Is Greece’s Property Golden Visa Entering Its Final Chapter?

On the eve of China’s National Day holiday, news from the Hellenic Parliament sent ripples through the investment migration market.

On 30 September, PASOK – Movement for Change, Greece’s main opposition party, formally submitted an amendment proposing the abolition of the real estate investment route under the country’s Golden Visa programme. The proposal called for Greece’s foreign investment incentives to be redirected towards productive business investment through the Angel Visa framework.

The following day, PASOK President Nikos Androulakis publicly promoted the proposal during a plenary session of Parliament, directly challenging the governing New Democracy party:

“If the Angel Visa already exists, why not abolish the Golden Visa for real estate?”

The news has understandably caused concern among prospective investors. One point, however, must be made clear from the outset: this was an amendment proposed by an opposition party. It was not, at the time of submission, legislation in force, nor did it mean that Greece’s Golden Visa had already been abolished.

Information on the existing Golden Visa framework remained available through the Greek Ministry of Migration and Asylum, applications continued to be accepted, and compliant applications already submitted remained under review.

Nevertheless, anyone familiar with the evolution of Greece’s investment migration programme will recognise the broader direction of travel. Over more than a decade, the programme has never been meaningfully relaxed. Instead, eligibility thresholds have risen and compliance requirements have become progressively tighter. The formal submission of an amendment seeking to abolish the property route therefore represents a significant signal that the programme may be approaching its most restrictive phase yet.

The Four Core Measures in the PASOK Amendment

The PASOK amendment contained four articles, which may be summarised as follows.

1. No New Property-Based Applications

Once the proposed legislation took effect, Greece would cease accepting new applications for investor residence permits based on real estate investment.

Applications legally submitted before the effective date would continue to be assessed under the rules in force at the time of submission. This was the amendment’s principal transitional safeguard.

2. No Conversion into the Property Route

The amendment would remove the ability to convert other categories of investment residence permits into property-based investor residence permits.

The aim was to eliminate alternative routes through which applicants could ultimately obtain residence by purchasing real estate.

3. Existing Transitional Provisions Repealed

Previous transitional provisions introduced for applicants at different stages of the programme would be repealed, bringing existing permit holders within the proposed new regulatory framework.

4. Short-Term Rentals Prohibited

The amendment would extend the short-term rental prohibition to all properties connected with Golden Visa residence permits, replacing the previous 60-day distinction.

Existing permit holders would be given a reasonable adjustment period. The proposed provisions would take effect upon publication in the Government Gazette.

Source: PASOK parliamentary amendment, Articles 1–4, published 30 September 2026.

Why the Proposal Was Introduced: Greece’s Housing Crisis

The amendment did not emerge in isolation.

In its explanatory report, PASOK cited data from the Hellenic Statistical Authority and European institutions to argue that property-based investment migration had contributed to pressure on Greece’s housing market.

Greece’s homeownership rate declined from 75.4% in 2019—5.4 percentage points above the EU average—to approximately 69.4% in 2025, less than one percentage point above the EU average.

In 2025, young people in Greece left the parental home at an average age of 30.9, compared with an EU average of 26.3. In 2019, the corresponding figure for Greece was 28.9.

Meanwhile, 26.4% of the Greek population lived in households where total housing costs exceeded 40% of disposable income. The equivalent figure across the European Union was 7.7%.

Greece also recorded a 10.1% annual increase in rents in 2025, the second-highest rate in the EU. In Athens, the average rent for a one-bedroom apartment was equivalent to 70.2% of the average monthly salary, while the figure for a two-bedroom apartment reached 93.6%.

According to figures cited from the Greek Ministry of Migration and Asylum, almost all valid permanent investor residence permits were linked to real estate investment. The combined number of active and pending initial Golden Visa cases had already exceeded 40,000.

PASOK’s position can be summarised in one sentence:

The party is not opposed to foreign investment; it is opposed to the type of investment currently being encouraged.

PASOK argues that Greece needs capital directed towards the productive economy, entrepreneurship, technology, research, innovation and job creation—not capital concentrated in speculative residential property.

Its proposed policy direction is therefore a shift from the property-based Golden Visa to the Angel Visa, encouraging foreign investment to move away from residential real estate and into productive business activity.

More Than a Decade of Policy Changes: A Gradual Erosion of the Programme’s Advantages

Viewed over the longer term, PASOK’s proposal was not an isolated development. It represented another stage in more than a decade of tightening measures.

As with previous policy changes, investment thresholds have only moved upwards, while access to the programme at the lowest cost has continued to narrow.

2013: The Original €250,000 Programme

Greece launched its Golden Visa programme in April 2013.

The programme initially offered a uniform minimum property investment of €250,000, imposed no minimum physical residence requirement and allowed the investor’s eligible family members to obtain residence permits. It quickly became one of Europe’s most popular investment migration programmes.

In December 2013, Globevisa secured what it records as the first successful Greek investment residence approval for a client in the Chinese market.

2023: Thresholds Doubled in High-Demand Areas

The first major threshold increase took effect in August 2023.

The minimum investment in central Athens, Thessaloniki and other high-demand locations doubled from €250,000 to €500,000. Investors who had postponed their applications were subsequently faced with twice the previous entry cost in those areas.

2024: The Three-Tier Investment Framework

In September 2024, Greece introduced a three-tier property investment structure under Law 5100/2024:

● €800,000 in designated high-demand locations;

● €400,000 in other areas; and

● €250,000 only for qualifying commercial-to-residential conversions, industrial-to-residential conversions and the restoration of listed buildings.

The revised framework also introduced restrictions concerning single-property investment, a minimum floor area of 120 square metres in the relevant categories, and the use of qualifying properties for short-term rentals.

2025–2026: Tighter Compliance Rules

During 2025 and 2026, compliance requirements became increasingly detailed.

Law 5275/2026 further addressed practices such as pooled purchases and co-investment structures. It also introduced penalties of up to €50,000 for prohibited short-term rental activity.

2026: A Proposed Fivefold Increase in Property Transfer Tax

In September 2026, the Greek Prime Minister announced that the property transfer tax applicable to certain non-EU purchasers would increase from 3% to 15%, with an adjustment period extending to 1 July 2027.

This would represent a fivefold increase in the applicable tax rate and a substantial rise in the overall cost of purchasing residential property in Greece.

The Data Already Reflects the Tightening Environment

The effects of the policy changes are also evident in the application figures.

During the first half of 2026, Greece received 2,551 new Golden Visa applications, down 44% year on year.

At the same time, as the authorities worked through the application backlog, the number of permits issued during the same period increased by 21% year on year.

By the end of July 2026, Greece had 26,310 valid initial permanent investor residence permits. Chinese nationals held 12,485 of those permits, representing 47.5% of the total and remaining the largest applicant group by a substantial margin.

Across Europe, the real estate route has been progressively withdrawn. Portugal removed real estate from its Golden Visa qualifying options in 2023. Spain ended its investor visa programme in April 2025. Latvia stopped granting new temporary residence permits to real estate purchasers under its new Immigration Law, which took effect on 15 September 2026.

Greece is therefore one of the last major European destinations still retaining a mainstream residence-by-real-estate-investment route.

Sources: Στατιστικά | Υπουργείο Μετανάστευσης και Ασύλου, Golden Visa: Νέο πλήγμα για την χρυσή βίζα - Το έξτρα χαράτσι [πίνακες] - Οικονομικός Ταχυδρόμος - ot.gr, Spanish Government announcement and New Immigration Law Takes Effect: Key Changes and Regulations | Pilsonības un migrācijas lietu pārvalde.

Can Investors Still Apply?

Under the existing legal framework described in the original announcement, the answer was yes.

The property-based Golden Visa provisions remained in force, and the relevant government information and application channels continued to operate. The PASOK amendment would have needed to complete the parliamentary process and be published in the Government Gazette before it could take legal effect.

Applications that had already been legally submitted were protected under the transitional provision contained in the amendment. They would continue to be examined under the rules applicable at the time of submission.

All compliant applications already being handled by Globevisa continued to progress through the relevant procedures.

The broader policy direction, however, has become increasingly clear. Investment thresholds have risen repeatedly. Compliance requirements have tightened. Restrictions on short-term rentals have expanded. The property transfer tax for qualifying non-EU purchasers is set to rise from 3% to 15%. At the same time, several other European countries have already closed their property-based investor residence routes.

The direction is towards further restriction, while the long-term future of the property route remains uncertain.

More than a decade of policy changes has demonstrated one consistent trend: the lower-cost phase of the Greek Golden Visa is coming to an end. Future participation is likely to involve stricter requirements and higher overall costs.

Previous policy changes have generally included transitional arrangements, but such arrangements do not remain available indefinitely. Investors with genuine international residence planning needs should therefore review their options, understand the applicable legal requirements and obtain professional advice at an early stage.

About Globevisa

Globevisa has been active in Greece’s property investment migration market since 2013.

The company has assisted more than 5,700 families and handled over 25,700 permanent residence cards. Its local company and bilingual legal team in Athens provide coordinated support throughout the process—from project selection and property title due diligence to residence applications, property delivery and permit renewals.

Sources and Disclaimer

Sources include the PASOK parliamentary amendment published on pasok.gr, eKathimerini, ERT News, reports citing Euro2day and official Greek government data, and the Στατιστικά | Υπουργείο Μετανάστευσης και Ασύλου.

This article reflects information available as of October 2026. Immigration, property and tax rules may change. The final interpretation and application of the law are subject to official Greek government publications and advice from qualified legal and tax professionals.