Greece has rolled out major changes to its Golden Visa program, reshaping how foreign investment flows into the country. The reforms are designed to support housing availability and revitalize urban areas. The latest Joint Ministerial Decisions (JMDs), especially JMD 214926/2025, published on 11 November 2025, provide clear rules on property purchases, conversions, land-plus-construction projects, and listed building investments, resolving uncertainties that had stalled thousands of applications.
A Simpler, More Transparent Application Process
The government has made the application process more straightforward. Documentation is now standardized across all investment types, including real estate, timeshares, listed buildings, property conversions, land purchases, corporate investments, and start-ups. Investors can submit applications online and only need to travel to Greece for biometric registration.
Requirements are now consistent: private health insurance, a €2,000 application fee, a €180 consular fee, and standardized legal, notarial, and engineering certifications. The goal is to make the process faster, simpler, and more predictable for both investors and professionals.
No More Short-Term Rentals for New Golden Visa Properties
A key aim of the reforms is to ease housing pressures. From 2024 onwards, new Golden Visa properties cannot be used for short-term rentals like Airbnb. The only exceptions are long-term leases of at least five years within designated tourist complexes or timeshare arrangements.
This change encourages investment in older or underused properties that can be restored and added to the long-term rental market.
What the New Rules Require
The 2025 JMDs set out clear guidelines for each type of investment:
- Real Estate & Change-of-Use Projects
- A notarial deed confirming ownership, price, payment method, and full payment, with a minimum of 120 m² of main residential space.
- A property registration certificate, or a lawyer’s verification if the registration is pending.
For properties converted from offices, warehouses, shops, or industrial buildings:
- A certified engineer must confirm the legal change of use.
- Former industrial sites must show no industrial activity for the past five years (via electricity or tax records).
- The €250,000 minimum investment still applies.
- All conversion work must be completed before submitting the residence permit application.
- Listed (Preserved) Buildings
- The notarial deed must reference the Government Gazette number that designates the building as listed.
- The certification applies to all work, whether renovation, reconstruction, or additions.
- Registration certificates or lawyer’s verification are accepted for the initial application.
- An E9 declaration is required.
- Land Purchase + Construction
- A building permit in the investor’s name or in a fully-owned Greek/EU legal entity.
- For construction under a technical project contract, a digital certificate and receipts showing full payment.
- Investment thresholds can be met by the combined land and construction value or the construction value alone.
- For antiparochi (consideration-in-kind) projects on previously permitted land, a sworn auditor’s valuation is required.
- An E9 declaration is mandatory.
- Corporate & Financial Investments
Documentation is now clarified for investments in Greek companies, REICs, venture capital funds, and regulated financial instruments, ensuring uniform standards and monitoring.
- Start-Up Investments
Investors must provide clear evidence of their investment in Greek start-ups, supporting innovation-focused growth.
Pending Applications Can Finally Move Forward
For months, thousands of investors were frozen out due to unclear rules. With JMD 214926/2025, around 13,499 pending cases, including 10,703 in Attica, can now proceed. Lawyers, engineers, notaries, and developers now have the guidance needed to complete stalled purchases, renovations, and conversions.
Renewing a Golden Visa
Renewal now requires proof that the property is still owned by the investor, along with private insurance, administrative fees, an E9 declaration, and a Land Registry certificate (or lawyer’s declaration if proof was not submitted initially).
Additional requirements include:
- Confirmation that no short-term rentals have been made (for properties acquired after April 2024).
- For change-of-use properties, a statement confirming residential use only.
- For listed buildings under restoration, an engineer’s technical report.
- For antiparochi constructions, a sworn auditor’s valuation.
These rules ensure compliance and reinforce the shift toward genuine long-term residential use.
Focusing on Housing and Urban Renewal
Greece’s Golden Visa program is now more than a residency-by-investment scheme. The reforms push capital toward projects with real social and urban impact: restoring old commercial buildings, repurposing inactive industrial sites, and reviving protected architectural heritage.
This approach strengthens the long-term rental market, reduces speculative buying, and encourages sustainable construction and redevelopment. Analysts expect renewed interest from Asia and the Middle East, as investors now have a clear, secure path to residency that also supports city growth and property value over the long term.
In short, Greece is transforming its Golden Visa into a tool for housing supply, urban regeneration, and lasting value.
