Greece ranked first in Henley and Partners’ 2025 Global Residence Program Index, scoring 73 out of 100 and overtaking Portugal after nine consecutive years at the top of the ranking. That shift reflects programme-level data that experienced advisers are already working with: 9,391 approvals processed in 2024, 6,978 initial applications received in the first half of 2025, and 27,786 valid permits outstanding globally. The investor base is concentrated among UAE-based professionals, NRI families, and internationally mobile HNW individuals seeking EU residency anchored in a recovering property market with strong long-run fundamentals.
The Greece Golden Visa is a residency-by-investment programme. It is not citizenship-by-investment. Investors who qualify receive a five-year renewable residence permit for themselves and eligible family members, with full Schengen travel rights and no minimum stay requirement to maintain residency standing. Citizenship is a separate outcome, available only through seven-year naturalisation that carries a 183-day-per-year physical presence requirement. The distinction matters: most investors hold the programme at residency level and do not intend to naturalise. Both objectives are legitimate, but they carry substantially different planning requirements.
Law 5100/2024, which took effect on 1 September 2024, restructured the programme around geographic investment zones, introduced a minimum floor area requirement for qualifying properties, and imposed new restrictions on short-term rental use. A further route was introduced in November 2025: a €250,000 investment in an eligible Greek startup, giving investors access to EU residency without a property acquisition. Four qualifying routes are now active. This page documents all four, along with permit conditions, the citizenship pathway, the non-dom flat tax regime, and the programme’s practical implications for UAE-based and NRI investors.
Investment thresholds, eligibility criteria and regulatory conditions are subject to change. Verify current requirements with qualified legal counsel before committing capital to any investment programme.
| Route | Minimum Investment | Permit Length | Key Restriction |
|---|---|---|---|
| Zone A | EUR 800,000 | 5 years renewable | No short-term rental |
| Zone B | EUR 400,000 | 5 years renewable | No short-term rental |
| Conversion | EUR 250,000 | 5 years renewable | Completed conversion required |
| Startup | EUR 250,000 | 1 year, renewable every 2 years | Eligible certified startup only |
Greece Golden Visa: Investment Routes and Thresholds
Since 1 September 2024, four distinct investment categories qualify for the Greece Golden Visa. Each carries different capital requirements, property type rules and geographic considerations. Investors should assess which route aligns with their capital allocation, intended use of the property and residency objectives before instructing legal counsel.
Zone A: Property Investment at EUR 800,000
Zone A covers the high-demand residential markets: the Athens metropolitan area, Thessaloniki, Mykonos, Santorini, and all Greek islands with a registered population exceeding 3,100. The minimum qualifying investment within Zone A is €800,000, applied to a single residential property with a minimum floor area of 120 square metres. Combining two smaller units to reach the €800,000 threshold is not permitted under the 2024 law. The single-property rule applies in full, and off-plan purchases qualify provided the developer holds a valid current building permit at the time of the Golden Visa application.
Properties acquired in Zone A after 1 September 2024 cannot be operated as short-term rentals. This restriction is a material condition of the qualifying investment: violating it carries a €50,000 fine. A separate regulatory layer introduced in January 2025 banned short-term rental activity across an expanded list of central Athens districts, including the Historical Centre, Koukaki, Plaka, Exarchia, Pangrati, Zappio, Mets, Neos Kosmos, Thisio, Petralona, Metaxourgio and Votanikos. The January 2025 ban applies to all short-term rentals in those areas regardless of Golden Visa status, with a €20,000 fine for violations. Investors acquiring in central Athens need to account for both layers of restriction, as they operate independently of each other.
Property Use and Rental Options in Zone A
Long-term residential rentals remain permitted for Zone A Golden Visa properties. Investors seeking yield from their qualifying property should structure the acquisition with long-term lease arrangements. Athens residential rental yields have been running at approximately 4.40 to 5.43 percent gross across the broader metropolitan area, with central well-positioned properties in non-banned districts achieving 6 to 9 percent gross in some cases. These are pre-tax, pre-cost figures and should be assessed against ENFIA annual property tax, management costs and income tax obligations before projecting net return.
Zone B: Property Investment at EUR 400,000
Zone B covers all remaining Greek territory: mainland regions outside the Athens and Thessaloniki metropolitan areas, smaller islands below the 3,100-population threshold, and regional urban centres including Patra, Heraklion, Larissa and Ioannina. The minimum qualifying investment is €400,000, applied to a single property with a minimum floor area of 120 square metres. The same restrictions on short-term rental use apply to Zone B properties acquired after 1 September 2024. The lower threshold makes Zone B the entry point for investors who do not require a property in the major urban centres or premium island markets.
Border Zone Property Acquisition
Specific areas in the eastern Aegean islands, the Dodecanese and mainland Thrace are classified as border zones under Greek national security legislation. Foreign nationals acquiring property in these zones require prior approval from the Greek Ministry of National Defence before the purchase can proceed. This approval process runs separately from the Golden Visa application and typically adds three to eight weeks to the acquisition timeline. Investors targeting properties on Kos, Lesbos, Chios, Samos, Rhodes and certain mainland border districts should factor this requirement into their project planning from the earliest stage and instruct local legal counsel who has experience with Defence Ministry submissions.
EUR 250,000 Commercial to Residential Conversion
The conversion route permits a €250,000 qualifying investment in a property undergoing change of use from commercial to residential, or in a heritage building undergoing full restoration. Ministerial Decision 214926/2025 clarified a material procedural point: the change of use must be completed and certified before the Golden Visa application is submitted. Investors cannot apply on the basis of an intended or in-progress conversion. The 120-square-metre minimum floor area applies to the converted residential unit once completed. This route requires more intensive due diligence on building permit status, planning approvals, and contractor execution than the standard property routes, and is better suited to investors with in-country legal representation experienced in Greek property development.
Greece Startup Golden Visa: EUR 250,000 Investment Route
In November 2025, Greece introduced a fourth qualifying route: a €250,000 investment in an eligible Greek startup. The startup route issues a one-year residence permit renewable in two-year increments, with the same family inclusion rights as the property routes. The qualifying startup must be certified by a designated programme authority, with EIT Digital and equivalent bodies listed among the certifying organisations. Due diligence on startup route investments focuses on the certification status of the target company, capital deployment conditions and the investor’s ongoing obligations under the startup programme framework.
The startup route provides EU residency without a property acquisition, which removes property management responsibilities but introduces different risk considerations: the investment is in an operating company rather than a real asset, liquidity and exit mechanisms differ from property, and the programme’s long-term track record is short given its November 2025 launch. The citizenship pathway via seven-year naturalisation applies equally to startup investors, provided the physical presence requirement is met. Investor interest in this route has been concentrated among UAE-based professionals who already hold UAE property and do not wish to acquire a second real estate position in a foreign market.
Which Route Suits Which Investor
Zone A suits investors acquiring in Athens, Thessaloniki or the premium islands who prioritise capital growth and access to the most liquid segment of the Greek property market. Zone B suits investors seeking a lower entry point with identical permit terms, typically targeting secondary cities or islands outside the Tier 1 locations. The commercial conversion route suits investors with experience in value-add or heritage property, willing to manage a construction or renovation process in exchange for a lower capital threshold and greater scarcity of qualifying stock. The startup route suits investors who prefer not to hold Greek real estate and are comfortable with the risk profile of an early-stage private company investment, in exchange for a capital-light path to EU residency.
The Greece Golden Visa Investor Handbook covers all four investment routes in detail, including transaction cost tables, non-dom flat tax worked example, citizenship pathway checklist and full document requirements.
Residency Rights and Permit Conditions
What the Permit Covers
The Greece Golden Visa issues a five-year residence permit, renewable indefinitely provided the qualifying investment is maintained at or above the threshold applicable at the time of renewal. There is no minimum stay requirement to maintain residency status. An investor can hold a valid Greek residence permit while residing primarily in the UAE, in India or anywhere else, without losing residency standing under the programme. The permit allows the holder to reside in Greece, access the Greek public healthcare system, and enrol children in Greek educational institutions. Employment for a Greek employer is not permitted under the investment residence permit. Self-employment, business ownership and directorship are permitted.
Schengen Area Access
Greece is a full member of the Schengen Area. A valid Greek residence permit grants the holder and included family members the right to travel freely across all 27 Schengen member states without additional visas, subject to the standard 90-days-in-180-days visitor limit per country where the holder is not resident. For UAE-based investors who require regular access to European business centres, medical facilities, educational institutions or family connections, the Schengen mobility benefit is frequently the primary driver of the investment decision. The permit does not create tax obligations in Greece unless the holder also establishes Greek tax residency.
Family Inclusion Rules
The primary investor’s spouse or registered civil partner, dependent children up to age 21 (extendable to age 24 for children in full-time tertiary education), and dependent parents of both the investor and the investor’s spouse are eligible for inclusion on the same application. Each family member receives an individual five-year residence permit. Family members can be added at any point during the permit’s validity by submitting the relevant supporting documents and paying the applicable government fees. This provision means investors do not need to include all family members at the initial application stage.
Permit Renewal and Long-Term Standing
Renewal applications are submitted before the expiry of the current five-year permit. The renewal requires confirmation that the qualifying investment remains in place at or above the relevant threshold, a clean criminal record, valid health insurance and continued compliance with all permit conditions. There is no upper limit on the number of renewals, meaning an investor who maintains the qualifying investment can hold Greek residency indefinitely. Processing times for renewal applications are generally shorter than for initial applications, provided documentation is submitted promptly and completely. Investors should track renewal dates and engage legal counsel three to four months before expiry to allow adequate processing time.
The Citizenship Pathway via Naturalisation
Residency Status vs Greek Citizenship: A Critical Distinction
The Greece Golden Visa provides residency, not citizenship. This is the single most important distinction to clarify before making the investment decision. Residency is maintained by keeping the qualifying investment in place and renewing the permit every five years. No minimum stay in Greece is required. Citizenship via naturalisation is a separate legal status with entirely different requirements: the applicant must have maintained lawful residency in Greece for seven consecutive years and must have been physically present in Greece for at least 183 days per year throughout that period. An investor holding a Greek residence permit while residing primarily in the UAE is not on a citizenship track, and the years of permit holding do not count towards the seven-year naturalisation requirement unless the physical presence condition is also met.
The PEGP Naturalisation Examination
The Proof of Eligibility for Greek Permanent Residency examination is required for all citizenship applications from non-EU nationals. The examination has two sections: Greek language (out of 60 points) and Greek history and culture general knowledge (out of 40 points). The minimum pass thresholds are 40 out of 60 in the language section and 20 out of 40 in the general knowledge section, with an overall pass requiring 70 out of 100. Failure to meet either section minimum disqualifies the application regardless of the overall score. The examination is conducted in Greek, which means applicants must reach at least B1 level in the language. The government examination fee is €150 per application.
Additional Naturalisation Conditions
Beyond the examination, naturalisation applicants must demonstrate a clean criminal record under Greek law, evidence of stable and sufficient income to support themselves and their dependants in Greece, and formal confirmation of legal residency status throughout the qualifying period. Applicants must also address any nationality that does not permit dual citizenship: India does not permit its citizens to hold dual nationality. An Indian passport holder who successfully naturalises as a Greek citizen is required to formally renounce Indian citizenship before the Greek nationality is granted. This is a material consideration for NRI investors for whom Indian citizenship carries practical or legal significance, and it should be assessed by qualified counsel before the investor commits to a citizenship-track objective.
Realistic Citizenship Timeline
Seven years is the legal minimum qualifying period, not the practical timeline to Greek citizenship. Administrative processing of naturalisation applications in Greece adds to this minimum: most applicants currently report total timelines of eight to ten years from initial permit issuance to citizenship grant. Investors whose primary objective is fast-track EU citizenship should model the realistic timeline and compare it against alternative programmes, including Portugal’s naturalisation pathway and other EU residency programmes with shorter qualifying periods. For investors whose citizenship objective is secondary and long-term, the timeline is less material to the investment decision.
Greece Non-Dom Tax Regime for Investors
The EUR 100,000 Flat Annual Payment
Greece operates a non-domicile tax regime that allows qualifying foreign investors who establish Greek tax residency to settle all Greek tax liability on foreign-source income through a single annual flat payment of €100,000, regardless of the actual amount of foreign income earned or its source. The €100,000 payment covers income from employment, business operations, capital gains, dividends and interest arising outside Greece. Greek-source income is taxed at standard Greek rates and is not covered by the flat fee. The regime runs for a maximum of 15 years from the date the investor establishes Greek tax residency under the programme.
Qualifying Conditions and Investment Requirements
To qualify for the non-dom regime, an investor must have been a non-resident of Greece for seven of the eight tax years immediately preceding their application, must actively become a Greek tax resident, and must have invested at least €500,000 in Greek real estate, Greek business equity or Greek government bonds, either directly or through a qualifying family member. The €500,000 investment requirement is separate from the Golden Visa qualifying investment: an investor holding a €400,000 Zone B Golden Visa property does not automatically satisfy the non-dom investment threshold and may need to acquire additional qualifying assets.
Non-Dom Status and UAE Tax Residency
UAE-based investors considering the non-dom regime must assess whether shifting tax residency from the UAE to Greece aligns with their wider wealth structure. The UAE currently imposes no personal income tax, making UAE tax residency attractive for investors whose income is predominantly foreign-source. Establishing Greek tax residency under the non-dom regime means Greece becomes the investor’s primary tax domicile. While the €100,000 flat fee may be lower than the investor’s potential tax liability in other jurisdictions, it represents a shift from a zero-tax base in the UAE. This is a material financial planning decision requiring qualified tax advice specific to the investor’s residency profile, income structure and applicable double tax treaty positions.
2025 Reforms to the Non-Dom Programme
Three amendments to the non-dom regime took effect in 2025. First, family members of the primary non-dom applicant can now join the regime at any point during the 15-year duration, not only at the time of the initial application. Each additional family member joining the regime pays a supplement of €20,000 per year. This change allows investors to add family members as their residency objectives evolve without being penalised for not including them at the outset. Second, gift and inheritance tax exemptions were extended to apply to donees and heirs of the primary applicant, not only to the applicant personally. Third, the minimum qualifying operating expenses for a family office structure to benefit from the regime were reduced from €1,000,000 to €250,000 per year, making the family office route accessible to a broader range of UHNW investors structuring through Greece.
Greece Versus Portugal and UAE: Programme Comparison
Programme Comparison at a Glance
Greece, Portugal and the UAE offer the three most widely combined residency programmes among the investor profile Helis advises. They serve different objectives and the decision to hold one, two or all three depends on the investor’s mobility requirements, tax planning position and citizenship timeline. Greece provides EU residency backed by Schengen access and a defined naturalisation pathway. Portugal reinstated its Golden Visa programme in 2024 following legislative changes that removed Lisbon and Porto residential property from the qualifying asset list. Greece has no equivalent geographic restriction on its property route. The UAE programme provides residency in a zero-income-tax jurisdiction with no EU citizenship pathway and no minimum stay requirement for a 10-year Gold Visa holder.
| Feature | Greece | Portugal | UAE |
|---|---|---|---|
| Residency permit | 5 years renewable | 2 years renewable | 2 or 10 years |
| Schengen access | Yes | Yes | No |
| Citizenship pathway | Yes (7 years) | Yes (5 years) | No |
| Minimum stay (residency) | None | 7 days yr 1, 14 days yrs 2-3 | None |
| Property investment route | Yes | No (funds/PE only since 2024) | Yes |
| Minimum investment | EUR 250,000–800,000 | EUR 500,000 (funds) | AED 2M (~USD 545,000) |
| Income tax | Standard or EUR 100,000 flat (non-dom) | Standard or NHR regime | Zero income tax |
For UAE-Based and NRI Investors
UAE-based investors considering the Greece Golden Visa should assess four questions before proceeding. First, whether EU residency serves a genuine travel, business access or family connectivity objective that justifies the investment threshold. Second, whether the €400,000 or €800,000 property investment aligns with a Greece real estate position the investor would hold on its own merits, independent of the residency benefit. Third, whether the non-dom flat tax regime, requiring Greek tax residency and a separate €500,000 investment, is compatible with the investor’s existing UAE tax base. Fourth, whether the citizenship pathway is a genuine seven-to-ten-year planning objective or a secondary consideration that does not materially affect the investment decision.
Holding Greece and UAE Programmes Simultaneously
Both programmes can be held at the same time. The UAE Golden Visa provides a residency base in a zero-tax environment with strong business infrastructure and direct flight connectivity to all major markets. The Greece Golden Visa provides EU residency, Schengen access and the long-term option of a European citizenship pathway. Investors holding both programmes maintain flexibility across two jurisdictions without being required to choose a primary base: UAE for operational and lifestyle purposes, Greece for EU access and optionality. NRI investors remitting capital from India under the Liberalised Remittance Scheme should confirm that the investment structure and receiving jurisdiction comply with current RBI guidelines before committing capital to the Greece programme.
Application Process and Documentation
Greece Golden Visa Application Sequence
- Obtain AFM (Greek tax identification number) from the Greek tax authority
- Open a Greek bank account for investment fund routing
- Complete the qualifying investment (property registration, startup capital commitment, or conversion completion)
- Compile supporting documentation: passport, Apostille certificates, police clearance, health insurance, investment evidence
- Submit Golden Visa application to the Migration Ministry
- Receive interim certificate of application (valid for Schengen travel during processing)
- Attend biometrics appointment (investor and all included family members)
- Receive five-year residence permit cards (processing typically 3 to 6 months from submission)
Core Document Requirements
The Greece Golden Visa application requires a valid passport with at least six months’ remaining validity, Apostille-certified birth and marriage certificates, a police clearance certificate from the investor’s country of current residence (for all adult family members included on the application), health insurance providing coverage in Greece, and formal evidence of the qualifying investment. For the property route, evidence is the notarial deed of sale and land registry registration. For the startup route, evidence is the certification from the designated programme authority confirming the startup’s eligibility and the investor’s capital commitment. A Greek tax identification number (AFM), obtained separately from the Greek tax authority, is required before the property purchase can be registered.
Government Fees and Processing Timeline
Government fees for a Greece Golden Visa application are €2,000 for the primary applicant and €150 per additional family member included on the application. These fees are paid at the time of submission. Legal and advisory fees are charged separately by the investor’s appointed Greek legal representative and vary by case complexity, the number of family members and the type of investment route. Current processing times for complete, well-documented applications run at approximately three to six months from submission to permit issuance. An interim certificate of application is issued on submission date, providing lawful residency status during processing and permitting Schengen travel while the full permit is being processed.
Pre-Application Steps
Several steps must be completed before the Golden Visa application can be submitted. Opening a Greek bank account for the purpose of receiving investment funds and paying transaction costs, obtaining the AFM tax identification number from the Greek tax authority, engaging a local notary to oversee the property purchase or investment structure, and where applicable obtaining Ministry of Defence approval for border zone properties. Investors acquiring through a company structure should also confirm the company’s eligibility as a qualifying investment vehicle under the 2024 regulations. In-country legal representation from the earliest stage of the process is strongly recommended, as each step requires physical presence in Greece or a valid power of attorney.
Property Transaction Costs
Investors acquiring Greek property under the Golden Visa programme should budget for total acquisition costs of approximately 5 to 7 percent of the purchase price, in addition to the property cost itself. The transfer tax under Greek law is 3.09 percent of the contractual or assessed value, whichever is higher. Notary fees run at 1.5 to 2 percent of the property value. Land registry registration costs approximately 0.5 to 0.7 percent. Estate agency fees, where applicable, are typically 2 percent plus VAT. ENFIA, the Greek annual property tax governed by Law 5219/2025 (effective July 2025), is calculated at €2 to €16.20 per square metre depending on property location, age and assessed value. The new law permits ENFIA to be paid in up to 12 monthly instalments, reducing the annual cash flow impact.
| Cost Item | Typical Rate |
|---|---|
| Transfer tax | 3.09% |
| Notary fees | 1.5–2% |
| Land registry | 0.5–0.7% |
| Agency (where applicable) | ~2% + VAT |
| Total additional acquisition cost | ~5–7% |
Working with Helis
Helis advises internationally mobile investors on property acquisition and residency programme structuring across the UAE and Greece markets. Our advisory engagements cover property sourcing, legal due diligence coordination, investment structure review and programme application management. Investors considering the Greece Golden Visa alongside an existing UAE position benefit from cross-market advisory that treats both programmes as a coordinated residency strategy rather than separate transactions. For investors moving from first inquiry through to permit issuance, we coordinate the legal, property and banking steps under a single engagement to reduce the complexity of managing multiple in-country relationships.
To discuss Greece Golden Visa eligibility, zone selection, or how the programme fits your current residency and portfolio structure, contact the Helis team directly. Our advisers work with UAE-based and NRI investors across all four qualifying routes, and with investors who are assessing the Greece programme alongside the golden visa programmes offered by Portugal, St Kitts and other jurisdictions. For a full assessment of the citizenship and residency options relevant to your situation, speak with our citizenship advisory team.
