Greece Golden Visa: New Rules for 2024 Explained by a Migration Lawyer

A practical, friendly, yet uncompromisingly precise guide for first-time investors

“The Greek Golden Visa still opens Schengen’s doors—
it just takes a fatter wallet and cleaner paperwork to unlock them in 2024.”

I’ve represented more than 300 families in Golden-Visa applications since the scheme launched in 2013. The January 2024 amendments are the programme’s most sweeping overhaul yet, and the rumour mill is working overtime. Below is what is actually in force, seen through the eyes of someone who files these applications for a living.

Disclaimer: This article is for general information only and is not legal advice. Laws change; your situation is unique. Book professional counsel (or start a free plan on BorderPilot) before you act.

Why Greece Still Deserves a Spot on Your Short-List

• Lowest physical-presence requirement in the EU (zero days per year).
• Direct route to a five-year residence permit renewable indefinitely.
• Family-friendly definition: spouse/partner, children under 21, plus dependent parents of both main applicant and spouse.
• Access to Schengen travel without internal border checks.
• Eventually convertible to citizenship after seven years if you do decide to reside.

Yes, Portugal closed its real-estate lane and Spain is threatening to follow. Greece has gone in the opposite direction—tightening but not closing. If €500k–€800k is within reach, the door is still open. Let’s break down the fine print.

1. Eligibility Criteria Under the 2024 Amendments

1.1 Investment Thresholds: Two-Tier System

A few clarifications:

1. The reservation (pre-contract) must be signed after 31 July 2023 for the new thresholds to apply. If you secured notarised pre-contracts earlier, you can still close at €250k until 31 July 2024, but only for that specific property.
2. The investment can be a single property or multiple adjacent units that form one functional property (e.g., two side-by-side apartments knocked into one). Piecemeal purchases no longer qualify.

1.2 Alternative Investment Routes (No Change)

• €400,000 in a Greek-registered mutual fund or real-estate investment company.
• €400,000 in Greek government bonds (5-year lock-in).
• €800,000 in a bank term deposit (2-year lock-in).

These remain untouched but see Section 4 for why 90 % of applicants still prefer bricks-and-mortar.

1.3 Personal Eligibility

• Non-EU/EEA/Swiss national over 18.
• Clean police record in country of residence and origin.
• Comprehensive medical insurance valid in Greece from day 1.
• Proof of legitimate funds (bank statements + source-of-funds documentation).
• No “inadmissible” diseases per EU Directive 2004/38/EC Annex I (mostly obsolete tropical diseases).

Simple? Yes—but the devil lurks in the documentation.

2. Required Documents (and How to Bullet-Proof Them)

Below is the check-list I use in my own practice. Greece seldom rejects because your investment is too small; it rejects when paperwork smells of inconsistency.

2.1 Identity & Family Docs

1. Passport, photocopy of all pages (yes, even the blank ones).
2. Birth certificate, apostilled/legalised and professionally translated.
3. Marriage certificate or civil-partnership deed (if applicable).
4. Birth certificates of children < 21 and parents you want to include.
5. Proof of dependency for children 21–24 in full-time study (rarely granted since 2024 tightening).

Pro-tip: Use the Greek Ministry of Foreign Affairs’ certified list of translators. DIY translations or Google-Docs nightmares cost more to fix than to do properly the first time.

2.2 Financial & Investment Docs

1. Bank statement showing full purchase price moved from an account in the applicant’s name.
2. SWIFT confirmation of transfer to Greek bank or seller’s escrow.
3. Source-of-funds dossier:
   • Tax returns (last 2 years)
   • Employer statements / business ownership docs
   • Sale deeds if funds came from a property disposal
4. Notarised purchase deed (or) share certificates if choosing funds/bonds.
5. Proof of property’s fair-market value from independent valuer—new requirement as of March 2024.

Common roadblock: Clients hand me a “gift deed” from parents. Perfectly fine in principle, but the Greek authorities will then want both gift tax receipts and parents’ own source-of-funds. Drama avoided by sending money directly from investor’s account.

2.3 Health Insurance

• Certificate must show €30,000 minimum cover for inpatient/outpatient care in Schengen.
• Policy should explicitly list Greece or state “worldwide including Europe.”
• Start date: on or before your appointment date at the Migration Directorate.

I recommend local insurers such as Ethniki or AXA Greece—30 minutes online and you’re done, cost about €220 per adult per year.

3. Costs & Processing Times

3.1 Government & Notary Fees (per main applicant)

• Application fee: €2,000
• Biometric residence card: €16
• Notary public deed: roughly 1.2 % of purchase price
• Land Registry or Cadastre entry: 0.475 % – 0.775 % depending on region

Add 24 % VAT on notary fees but not on the property price itself if you buy a resale. Off-plan/new builds attract 24 % VAT on top of price unless you qualify for the VAT suspension (complex, case-specific).

3.2 Legal & Professional Fees

• Market norm: 1 % – 1.5 % of property price as legal fee.
• Due-diligence engineer report: €300 – €600.
• Translator: €20 per page for sworn translation.

My complete “turn-key” packages range €12k–€25k depending on family size and property value.

3.3 Timeline (Assuming Real Estate Route)

1. Week 0–2: Property sourcing + reservation.
2. Week 3–6: Legal due diligence, tax number (AFM) issuance, opening Greek bank account.
3. Week 7–10: Sign purchase deed, wire funds.
4. Week 11–12: Lodge Golden-Visa application (obtain “Blue Receipt” — temporary permit).
5. Month 6–9: Biometrics scheduled; card issued ≈ 4 weeks later.

Good news: During that waiting time you can already travel freely within Schengen, courtesy of the Blue Receipt.

4. Step-by-Step Application Flow (With Real-Life Roadblocks)

Step 1 – Decide on Investment Type

Most first-timers default to real estate because it feels tangible. The 2024 threshold hike nudges some into financial instruments, though yields there barely outpace inflation.

Roadblock: Attempting to split €500,000 across several Tier B towns for “Airbnb arbitrage.” Not allowed. Must be one “integrated property lot.”

Step 2 – Secure a Greek Tax Number and Bank Account

Required before you can place a deposit. Since 2022, the Greek tax office mandates an in-person AFM appointment—even if you grant power of attorney (POA). Book flights; there’s no workaround.

Roadblock: Clients hoping to courier their passport for POA signing. Greek notaries require original signature in front of them or Greek consulate abroad (heavily backlogged). Plan for a 3-day Athens mini-break and solve it on site.

Step 3 – Conduct Legal Due Diligence on the Property

A lawyer/engineer checks title, building permits, zoning, debts. Greece’s new unified Cadastre is still incomplete; rural plots often reveal medieval-era disputes days before closing.

Roadblock: Falling for an “exclusive off-market villa” that lacks a certificate of legality (βεβαίωση μηχανικού). Fixing unlicensed square metres may take months—budget time, or walk away.

Step 4 – Sign the Purchase Deed & Transfer Funds

Funds must come from the applicant’s personal account; family members transferring on your behalf triggers enhanced due diligence.

Roadblock: Anti-money-laundering (AML) flags on transfers > €100k from certain jurisdictions (e.g., Nigeria, Bangladesh). Pre-clear with your bank’s compliance desk to avoid a mid-transfer freeze.

Step 5 – Lodge Application at the One-Stop Migration Directorate

Bring originals + certified translations. If anything is missing, the officer issues a “Deadline Notice” giving 30 days to cure. Miss it, and the file is archived—you start from scratch, including fees.

Roadblock: Someone inevitably forgets the apostille stamp. No, you cannot “email a PDF later.” Physical apostilled document only.

Step 6 – Biometrics & Residence Permit

You’ll receive an SMS when your file is preliminarily approved. Book biometrics within 30 days. Kids under 6 are fingerprint-exempt but must attend for a photo.

Roadblock: Family stuck abroad. Your biometrics slot isn’t reschedulable beyond 30 days. Either fly in or pay €150 per person for a private appointment (limited, Athens only).

5. Living with Your Golden Visa

• Stay requirement: Zero. But if citizenship is your long-game, log at least 183 days/year for seven years.
• Tax residence: Unchanged unless you reside > 183 days or elect the €100k non-dom scheme. Read our Tax optimisation guide for strategies.
• Renewal: Every five years; property holding and insurance are re-verified, nothing else.
• Rental rules: Long-term leases fine; short-term (Airbnb) now banned in Tier A if acquired via Golden Visa. Violations can void permit.

6. Comparing Greece to Other Investor-Visa Heavyweights

If you’re eyeing Asia, compare with our deep-dive into the Singapore Global Investor Programme. For those balancing lifestyle and budget, see how Southern Europe stacks up in Italy vs Spain: Cost of Living for Families.

7. Frequently Asked Questions (2024 Edition)

Q: Can I still buy multiple €250k properties in a Tier B town?
A: No. The wording “single property unit” means one deed, one property. Duplex? Acceptable if registered as one lot.

Q: What if property values dip below the threshold before I apply?
A: Authorities look at purchase price, not market fluctuations. Safe.

Q: Crypto funds—allowed?
A: Yes, if liquidated into fiat before transfer and accompanied by KYC report from the exchange plus your tax declaration of the capital gain.

Q: Can my unmarried partner qualify?
A: Only if you have a recognised civil partnership duly registered in Greece or your home country, apostilled and translated.

8. Practical Tips from the Trenches

1. Time your transfer near month-end. Greek banks generate monthly balance certificates; a mid-month transfer might require two statements instead of one.
2. Bring paper, not just pixels. Officers trust stamped originals. USB sticks raise eyebrows.
3. Don’t over-renovate before title transfers. Any improvements pre-ownership complicate taxation.
4. Schedule biometrics in Thessaloniki if Athens slots are full. Your residence card isn’t tied to property location.
5. Keep a euro checking account alive. Renewal fees must be paid from a Greek IBAN.

Final Thoughts

The Greek Golden Visa of 2024 is neither dead nor a bargain-basement deal. It sits comfortably between the no-stay Maltese schemes and the lifestyle-centric (but slower) Portuguese option. If you’ve got half a million euros, clear paperwork, and a taste for Aegean sunsets, Greece still rolls out the blue carpet.

Want a risk-mapped timeline, property-sourcing intel, and document templates tailored to your nationality? Create your free relocation plan with BorderPilot today—the platform where data meets seasoned legal insight.