Greece is introducing radical changes to its Golden Visa Program, aiming to curb the program’s use for the mass purchase of apartments for short-term rentals (like Airbnb) and redirect foreign investment toward sectors that enhance social housing and the upgrade of existing building stock.
The new framework simplifies procedures, standardizes documentation, and sets stricter rules for real estate investment.
Core philosophy and key changes to Greece’s Golden Visa
The new policy establishes a unified and more transparent framework. The philosophy shifts the focus away from speculative apartment purchasing and toward long-term, socially beneficial investments.
Minister Thanos Plevris stated: “We are securing more investments by reshaping the framework for investor visas. The goal is a framework that is transparent, unified, and functional, yet simultaneously controlled.”
Greece imposes a “cut-off” for short-term rentals
The most significant change is the banning of new investors from buying apartments exclusively for Airbnb or short-term rentals. This measure aims to move residences back into the long-term rental market, increasing housing availability and easing price pressure.
Investment is restricted to timeshare leases and long-term contracts (over five years) within integrated tourist complexes.
According to government sources, “It was necessary to stop the pressure on the housing market from investments that were removing residences from the market.”
Incentives for revitalizing dormant buildings
The program now emphasizes the utilization of inactive building stock by providing incentives for converting old industrial buildings and factories into modern residences or mixed-use spaces.
To obtain a change-of-use permit, investors must provide a technical report certifying the building has not operated as an industrial facility for the last five years (documented via power-disconnection certificates or other public records).
New incentives encourage investment in protected heritage properties.
Golden Visa eligibility requires a technical report confirming the completion of comprehensive restoration or reconstruction works to support the revival of historic buildings and architectural heritage.
Flexibility for land development
For new developments on plots of land or agricultural parcels, investors can now use either the sum of the purchase price and construction cost, or just the construction cost, to meet the investment threshold. This aims to encourage the creation of new housing rather than the simple acquisition of existing apartments.
The new framework aims to reduce bureaucracy while significantly strengthening controls to prevent abuses.
All investment types—from property purchase to change of use and timeshare leases—now share a common system of documentation. Furthermore, applications can now be submitted electronically for the first time.
Requirements now include a private insurance policy, a €2,000 e-fee, and a €180 consular fee.
The government seeks to limit speculation in the housing market, increase housing availability for citizens, and shift investment interest toward revitalization projects.
The changes mark a profound philosophical shift: from the mass purchase of apartments for short-term commercial exploitation to investments that support social housing, upgrade neglected buildings, and buttress the real economy.
The government anticipates these changes will lead to more sustainable and responsible investment activity.
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