean lifestyle, Greece has gained considerable interest from investors worldwide. Its strategic location and government policies aimed at fostering business growth, digital transformation, and renewable energy, make the country increasingly appealing.

Key Insights at a Glance:

Projected GDP growth in 2024 is +2%, with expectations for +2.5% growth in 2025.

• Greece ranks 5th among the Top 10 European destinations.
• Athens is listed among Europe’s Top 10 Metropolitan Destinations.
• Greece ranks 3rd among the countries with the highest price increase in properties, at +10.4%.
• Despite recent price increases, property values in Greece remain competitively attractive compared to those in other Southern European nations.

Greek Residency Program: Key Features and Recent Updates

The Greek Residency Program stands out for its low minimum investment requirement, starting at just €250,000, one of the lowest thresholds in Europe. The program’s popularity stems from its valuable benefits, including visa-free travel across Europe, access to the Schengen Area (29 countries) and free public healthcare and education. Investors enjoy the flexibility to choose any property, apply remotely, and even rent out their investment. A key benefit also is the ability to apply for citizenship after seven years, making it an appealing option for long-term residence and European integration.

As of April 2024, notable changes to the program (per Article 64 of Law No. 5100/2024) include the introduction of region-specific investment thresholds, established to attract higher-value investments while supporting regional development.

New Investment Thresholds (400K/800K) based on Geographic Location

In prime locations such as Attica, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100 inhabitants, the minimum investment stands at €800,000. For all other regions in Greece, the minimum eligible real estate investment has increased to €400,000 from €250,000. The new regulations also require the investment to be made in a single property, with a minimum surface area of 120 square meters.

Conditions Where the Minimum Investment Threshold Remains at €250,000

For certain investments, the threshold remains at €250,000:

• By investing in a commercial or industrial property undergoing conversion to residential use, provided this investment is made in a single property, applicants may qualify for the Greek Golden Visa under the €250,000 minimum threshold
• For investments in listed buildings that are to be restored or reconstructed, provided
  the investment is directed towards a single property and restoration/reconstruction
  work is completed before Golden Visa application, the minimum threshold of €250,000
  remains. Additionally, these properties cannot be sold until the restoration work is
  finished.

New regulations also restrict Golden Visa acquired properties from being leased on short-term rental platforms like Airbnb, supporting sustainable development and local housing stability.

Greece’s real estate market in 2024 showcases a dynamic, promising landscape that appeals to investors, developers, and homebuyers alike. The sustained interest and market growth suggest that Greece is poised to further solidify its position as a top European real estate market. With its accessible investment pathways – among the lowest thresholds in Europe – and the continued appeal of the Greek Residency Program – one of the most prominent in Europe – Greece remains an attractive destination for those seeking European residency alongside robust investment opportunities.