8 Myths About the Greece Golden Visa

Where the myths come from

The Greece Golden Visa program has been running since 2013. Over that time the rules have changed several times - thresholds have risen and new restrictions have been introduced. Information online goes out of date, and agents sometimes oversimplify the terms to close a sale. As a result, investors arrive with beliefs that have nothing to do with the reality of 2026.

Let's take each myth in turn - with the facts and practical takeaways.

For the full program terms, see the page Greece residence by investment.

Myth 1. You can rent the apartment out on Airbnb

This is the most dangerous misconception. Short-term rental through Airbnb and similar platforms in Greece is expressly prohibited for Golden Visa holders. This is written into the law.

A breach carries two consequences: revocation of the residence permit and a €50,000 fine. And that fine is not a one-off - it can be imposed for each violation identified.

Long-term rental - from one year - is permitted. You can rent the property to a tenant under a lease of 12 months or more. But tourist rental at nightly rates is off the table.

Practical tip. If your goal is rental income, research the long-term rental market in your chosen area in advance. Tourist footfall does not translate into legal income under the Golden Visa. For more on choosing a property, read our article Greece Golden Visa: real estate.

Myth 2. A Greek residence permit lets you live in any EU country

This reflects a misunderstanding of what a single-country EU residence permit actually is. The Greece Golden Visa grants the right to live in Greece - not in France, not in Germany, not in Spain.

The confusion stems from Schengen. Yes, a Greek residence permit lets you enter other Schengen countries without a visa - as a tourist, for up to 90 days per half-year. But those are tourist trips, not a right to live and work.

If you want to move to Germany or Portugal, the Greek Golden Visa will not help you do that. For that you need a separate program in the country in question.

Practical tip. If your goal is freedom to choose where you live within the EU, look into programs with broader rights or a path to citizenship through naturalization.

Myth 3. The threshold is €400,000 everywhere

A single €400,000 threshold no longer exists. The threshold depends on the zone where the property is located.

€800,000 - for premium zones: the municipalities of Athens and Thessaloniki, Mykonos, Santorini and islands with a population of more than 3,100. This is where the bulk of tourist and investment demand is concentrated.

€400,000 - for the rest of Greece. These are rural areas, smaller islands and less popular municipalities. The liquidity of such properties is lower, but the threshold is half as high.

€250,000 - only for two special cases: conversion (changing commercial property to residential use) and the restoration of listed buildings. In these cases the residential floor area after conversion must be at least 120 sq m.

Practical tip. Before choosing a property, confirm which zone it falls into. The same budget delivers a different outcome in different areas. For a detailed cost breakdown, see our article the cost of the Greece Golden Visa.

Myth 4. The Golden Visa automatically grants a Greek passport

The Golden Visa is a residence permit, not citizenship. A passport is not issued automatically - not after five years, nor after ten.

Naturalization in Greece has its own set of requirements: seven years of actual residence in the country - meaning genuine physical presence, not merely holding a residence permit; a command of the Greek language sufficient to pass the exam; and no serious violations.

A Golden Visa holder can renew the residence permit for years without living in Greece permanently. But those years do not count toward naturalization. Actual residence and legal status are two different things.

Practical tip. If your ultimate goal is Greek citizenship, you need a separate plan: relocation, language preparation, tax residency. The Golden Visa is a tool for a residence permit, not a passport.

Myth 5. You can buy any property you like

This is true in most cases, but there is an important exception. Under the reduced €250,000 threshold - conversion or restoration - the property must meet a minimum requirement: a residential floor area of at least 120 sq m once the work is complete.

Small studios or apartments of 40-80 sq m do not qualify under the reduced threshold. This is a common mistake: an investor sees an attractive price and a small property to renovate, but fails to check the final floor area.

For the standard €400,000 and €800,000 thresholds there are no floor-area restrictions. There, market logic applies: you buy whatever suits your budget and goals.

Practical tip. When considering properties for conversion or restoration, always request the design documentation showing the final floor area. Saving on the threshold should not create problems with program compliance.

Myth 6. Everything can be done remotely - no trip to Greece needed

Part of the process genuinely can be handled remotely. But in-person presence is mandatory at the biometrics stage.

Biometric data - fingerprints and a photo for the residence card - can only be captured in person in Greece. Without them the card will not be issued. This is an EU technical standard, not a Greek peculiarity.

In practice this means at least one trip to Greece to provide biometrics. When the card is renewed after five years, there is another trip. Some stages - signing the contract, opening an account - are also easier to handle in person, although some banks and notaries will work through a power of attorney.

Practical tip. Plan your trip in advance. Booking a biometrics appointment at the migration office takes time. Combine it with viewing the property and opening an account - it will save you money on flights.

Myth 7. A Greek bank account and tax number are optional

This is not true. The AFM - the Greek tax identification number - is required for any real estate transaction. Without it you cannot sign a purchase agreement or register ownership.

A bank account with a Greek bank is also part of the standard process. Payment for the property must be made transparently, by bank transfer to a Greek account. The Greek tax authorities track the source of funds.

Opening an account is a separate process with its own documentation requirements. Banks request proof of source of funds, a tax history and reference letters. For nationals of certain countries this process takes longer.

Practical tip. Start obtaining your AFM and opening your account well ahead - before you get to the transaction. This will prevent delays at the final stage. For a full step-by-step checklist, see our article the Greece Golden Visa.

Myth 8. The program is about to close, so you need to hurry

Rumors that the Greece Golden Visa is closing have been circulating since 2022. In 2026 the program is still running. The Greek government has repeatedly confirmed that it will continue.

There have indeed been changes - threshold increases in 2023-2024. That is the normal evolution of the program, not its end. Adjustments to the terms happen across many European programs and do not signal closure.

The pressure of “urgency” is a classic marketing tactic. The program will not close tomorrow if you fail to sign a contract today. A decision to buy property worth €400,000 or more calls for careful preparation, not haste.

Practical tip. Verify information through official sources and consult specialists who work with the program day in and day out. Artificial urgency is a reason to be cautious, not to rush.

The real cost of the Greece Golden Visa

The full estimate covers more than just the price of the property. Budget with every cost item in mind.

Total on top of the property price for one applicant: €8,000-15,000 (zone B) / €15,000-25,000 (zone A), depending on the property chosen and the family composition.

For a family of four (applicant + spouse + 2 children) add €450 for the family members' fees and €900-1,500 for their biometric cards.

How to vet a property before buying

Establishing clear legal title to property in Greece is a process in its own right. It is mandatory and must not be cut short.

First - checking for encumbrances in the land registry (Κτηματολόγιο). Mortgages, liens and third-party rights must be fully cleared before the transaction.

Second - the property's compliance with planning regulations. Unauthorized construction and illegal alterations are a common problem in the Greek market. Such properties cannot be transferred with clean title.

Third - confirming the zone and the applicable threshold. The same address can fall into different zones depending on the municipal boundaries. Verify this officially, not on the agent's word.

Fourth - for a conversion or restoration - the design documentation showing the final floor area from a licensed architect, together with a building permit.

Engage an independent lawyer with no ties to the seller or the agency. This is standard practice, not overcaution.

Who can be included in a Golden Visa application

The program covers a wide circle of family members. This is one of the advantages of the Greek Golden Visa.

The main application can include: the spouse, children under 21 (including adopted children), and the parents of both spouses with no age limit.

Parents are included without a separate investment - only an additional administrative fee applies. This is advantageous for families planning to bring the older generation with them.

Children over 21 are not automatically included in the main application. For them a separate investment or another basis for a residence permit is required.

Each family member needs a full set of documents, biometrics and payment of the fee. Plan the logistics in advance.

Renewing the residence permit and timelines

The first residence card is issued for five years. After that it is renewed for another five years, and so on indefinitely, as long as you retain ownership.

You cannot sell the property while you hold the residence status. Selling it means losing the status. This is a fundamental condition of the program.

Renewal again requires in-person presence for biometrics. There is no automatic renewal by post or online.

There is no minimum-stay requirement in Greece to keep the residence permit. You can live abroad and come only to renew it. But that time does not count toward naturalization.

Risks that are rarely mentioned

The first risk is currency. If your assets are in a currency other than the euro - pounds, dollars, roubles or tenge - the euro entry cost can shift significantly by the time of the transaction. Hedging or securing euros in advance reduces this risk.

The second risk is construction. Off-plan properties cost less, but completion dates in Greece are often pushed back. The residence permit is issued only after ownership is registered, not after a deposit is paid.

The third risk is management. An apartment in Greece with no tenant still incurs maintenance costs, property tax (ENFIA) and utility bills. Managing it remotely without a local agent is difficult.

The fourth risk is reputational. Greek banks request proof of source of funds. A complex structure behind the origin of your capital lengthens the account-opening process.

The Greece Golden Visa versus other EU programs

A comparison helps you decide whether the Greek program is the right fit for you.

Portugal closed its Golden Visa to direct residential property purchases in 2023. Funds and other instruments remain. In that sense Greece is more attractive for those who specifically want to buy an apartment.

Spain's Golden Visa was abolished for residential property in 2024. Once again, Greece comes out ahead for classic residential buyers.

Cyprus permanent residence through real estate starts at €300,000 but requires proven income earned outside Cyprus. These are different tools for different situations.

Italy's Investor Visa requires a more complex entry structure - funds, startups, government bonds. It is not suited to real estate.

If you want an EU asset + a residence permit + a stable market, Greece remains one of the most transparent options in 2026.

Bottom line: what to keep in mind

The Greece Golden Visa is a workable tool for obtaining an EU residence permit through real estate investment. But it only works properly when you understand the real conditions.

The eight myths we've broken down have one thing in common: they arise from outdated information or oversimplified descriptions of the program. The price of these misconceptions is paid in money or in status.

The right sequence is: study the current terms, choose your zone and property based on a realistic budget, verify clear legal title, open an account and obtain your AFM well in advance, and come for biometrics.

Full information about the program is on the page Greece residence by investment and in the article the Greece Golden Visa: a complete guide.