Since April 5 2024, Greece has radically overhauled its Golden Visa real‐estate rules. The standard investment threshold now stands at €800,000 in high‑demand zones (Attica, Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100), and €400,000 elsewhere, with key caveats that investors must know—especially if they want to qualify with the €250,000 option via property conversion or restoration.
What’s Changed—and Why It Matters
Previously, a foreign investor could gain residency in Greece by purchasing property worth at least €250,000, even across multiple smaller properties. That route has now been mostly eliminated.
The reforms introduced:
Two-tier minimum investment:
€800K in hotspots (Attica, Thessaloniki, Mykonos, Santorini and islands >3,100 residents)
€400K in all other regions
Must be a single property of at least 120 m²
Strict prohibition on short‑term rentals, such as Airbnb, and no office use for converted properties — violations now bring automatic revocation and fines of €50,000.
The Golden Visa 250K Exceptions That Could Save Your Investment
However, the law still allows the Golden Visa 250K threshold—but only in two specific development categories:
Commercial or industrial property converted to residential use
Must be completed before submitting the Golden Visa application
No minimum size or geographic restriction—even urban core Athens qualifies at €250K
Listed (heritage or historically protected) buildings restored or reconstructed
Restoration must be fully complete before first renewal, within five years
Property cannot be sold before restoration or permit is revoked and a €150,000 penalty applies
Why Conversions (and Restoration) Are a Strategic Game‑Changer
Commercial-to‑residential conversions offer unmatched upside:
You can remain under €250K eligibility even in high‑demand zones like Athens, Thessaloniki, or Santorini, well below €800K ceiling requirements.
Avoid the size and location constraints—no minimum area, no single‑property rule.
This is increasingly attractive in urban Greece, where abandoned office blocks or warehouses can be re‑purposed affordably for residency.
Restoring listed heritage buildings similarly unlocks the €250K route, while contributing to preservation and potentially increasing historic value—though comes with longer timelines and higher exit risk until restoration is complete.
Key Risks and Compliance Rules You Must Honor
Conversion must be authorized by urban‑planning and zoning. Unauthorized conversions can invalidate your application.
Restoration or conversion must be fully documented: authorities require proof that residential use has legally changed or restoration is complete.
Strict use restrictions:
No short‑term rental for any new Golden Visa property.
Converted properties cannot serve as company headquarters or branch offices.
Selling a listed building before restoration is done triggers €150,000 fine and loss of residence permit. Other violations (e.g., short‑term renting) also result in €50,000 penalties.
Time Is Now—Here’s What You Should Do
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Identify a viable commercial unit or listed building you can legally convert or restore – ZAFIDO knows the market very well and we can help you do it effortlessly. We deliver move in – ready properties, fully restored, modernized and furnished (optional).
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Confirm zoning and plan approvals, and assemble all technical and architectural documentation.
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Complete the conversion or restoration ahead of applying (not within five years—only for renewal).
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Submit your Golden Visa application only when conversion or restoration is certified complete—otherwise standard thresholds (€800K/€400K) apply.
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Avoid any resale or short‑term rental until after compliance combined with permit renewal.
Associated Fees
Transfer Tax 3.09% x Property Value
Cadaster 0.8% x Property Value
Notary 1.24% x Property Value
Main Sponsor – 2000€ State Fee
Adult dependent – 150€ State Fee
Visa issued (per person) – 16€ State Fee
Hospital Policy (per person) ~ 200€ (average)
Legal fees ~ 6000€ (average)
Need help from experts? Lets talk
How to bypass the 800K Investment
If you want to bypass the €800,000 or €400,000 investment drag in today’s Greek Golden Visa regime, the conversion or restoration exceptions are your only viable route at €250,000. However:
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Conversion must be fully executed before application;
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Restoration must conclude before Year 5 renewal;
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Strict compliance and legal paperwork are non‑negotiable;
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No Airbnb, no business‑use, no early sale.
That means acting quickly, carefully—and strategically. With bureaucracy delays in places like Athens often stretching application timelines to 12–18 months, early preparation is essential .Time is the investor’s enemy here—not only because of rising thresholds, but because implementation lags and document backlogs can sabotage even the most ambitious conversion projects.
By targeting conversion or restoration projects with professional legal, architectural, and planning support, you maintain the ability to secure Greece’s Golden Visa at €250,000, even in prime areas—if you act decisively and within the stringent new framework.
Zafido Can Guide You Every Step of the Way
At Zafido Hellas, we specialize in full-scale conversions and restorations that meet all Golden Visa requirements—even in prime Athens, Glyfada, and high-demand zones. Our integrated team of architects, engineers, interior designers, legal and immigration experts ensures projects are completed efficiently, completely, and compliant.
Whether converting a commercial unit or restoring a heritage-listed property, we deliver turn-key solutions—permitting, renovation, documentation, and Golden Visa application support—so you can confidently secure your residency at the €250K threshold. Let us help you transform potential into premium property… and residency.
In Zafido we turn your ideas into reality—effortlessly.
📞 Call us today for a free consultation!
📩 Email us to start planning your dream space.
