Vitaly from Novosibirsk found a commercial space used as a coworking in Greece and wanted to obtain a Golden Visa through it at the reduced threshold of 250,000 euros.
The reduced threshold does not apply to just any property, only in two cases: converting commercial premises into housing, or restoring a listed building. Simply buying a coworking space and getting residence for it at the reduced price is not possible. The key condition of a conversion is that the works must be finished before the application is filed.
We planned the conversion to housing in line with the programme requirements, including the minimum floor area, completed the works and only then applied, now on a residential property. Vitaly received a Greek residence permit with an investment of 250,000 euros. Below we explain how it was done.
Case at a glance
Situation, solution and outcome in seven lines
Client
Investor with commercial property, from Novosibirsk
Objective
Greece Golden Visa at the reduced threshold
Program
Greece, Golden Visa (Residence Permit through real estate investment, pathway to permanent residency and EU citizenship)
Challenge
Commercial property does not directly grant residence permit
Solution
Commercial-to-residential conversion for €250,000
Action taken
Complete conversion BEFORE application submission
Outcome
Reduced threshold met, residence permit obtained
Client story
Client's story
Where they started
The client was considering a commercial space used as a coworking facility and wanted to obtain a Greece Golden Visa through it - preferably at the reduced threshold of €250,000 instead of the standard amounts required in premium zones. The logic was sound: why pay more if a preferential option exists.
Why the standard route did not work
But this is precisely where a common mistake occurs. The reduced threshold of €250,000 is available not for any property, but only for two specific cases: conversion of commercial space to residential or restoration of a protected building. Simply purchasing a commercial coworking space and obtaining a residence permit at the preferential rate is not possible - the program is fundamentally designed for residential property.
What BRIDGES had to solve
The key requirement for conversion is that work must be completed before application submission. In other words, one cannot apply for status with a promise to convert the space later: at the time of application, the property must already be converted to residential and comply with all requirements, including minimum square footage.
Why a standard answer would not do
The client came to BRIDGES to avoid stumbling on this point: to correctly use the reduced threshold through conversion, execute it according to regulations, and complete it before submission - rather than file an application that would be rejected due to the commercial status of the property.
Maria showed that commercial premises for a coworking space could be converted into housing to enter at the 250 thousand threshold. The key was to finish the conversion before filing, and we did.
What was at risk
What was at risk
The risk was concrete: invest in commercial coworking space expecting the reduced threshold and receive a rejection because the property is not residential. The preferential €250,000 is available only for conversion or restoration, and work must be completed BEFORE submission. An error in threshold calculation or incomplete conversion meant wasted time and potentially lost investment.
Eligibility for the reduced threshold - it does not apply to all properties;
01Property status: commercial space alone does not grant a residence permit;
02Requirement to complete conversion BEFORE application submission;
03Compliance of the converted property with requirements, including minimum square footage;
04The status itself if an application is submitted for a commercial property.
The logic of the solution
How the matter progressed: from checks to result
The chart is built from the facts of this matter and shows the logic of the work without decorative or unverified data.
01
Stage 1
Dispelled misconceptions about commercial property. First, we explained to the client that simply purchasing commercial coworking space and obtaining a residence permit at the reduced threshold was not possible. This immediately redirected him from an incorrect and costly approach toward a viable strategy—conversion.
02
Stage 2
Determined the conversion to residential pathway. We selected the only suitable method to utilize the reduced threshold for this property: converting commercial premises to residential. This transformed the coworking space into real estate qualifying under the program.
03
Stage 3
Planned conversion to meet requirements. We structured the property conversion to residential to comply with program requirements, including minimum square footage. The conversion had to not only take place but also render the property suitable for the Golden Visa.
04
Stage 4
Completed works PRIOR to application submission. Critical condition—conversion must be completed before submission, not promised for the future. We finalized the works and the property's conversion to residential status before filing for residence permit.
05
Stage 5
Applied for status as residential property. With conversion completed, we submitted the application for residential real estate meeting the reduced threshold. The commercial status, which would have disqualified the application, was removed by the time of submission.
Takeaway. The preferential €250,000 is available only for commercial to residential conversion or monument restoration, with works completed prior to submission. Commercial property grants a residence permit only following such conversion.
How we solved the matter
How we solved the matter
The work was split into verifiable stages so that every conclusion rested on documents.
01
Dispelled misconceptions about commercial property
First, we explained to the client that simply purchasing commercial coworking space and obtaining a residence permit at the reduced threshold was not possible. This immediately redirected him from an incorrect and costly approach toward a viable strategy—conversion.
02
Determined the conversion to residential pathway
We selected the only suitable method to utilize the reduced threshold for this property: converting commercial premises to residential. This transformed the coworking space into real estate qualifying under the program.
03
Planned conversion to meet requirements
We structured the property conversion to residential to comply with program requirements, including minimum square footage. The conversion had to not only take place but also render the property suitable for the Golden Visa.
04
Completed works PRIOR to application submission
Critical condition—conversion must be completed before submission, not promised for the future. We finalized the works and the property's conversion to residential status before filing for residence permit.
05
Applied for status as residential property
With conversion completed, we submitted the application for residential real estate meeting the reduced threshold. The commercial status, which would have disqualified the application, was removed by the time of submission.
06
Obtained residence permit grant at reduced threshold
The client received Greek residence permit by investing €250,000 instead of the higher threshold. The conversion, executed timely and according to regulations, legitimately unlocked the preferential option for him.
How the work went
From first contact to the result
01Dispelled misconceptions about commercial property
02Determined the conversion to residential pathway
03Planned conversion to meet requirements
04Completed works PRIOR to application submission
05Applied for status as residential property
06Obtained residence permit grant at reduced threshold
The sequence and timing reflect this specific case and depend on how complete the documents are and on the decisions of the competent authorities.
Expert comment
The reduced €250,000 threshold is a magnet that clients often misunderstand. They think: found something commercial at a discount—purchased it, obtained residence permit. That is incorrect. The preferential option exists only in two cases: commercial to residential conversion or restoration of protected buildings. And there is a strict requirement—works must be completed BEFORE application submission, not after. This client had coworking space, commercial premises. Simply purchasing it does not grant a residence permit. We pursued the only correct approach—executed commercial to residential conversion meeting all requirements, including square footage, completed it, and only then submitted. As a result, he entered at the reduced threshold legally. Had he acted alone, he would have invested in commercial property and faced rejection. With reduced thresholds, it is always the same: the devil is in the details.
Outcome
What the client received
What was required
How we proceeded · Result
Utilize the €250,000 threshold
residential conversion pathway · preferential option available
Remove commercial status
property conversion to residential · property qualifies
Meet the requirement
completion of works prior to submission · residential property application
Obtain status
application submission for residential property · Greece residence permit for €250,000
Obtain status
application submission for residential property · Greece residence permit for €250,000
What was the situation: Client wished to obtain Greece's Golden Visa at the reduced threshold through commercial coworking space, which is directly impossible. What we did: Dispelled misconceptions about commercial property; identified the residential conversion pathway; planned it to meet requirements; completed works prior to submission; applied for residential property; obtained residence permit grant. What the client received: Greek residence permit at the reduced threshold of €250,000.
Conclusion: The preferential €250,000 is available only for commercial to residential conversion or monument restoration, with works completed prior to submission. Commercial property grants a residence permit only following such conversion.
Client entered at the reduced threshold legally—because we converted the commercial coworking space into qualifying residential property and completed the conversion prior to application submission.
Converting a non-residential property into residential can lower the Golden Visa investment threshold, if it is done before the application. We will check your property.
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FAQ
Questions people ask in a similar situation
01Can one obtain Greek residence permit through commercial real estate?
Directly—no. The program is designed for residential property. Commercial premises qualify for the reduced €250,000 threshold only through residential conversion completed prior to application submission.
02What does the reduced €250,000 threshold provide?
Eligibility for Golden Visa at a reduced threshold, available only in two cases: conversion of commercial space to residential or restoration of a protected building. Standard residential property thresholds are higher.
03By what deadline must the conversion be completed?
Prior to submitting the residence permit application. It is not permissible to apply for residence status based on a promise to convert the property—at the time of application, the object must already be converted to residential use and meet all requirements.
04What are the requirements for the property following conversion?
The converted property must comply with program conditions, including a minimum area of 120 square meters. The conversion must result in fully functional residential space, not merely a formal technicality.
05Does a coworking space qualify?
As commercial space alone—no. However, it can be converted to residential and through the reduced €250,000 threshold obtain residence permit eligibility, provided the work is completed before application submission.
06Which documents were key in this case?
Dispelled misconceptions about commercial property. First, we explained to the client that simply purchasing commercial coworking space and obtaining a residence permit at the reduced threshold was not possible. This immediately redirected him from an incorrect and costly approach toward a viable strategy—conversion. Determined the conversion to residential pathway. We selected the only suitable method to utilize the reduced threshold for this property: converting commercial premises to residential. This transformed the coworking space into real estate qualifying under the program.
07Why did the standard route not suit the client?
But this is precisely where a common mistake occurs. The reduced threshold of €250,000 is available not for any property, but only for two specific cases: conversion of commercial space to residential or restoration of a protected building. Simply purchasing a commercial coworking space and obtaining a residence permit at the preferential rate is not possible - the program is fundamentally designed for residential property.
08What risk had to be closed before filing?
The risk was concrete: invest in commercial coworking space expecting the reduced threshold and receive a rejection because the property is not residential. The preferential €250,000 is available only for conversion or restoration, and work must be completed BEFORE submission. An error in threshold calculation or incomplete conversion meant wasted time and potentially lost investment. Eligibility for the reduced threshold - it does not apply to all properties;
09How did BRIDGES check that the chosen solution would hold?
Applied for status as residential property. With conversion completed, we submitted the application for residential real estate meeting the reduced threshold. The commercial status, which would have disqualified the application, was removed by the time of submission. Obtained residence permit grant at reduced threshold. The client received Greek residence permit by investing €250,000 instead of the higher threshold. The conversion, executed timely and according to regulations, legitimately unlocked the preferential option for him.
10What confirmed the result in the end?
What was the situation: Client wished to obtain Greece's Golden Visa at the reduced threshold through commercial coworking space, which is directly impossible. What we did: Dispelled misconceptions about commercial property; identified the residential conversion pathway; planned it to meet requirements; completed works prior to submission; applied for residential property; obtained residence permit grant. What the client received: Greek residence permit at the reduced threshold of €250,000. What was required: How we proceeded · Result. Utilize the €250,000 threshold: residential conversion pathway · preferential option available. Remove commercial status: property conversion to residential · property qualifies. Meet the requirement: completion of works prior to submission · residential property application. Obtain status: application submission for residential property · Greece residence permit for €250,000. Obtain status: application submission for residential property · Greece residence permit for €250,000
11Can this route be repeated directly in another situation?
No, the route cannot be copied without checking the initial data. This case reflects a specific situation: The reduced threshold for Greece Golden Visa at €250,000 exists, but not for any property - and it's easy to make a mistake here. Our client identified a commercial space used as a coworking facility and wanted to enter the program at the preferential rate. For this to work, the space had to be properly converted to residential use before application submission. We explain step-by-step how we completed the conversion and secured the residency status. Programme terms and the requirements of banks or authorities can change, so the documents and risks of a new applicant need to be checked first.
As Founder and Managing Partner of BRIDGES, I am responsible for the firm's strategy and personally lead its most complex client matters, including cases in which citizenship or residence decisions require a strategic view and consideration of capital.
I begin by defining the objective: the outcome the client needs, the facts that affect the choice, and the matters that require further review. I then establish the available directions, the sequence of work, and the key decision points.
Once the strategy has been agreed, I oversee the BRIDGES team's key decisions and remain involved at the stages that shape the course of the matter. The purpose is to give the client a clear rationale for the chosen direction and a precise understanding of the next steps.
Prepared on the basis of BRIDGES practice and reviewed by a subject-matter expert.
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Names and certain details have been changed to protect client confidentiality. The result described reflects one specific situation and is neither a public offer nor a guarantee of a similar outcome. Programme terms are stated as of 2026 and may change - please confirm current parameters with a BRIDGES consultant.
