Latest / IMI Podcasts / Greek Golden Visa Approvals Up 96%—Now the Crackdown

Transcript

Greek Golden Visa Approvals Up 96%—Now the Crackdown · IMI Podcasts

• 0:00
  SPEAKER_00: Greek Golden Visa approvals jumped 96%.
• 0:03
  SPEAKER_00: So the government just dropped a 31-page circular aimed at the fake deals fueling the boom and the sellers behind them.
• 0:10
  SPEAKER_00: If you're shopping real estate in Greece or considering the Golden Visa, three things matter before you wire a euro.
• 0:17
  SPEAKER_00: Which listings are a trap, who's protected, and what you can do with the property once it's yours.
• 0:23
  SPEAKER_00: Because, yes, there are limitations.
• 0:26
  SPEAKER_00: So, as we mentioned, the Greek Golden Visa is trending up right now, especially with turmoil in Portugal and uncertainty in Hungary.
• 0:34
  SPEAKER_00: Greek Golden Visa approvals reached 8,879 in 2025.
• 0:40
  SPEAKER_00: That's up from 4,535 the year before, nearly double in just 12 months.
• 0:47
  SPEAKER_00: More than 5 billion euros have flowed into Greek real estate through the program since it launched.
• 0:53
  SPEAKER_00: Chinese buyers hold 48% of all permits, followed by Turkish buyers at 16%.
• 0:59
  SPEAKER_00: Lebanese, Iranian, British, Israeli, American, and Egyptian investors round out the top group.
• 1:07
  SPEAKER_00: When a program moves that much money that fast, two things happen.
• 1:11
  SPEAKER_00: One, legitimate demand overwhelms enforcement.
• 1:14
  SPEAKER_00: Two, and sellers figure out how to game the system.
• 1:17
  SPEAKER_00: Both happened here, and the government knows it.
• 1:20
  SPEAKER_00: Greece's golden visa requires at a very minimum€250,000 converted or renovated property investment.
• 1:28
  SPEAKER_00: Anything cheaper does not qualify.
• 1:30
  SPEAKER_00: Full stop.
• 1:31
  SPEAKER_00: Yet for the past year, social media and overseas property platforms have been flooded with listings advertising apartments at€180,000 or€230,000, stamped with Golden Visa Eligible in bold letters.
• 1:46
  SPEAKER_00: The scam works like this.
• 1:48
  SPEAKER_00: First, the buyer pays the full statutory price on paper,€800,000, say.
• 1:55
  SPEAKER_00: Two, they receive a portion back under the table.
• 1:58
  SPEAKER_00: Sometimes it's wired as prepaid rent or an inflated furniture allowance the buyer never actually sees furniture for.
• 2:05
  SPEAKER_00: Sometimes it's cash.
• 2:07
  SPEAKER_00: The circular signed by the Migration Policy Secretariat tells Greece's service offices to refer any misleading advertisements or sham transactions directly to two agencies: AADE, the Greek Tax Authority, or the Hellenic Anti-Money Laundering Authority.
• 2:25
  SPEAKER_00: Confirm violations trigger sanctions, including permit revocation.
• 2:29
  SPEAKER_00: Greek media has reported that the Migration Minister has already assembled a dossier on firms believed to be involved.
• 2:35
  SPEAKER_00: That claim comes from Greek outlet mono news, not from the circular itself, so treat it accordingly.
• 2:42
  SPEAKER_00: But the enforcement direction and communication is unmistakable.
• 2:46
  SPEAKER_00: If you're looking at Greek real estate right now, those are the legitimate thresholds.
• 2:51
  SPEAKER_00: Don't trust what you see on social media.
• 2:53
  SPEAKER_00: For a single property in Attica, Thessaloniki, Mykonos, Santorini, and any island with over 3,100 residents, 800,000 euros minimum with at least 120 square meters of main interior space.
• 3:07
  SPEAKER_00: Everywhere else in Greece requires a 400,000 euro minimum investment, same 120 square meter floor obligation.
• 3:15
  SPEAKER_00: And then there's the€250,000 route for buildings converted from non-residential use to residential and listed historic buildings that require restoration.
• 3:26
  SPEAKER_00: Neither of these categories has a minimum surface requirement.
• 3:29
  SPEAKER_00: If an agent is showing you a Greek property under€250,000 and telling you it qualifies for a golden visa, walk away.
• 3:38
  SPEAKER_00: Athens-based IMI pro Alexander Varnovas told IMI that any promotion of a golden visa investment below that figure should be treated as a clear red flag.
• 3:48
  SPEAKER_00: By the way, if you're looking for property that qualifies for the Greek Golden Visa or any other programs worldwide, IMI Real Estate has the world's only real estate listings that qualify specifically for residency or citizenship programs.
• 4:02
  SPEAKER_00: Now that 250,000 euro route is obviously attractive, as long as it's legitimate.
• 4:08
  SPEAKER_00: But it's narrower than most buyers realize, and the new circular tightens it further.
• 4:13
  SPEAKER_00: The conversion must have happened after April 5th, 2026, and a developer cannot take a property that was already residential, flip it to commercial, and flip it back to qualify at the lower threshold.
• 4:25
  SPEAKER_00: Off-plan projects face the same limitation.
• 4:28
  SPEAKER_00: A building permit originally issued for offices and later amended to include apartments does not count.
• 4:34
  SPEAKER_00: Only buildings that physically changed function after April 2024 qualify.
• 4:39
  SPEAKER_00: For former industrial buildings, there's a five-year waiting period during which no industrial activity can have taken place on the property.
• 4:47
  SPEAKER_00: Handicraft and workshop buildings are exempt from that weight.
• 4:51
  SPEAKER_00: Mixed-use conversions are tricky.
• 4:53
  SPEAKER_00: If part of an old factory becomes offices and part becomes apartments, only the residential units qualify at€250,000.
• 5:01
  SPEAKER_00: The commercial sections have to meet the full€400,000 or 800,000 euro thresholds.
• 5:08
  SPEAKER_00: And the favorable price is a one-time deal.
• 5:11
  SPEAKER_00: For instance, if a first golden visa holder sells that converted apartment to another non-EU buyer down the line, that buyer has to pay standard thresholds.
• 5:21
  SPEAKER_00: Once the conversion is done and the first permit granted, the discount is spent.
• 5:25
  SPEAKER_00: Another useful detail buried in the circular is that either the buyer or the seller can carry out the conversion.
• 5:32
  SPEAKER_00: That gives developers flexibility to convert buildings before selling individual units, and gives buyers flexibility to purchase a qualifying pre-converted property.
• 5:42
  SPEAKER_00: So, all this to say if you brought Greek property before September 2024 but never applied for the residence permit, you can still apply at the thresholds in force when you bought.
• 5:52
  SPEAKER_00: But three important conditions apply.
• 5:55
  SPEAKER_00: One, the purchase has to have been completed before the new criteria took effect.
• 5:59
  SPEAKER_00: Two, it has to have met the thresholds applicable at that time.
• 6:03
  SPEAKER_00: Three, and you need a notary's certificate documenting how you paid.
• 6:08
  SPEAKER_00: The same protection applies if you once held a Greek golden visa and let it expire.
• 6:13
  SPEAKER_00: You can re-enter the program under the thresholds at which you originally qualified, as long as you can document your payment.
• 6:20
  SPEAKER_00: Thousands of buyers purchased property at the€250,000 level before September 2024 and never filed their application.
• 6:29
  SPEAKER_00: Many assume that window had closed.
• 6:31
  SPEAKER_00: It is not.
• 6:32
  SPEAKER_00: Now, regarding short-term rentals, Greece banned them on Golden Visa properties in 2024, and the headlines at the time were blunt, kiss your Airbnb income goodbye.
• 6:43
  SPEAKER_00: But that framing is wrong.
• 6:45
  SPEAKER_00: The new ban only covers rentals of fewer than 60 days where no services are provided beyond accommodation and bedlinen.
• 6:53
  SPEAKER_00: That's the full scope of the prohibition.
• 6:55
  SPEAKER_00: Long-term leases to tourism enterprises running hotel type businesses are still permitted, provided the operator offers additional services.
• 7:04
  SPEAKER_00: Translation: you can sign a long-term lease with a hospitality operator who then runs the property as a serviced rental.
• 7:11
  SPEAKER_00: Properties purchased under previous thresholds or within the transitional period are not subject to the ban at all.
• 7:18
  SPEAKER_00: If you bought during the€250,000 era and registered in time, your short-term rental rights are grandfathered in.
• 7:25
  SPEAKER_00: Change use of properties carry one additional restriction.
• 7:29
  SPEAKER_00: They cannot serve as the registered headquarters or branch office of a business.
• 7:34
  SPEAKER_00: No commercial use beyond residential and permitted rentals.
• 7:37
  SPEAKER_00: For buyers shopping Greek real estate right now, this is the piece most agents either misrepresent or oversimplify.
• 7:45
  SPEAKER_00: Rules like these are going to keep moving, whether for the positive or negative.
• 7:50
  SPEAKER_00: Subscribe to the IMI Daily Newsletter for near immediate access to all of them.
• 7:55
  SPEAKER_00: Link is in the description.
• 7:56
  SPEAKER_00: Now, if you want to replace your qualifying property with a different one down the line, the sequence matters here.
• 8:02
  SPEAKER_00: Ready?
• 8:03
  SPEAKER_00: Buy the new property first, then sell the old one.
• 8:06
  SPEAKER_00: That's it.
• 8:06
  SPEAKER_00: The one-stop service verifies the replacement before the old property is disposed of.
• 8:11
  SPEAKER_00: Sell first and buy second, and your permit gets partially revoked.
• 8:15
  SPEAKER_00: You would have to recent to Greece and start a new golden visa application from scratch.
• 8:20
  SPEAKER_00: So let's summarize the circular in just a few seconds.
• 8:24
  SPEAKER_00: Follow these three rules if you are considering a Greek golden visa property right now.
• 8:29
  SPEAKER_00: 1.
• 8:29
  SPEAKER_00: If the price is under€250,000, the deal is fraudulent or the agent is lying about eligibility.
• 8:36
  SPEAKER_00: Either way, do not wire money.
• 8:38
  SPEAKER_00: 2.
• 8:39
  SPEAKER_00: If the price is between€250,000 and 400,000 euros, the property has to qualify as either a converted non-residential building or a listed historic building requiring restoration.
• 8:51
  SPEAKER_00: Ask for documentation of the change of use, the date of the conversion, and whether this is the first time the property is being used for a golden visa.
• 8:59
  SPEAKER_00: Without that paper trail, you are likely buying under the wrong category.
• 9:03
  SPEAKER_00: 3.
• 9:04
  SPEAKER_00: Get your own Greek lawyer, not the developer's lawyer, not the real estate agency's lawyer, your own.
• 9:10
  SPEAKER_00: Varnavas was direct in his commentary that retaining a specialist lawyer is essential, given that eligibility now runs at the level of the individual property, not just the price paid for it.
• 9:22
  SPEAKER_00: By the way, you can find a credible, experienced investment migration specialist like Varnavas at imidaly.com slash IMI Professionals.
• 9:31
  SPEAKER_00: So if all this real estate fine print is making you wonder whether there's a simpler route into Greece, there is.
• 9:38
  SPEAKER_00: Greek government bonds qualify for the Golden Visa 2, and they're one of six bond-based residency and citizenship programs with returns returning up to 35%.
• 9:49
  SPEAKER_00: We covered all those options in the video on your screen next.
• 9:53
  SPEAKER_00: Subscribe and turn on notifications so you don't miss the next update.