The Golden Visa in Greece is a residency-by-investment program designed to attract foreign investors and their families to Greece. It allows them to obtain a Greek residency permit in exchange for investing in the country. Here are the main details of the program:

Key Features of the Greece Golden Visa

1. Investment Requirement

• Real Estate: The most common route is purchasing real estate worth at least €250,000. This is one of the lowest investment thresholds in Europe for a Golden Visa.

• Other Investments: You can also invest in other forms of capital, such as:

  • Business investments: Starting or investing in a business in Greece.

  • Government Bonds: Purchasing Greek government bonds or other investment instruments.

  • Bank Deposits: Depositing a certain amount in Greek banks (though this is less common).

2. Residency

• The Golden Visa grants you residency in Greece, but not citizenship.

• You can live, work, and travel freely within the Schengen Area (a group of 26 European countries).

• Your family (spouse, children under 21, and parents) can also join the program.

3. Residency Period

• The initial residency permit is valid for 5 years.

• The permit can be renewed indefinitely as long as the investment is maintained.

4. Citizenship

• After 7 years of continuous residency, you can apply for Greek citizenship (and therefore an EU passport), provided you meet certain conditions like language proficiency and integration into Greek society.

5. No Minimum Stay Requirement

• There is no requirement to live in Greece to maintain your Golden Visa, which makes it very appealing for investors who don’t wish to move permanently.

6. Family Inclusion

• You can include your spouse, children (under 21), and parents (of both the main applicant and spouse) in the application.

Why Greece?

• Strategic Location: Greece is a gateway to both Europe and Asia, with access to the Mediterranean and strong economic ties to the EU.

• Affordable Real Estate: Compared to other European countries offering similar programs (like Spain or Portugal), Greece’s real estate market is often seen as more affordable.

• Schengen Area Access: Residency in Greece gives you the freedom to travel and work within the Schengen Zone.

• Golden Lifestyle: Greece is known for its rich history, beautiful landscapes, mild climate, and relaxed lifestyle.

Process to Apply

1. Choose an Investment

Select your desired investment (real estate, bonds, business, etc.).

2. Legal and Financial Due Diligence

Hire a lawyer or consultant to guide you through the process. You’ll need to provide proof of funds and ensure your investment meets all the legal requirements.

3. Submit Application

Submit the necessary documents to the Greek authorities. The process usually takes a few months.

4. Receive Residency Permit

Once approved, you and your family will be granted the Golden Visa.

Costs Involved

• Investment Amount: €250,000 for real estate (additional costs for taxes, legal fees, notary fees, etc.).

• Processing Fees: There are government processing and legal fees for the application.

• Property Taxes: If you invest in real estate, you’ll need to cover ongoing costs such as property taxes.

Would you like more information on how to start the process or find out more about the required documentation?

Estimated ROI Comparison

Here’s an estimated total ROI comparison — including capital appreciation + rental income — for the main European real-estate investment markets tied to Golden Visa or similar residency-oriented property investing (based on recent historical data and forward-looking trends). These figures are estimates for a 5-year and a 10-year holding horizon (2026–2031 and 2026–2036), combining likely annual rental returns and property price growth.

Note: All numbers are approximate ranges based on recent market trends and widely reported data (prices and rents), not precise forecasts. Actual performance will vary by location, property type, global financial conditions, financing terms, and rental strategy.

Here’s a practical example of property price ranges, expected rents, and approximate annual rental income for a 70 m² apartment in key Greek markets relevant for a Golden Visa investment (based on current 2025–2026 prices and rents): (spitigkonzalez.gr)

1. Athens & Attica

Typical price per m² (residential):

• Central & average areas: €2,200–2,800/m²

• Southern/Athens Riviera (Glyfada, Voula, Vouliagmeni): €3,700–4,500+/m²
  (spitigkonzalez.gr)

Estimated rent per m²:

• Central & northern/southern suburbs: ~€11–€19/month/m² (average ~€12–€14) (Πόλη Real Estate)

Examples (70 m²):

Net cash flow note: after taxes (ENFIA, income tax) and management/maintenance, net yields typically range ~2.5–4.5%. (Investropa)

2. Thessaloniki

Typical price per m²: ~€1,800–3,800/m² depending on neighborhood. (spitigkonzalez.gr)

Estimated rent per m²: ~€8–€11/month (city center ~€10/m²). (Πόλη Real Estate)

Examples (70 m²):

Yield context: smaller, renovated units near universities often perform best. (Investropa)

3. Crete (Heraklion, Chania)

Typical price per m²: ~€1,800–3,500/m² (up to €4,500+ in luxury/sea-view). (spitigkonzalez.gr)

Estimated rent: ~€9–€12/m²/month on average. (Indomio.gr)

Examples (70 m²):

Seasonality: Crete can see stronger short-term holiday rents in summer, pushing gross yields (for well-managed units) toward ~5–7% on rented days. (Totsi)

4. Greek Islands (e.g., Corfu, Rhodes)

Typical price per m²:

• Corfu: ~€2,000–4,000/m²

• Rhodes: ~€2,800–4,500/m²

• Cyclades luxury (Santorini/Mykonos): much higher, often €7,000–15,000+/m²
  (astons.com)

Estimated rents: island rents vary widely with season; long-term ~€8–€12/m²/month. (Indomio.gr)

Examples (70 m²):

Islands can show strong seasonal peaks in summer with short-term lets but lower off-season demand, so yields here require careful planning. (Investropa)

Key Takeaways

• Athens: Best overall liquidity and predictable long-term rentals; yields ~4.5–6% gross. (betterhomes)

• Thessaloniki: Lower prices help yields (~4–6% possible), especially in student/central areas. (spitigkonzalez.gr)

• Crete & islands: Potential for seasonal income and solid summer rents, but off-season demand matters. (Totsi)

• Net vs gross: Gross yields may be ~4–6%, but after operating costs and taxes, net yields often fall ~2.5–4%. (Investropa)

Estimated Annual Rental Income for a 70 m² Apartment

1. Greece (Golden Visa Real-Estate Market)

Assumptions:

• Average gross rental yield: ~4.4%–6% per year nationally; can be higher (~6%–8%+) in tourist or short-term rental hotspots. (Passportivity)

• Expected average annual price growth: ~3%–5% per year through 2029. (Tsiricos Boutique Law Office)

Estimated Total ROI (5 yrs)

• Capital appreciation: ~15%–30%

• Cumulative rental income: ~20%–30%

• Total ROI: ~35%–60% over 5 years

• (~7%–12% p.a. combined average)

Estimated Total ROI (10 yrs)

• Capital appreciation: ~30%–60%

• Cumulative rental income: ~40%–60%

• Total ROI: ~70%–120% over 10 years

• (~7%–9% p.a. average)

Greece is still seen as a recovering/expanding market with room for growth, especially beyond big cities where foreign investment has driven demand after years of underpricing relative to Western Europe. Short-term rental properties can push total returns above these ranges in peak tourist areas, though they come with more volatility.

2. Portugal (Previously Golden Visa–Friendly)

Assumptions:

• Rental yields: ~4%–7% in city cores and popular regions. (portugalproperty.com)

• Strong price growth recently: ~15%–17% annual growth in 2024–2025. (Portugal Homes)

• Long-term trend: ~5%–7% annual price increases likely once short-term peaks smooth out. (portugalpathways.io)

Estimated Total ROI (5 yrs)

• Capital appreciation: ~25%–40%

• Cumulative rental income: ~20%–30%

• Total ROI: ~45%–70% over 5 years

• (~8%–12% p.a. combined average)

Estimated Total ROI (10 yrs)

• Capital appreciation: ~50%–80%

• Cumulative rental income: ~40%–60%

• Total ROI: ~90%–140% over 10 years

• (~7%–9% p.a. average)

3. Spain (Previously Golden Visa; now shifted)

Assumptions:

• Rental yields: ~3.5%–6% in major cities/coastal zones.

• Very strong price growth recently: ~10%–12% annual increases in 2024–2025. (Global Property Guide)

Estimated Total ROI (5 yrs)

• Capital appreciation: ~25%–45%

• Cumulative rental income: ~15%–25%

• Total ROI: ~40%–70% over 5 years

• (~7%–11% p.a.)

Estimated Total ROI (10 yrs)

• Capital appreciation: ~50%–90%

• Cumulative rental income: ~30%–50%

• Total ROI: ~80%–140% over 10 years

• (~7%–10% p.a.)

Spain’s market tends to be more mature and stable than Greece’s at the macro level. Although the Golden Visa property route was phased out, the underlying investment potential (capital growth + rentals) remains solid, particularly in major cities and strong coastal markets.

4. Malta (Golden Visa / Residency Markets)

Assumptions:

• Rental yields moderate: ~3.5%–4% average (with hotspots up to ~4.5%). (Global Property Guide)

• Price growth: steady, ~4%–5% annual trend. (Investropa)

Estimated Total ROI (5 yrs)

• Capital appreciation: ~20%–30%

• Cumulative rental income: ~15%–20%

• Total ROI: ~35%–50% over 5 years

• (~6%–9% p.a.)

Estimated Total ROI (10 yrs)

• Capital appreciation: ~40%–60%

• Cumulative rental income: ~30%–40%

• Total ROI: ~70%–100% over 10 years

• (~6%–8% p.a.)

Malta’s yields are generally lower due to a smaller rental market and higher property costs, but capital growth potential remains positive, especially in central urban and well-connected seaside areas.

Quick Side-by-Side Snapshot

What This Means for Investors

• Greece: Attractive for combinations of medium-term growth + rental income with a lower entry threshold and good visa incentives. Highest variability but strong upside.

• Portugal: Often delivers consistently high returns, buoyed by broad demand and strong price momentum, despite Golden Visa route changes.

• Spain: Offers stable, long-term fundamentals; volatility is generally lower, but yields are comparatively moderate.

• Malta: Steady but lower ROI profile; strong for diversification and lifestyle choices but less aggressive growth than Iberian markets.

Estimated Net Returns in Greece

Here’s a practical, example-based estimate of net returns, including rental income and capital appreciation, over 5-year and 10-year horizons for two representative Golden Visa investment sizes in Greece — €250,000 and €800,000 — under two common investment strategies: urban long-term rentals and tourist-oriented rentals.

The figures below reflect net income after typical operating costs (property tax, maintenance, management costs, vacancies) but before personal income tax on rental income or capital gains tax at resale. Rental yield assumptions and price growth trends are based on recent Greek market data as of 2026. (Investropa)

1. €250,000 Investment — Urban Long-Term Rental (e.g., Athens or Thessaloniki)

Assumptions (Net):

• Net rental yield (after ENFIA, maintenance, management, vacancy): ~2.8%–4.0% p.a. (Investropa)

• Annual price appreciation (average growth): ~5%–8% p.a. (investiaprop.com)

5-Year Scenario (2026–2031)

Rental income (net):

• ~€7,000–€10,000 total over 5 years

Capital growth:

• ~€250,000 × (1 + 0.05)…(1 + 0.08) ~ €310,000–€367,000 → ~€60,000–€117,000 gain

Estimated ROI (Total):

• Low-end: ~€7,000 + €60,000 = €67,000 → ~27% total

• High-end: ~€10,000 + €117,000 = €127,000 → ~51% total

Approx. 5-yr average: ~27%–51% total return (~4.9%–8.6% p.a.)

10-Year Scenario (2026–2036)

Rental income (net):

• ~€14,000–€22,000

Capital growth:

• ~€250,000 × (1.05¹⁰ … 1.08¹⁰) ≈ €407,000–€540,000 → €157,000–€290,000 gain

Estimated ROI (Total):

• Low-end: ~€14,000 + €157,000 = €171,000 → ~68% total

• High-end: ~€22,000 + €290,000 = €312,000 → ~125% total

Approx. 10-yr: ~68%–125% (~5.3%–8.3% p.a.)

2. €800,000 Investment — Tourist / Short-Term Rental (e.g., Island or Prime Athens STR)

Assumptions (Net):

• Tourist rental gross yields can be higher but net after elevated costs (management, marketing, utilities, vacancy) often compress to ~3.0%–4.5% p.a. as annualized effective return. (Investropa)

• Price appreciation: ~5%–8% p.a. generally across strong markets. (investiaprop.com)

Tourist rentals often have higher volatility and seasonal swings, so the figures here assume professional management to ensure occupancy across seasons.

5-Year Scenario

Rental income (net):

• ~€120,000–€180,000 total (≈€24k–€36k p.a.)

Capital growth:

• ~€800,000 × (1.05…1.08)⁵ ≈ €992,000–€1,058,000 → €192,000–€258,000 gain

Estimated ROI (Total):

• Low-end: €120,000 + €192,000 = €312,000 → ~39% total

• High-end: €180,000 + €258,000 = €438,000 → ~55% total

Approx. 5-yr: ~39%–55% (~6.8%–9.1% p.a.)

10-Year Scenario

Rental income (net):

• ~€240,000–€360,000

Capital growth:

• ~€800,000 × (1.05¹⁰…1.08¹⁰) ≈ €1,303,000–€1,526,000 → €503,000–€726,000 gain

Estimated ROI (Total):

• Low-end: €240,000 + €503,000 = €743,000 → ~93% total

• High-end: €360,000 + €726,000 = €1,086,000 → ~136% total

Approx. 10-yr: ~93%–136% (~7.0%–8.9% p.a.)

Notes & Considerations

Costs Included

Typical recurring costs that lower the gross yield to net include:

• ENFIA property tax

• Building common charges (koinochrista)

• Maintenance, repairs, vacancy allowances

• Property management fees, especially for tourist STR

• Accounting and compliance costs for non-EU owners (Investropa)

Strategy Differences

• Urban long-term rentals (Athens, Thessaloniki) offer more stable, predictable income and lower management overhead.

• Tourist/short-term rentals can boost income significantly in peak seasons but typically require professional management and incur higher operating costs.

Why These Returns Matter

Even though net rental yields in Greece are moderate (common net range ~2.5%–4.5%), combined with strong capital growth, total ROI for quality properties remains attractive compared to many Western European markets, especially when thresholds start as low as €250,000.

Summary Table — Estimated Net ROI