Greek Golden Visa: The Smart Alternative to Spain’s Closed Program

Spain officially closed its Golden Visa program in spring 2025, creating a surge in demand for alternative EU residency options. Investors are now turning to Greece, which offers a transparent, stable, and accessible Golden Visa program

Greece’s program provides long-term residency, Schengen travel freedom, and the opportunity to invest in one of Southern Europe’s most dynamic real estate markets.

Below, we explain why Spain closed its program, what it means for investors, and why Greece has become the preferred alternative.

What Was Spain’s “Golden Visa Program?

Before its closure in April 2025, Spain’s Golden Visa was considered one of the most transparent and sought-after investment programs in Europe. It offered investors a fast track to EU residency, the ability to live freely in the country, travel within the Schengen zone, and a pathway to permanent residency and citizenship.

Applicants typically received residency within 4-5 months of submitting documents. Residents could live in Spain and travel freely within the Schengen zone for up to 90 days within a six-month period. The program allowed inclusion of spouses, children, and parents in the application. There were no mandatory residency requirements; investors could renew their visa without living in Spain full-time.

Residency granted legal work rights in Spain. The country remained attractive due to moderate living costs, safety, high-quality healthcare, education, and infrastructure. No language exams or non-refundable contributions were required; the program was entirely investment-based

Participation options included five main paths:

• Real estate purchase: From €500,000. Residential or commercial properties could be single or multiple and rented out.
• Entrepreneurial project: Investors could propose a business generating profit, creating jobs, or strengthening innovation and technology.
• Bank deposit: From €1,000,000 for a period of 5 years.
• Purchase of shares in local companies: From €1,000,000 for 5 years.
• Investment in Spanish government bonds: From €2,000,000 for 5 years.

After five years of residency, investors could apply for permanent residency (limited absences allowed), and after ten years, citizenship could be sought, requiring:

• DELE A2: Spanish language proficiency.
• CCSE: Knowledge of Spain’s constitution and socio-cultural fundamentals.

This section clearly sets the context for why Spain’s program was popular and what investors could gain before it closed.

Why Did Spain Close the “Golden Visa”?

The Spanish government officially ended its Golden Visa program on April 3, 2025, through changes enshrined in the Ley Organica. This decision was driven by several factors related to economic policy, housing, and public sentiment.

Key reasons for closure:

1. Housing market pressures: Authorities observed that the influx of foreign investors contributed to rising property prices in major cities, outpacing local incomes. This made affordable housing increasingly difficult to find for residents. The government aimed to prioritise projects with direct economic benefits, job creation, and minimal impact on housing affordability.
2. Public sentiment and domestic priorities: Housing affordability and the perception of “overheated” markets were widely debated topics in Spain. The Golden Visa program became a focal point for criticism, and policymakers concluded that it was not serving domestic social objectives effectively.
3. Focus on strategic investment: The closure signaled a shift toward attractive investors who bring direct economic or technological benefits rather than passive real estate buyers.

Despite the program’s closure, experts note that its effect on overall property prices was limited because investors with Golden Visas represented only a small share of the market. The decision, however, created a gap for non-EU investors seeking EU residency, prompting many to look for alternative programs in countries like Greece.

Greece’s Golden Visa Program: A Path to EU Residency

Greece’s Golden Visa program has been active since 2023 and remains one of the most popular EU residency-by-investment options. In 2024, 9,289 applications were submitted (a 10% increase from 2023), demonstrating sustained demand despite rising investment thresholds.

The program appeals to investors from the US, UK, China, India, and the Middle East due to its accessibility, flexible conditions, and the opportunity to invest in a stable real estate market with attractive rental returns.

Program Overview and Participant Requirements

The Greek Golden Visa provides a clear path to EU residency through investment, with a particular focus on real estate. Investors gain access to a stable market, rental income opportunities, and visa-free travel across the Schengen Area.

Key features of Greece’s Golden Visa:

1. Minimum investment thresholds:

• €800,000: Athens, all of Attica, Thessaloniki, Santorini, Crete, Mykonos, Rhodes, and islands with populations over 3,100.
• €400,000: All other regions.

2. Special €250,000 cases:

• Properties of cultural or historical value that require restoration, with completion mandatory within 5 years.
• Conversions of commercial buildings into residential apartments; the developer completes full reconstruction to modern standards.

3. Property requirements: Only one property per investor, minimum area of 120m²; any location or size is allowed for restoration or conversion projects.
4. Taxes: Standard VAT is frozen for real estate; property transfer tax is 3.09%.

Eligibility criteria:

• Non-EU citizens, age 18+, with no criminal record
• Ability to demonstrate the legal source of funds
• Medical insurance coverage
• Standard documents prepared: passport, photos, purchase contract, bank statements, etc.

Family inclusion: Residency can extend to spouse, children under 21, and parents on both sides.

Processing: Typically 3-6 months. Residency is granted for 5 years, with the option to renew for another 5 years.

Professional guidance: The process involves property verification, document translation, and coordination with Greek authorities. Working with experienced agents always significantly reduces the risk of errors or delays.

Advantages of Greece’s Golden Visa

Greece’s Golden Visa provides flexibility, security, and strategic opportunities for investors and their families:

• Visa-free Schengen travel: Move freely across all 29 Schengen countries without additional permits.
• No residency requirement: Continuous living in Greece is not necessary; only a short visit is needed to provide biometrics.
• Family coverage: Residency extends to spouse, children under 21, and parents on both sides, making it a family-friendly solution.
• Investment potential: Real estate rental income (4-6% per year) and capital appreciation.
• Low entry thresholds: From €250,000 for restoration or conversion projects, one of the lowest in Europe.
• Non-Dom tax regime: Fixed annual contribution of €100,000 on worldwide income, beneficial for high earners compared with standard income tax.
• Path to EU citizenship: Eligible after 7 years of residence, subject to language and civic exams.
• Stable, secure investment: Provides a safe Mediterranean residence and a hedge against economic or political instability.

Comparison of Spain and Greece Golden Visa Programs

How to Apply for a Greek Golden Visa

Applying for a Greek Golden Visa requires careful preparation and coordination. Astons specials guide investors through each step, ensuring a smooth process:

Step 1. Consultation and Preliminary Check

One of our specialists reviews your eligibility within 24 hours, helping select the optimal investment type and outlining next steps tailored to your goals and budget.

Step 2. Property Selection

Choose a property from a curated portfolio that fits your investment strategy. You can visit Greece to view properties or authorise Astons to conduct virtual tours. Once a property is selected, a booking deposit of approximately 10% is paid.

Step 3. Transaction and Document Preparation

Astons lawyers prepare the purchase agreement, handle all notorisation, and manage the legal documentation. Travel to Greece is not required. After signing, the investor pays the property cost, taxes, and fees while Astons oversees the entire process.

Step 4. Residency Application Submission

Documents are submitted electronically within ten days of payment contribution. The applicant and family receive temporary residency (White Paper) allowing legal entry into Greece.

Step 5. Biometric Data Collection

Applicants over 6 years old must provide fingerprints and photographs. Astons arranged a convenient date for this visit to Greece, typically within a year of receiving the White Paper.

Step 6. Residency Card Collection

Once the cards are issued, the Greek lawyer collects and sends them to the investor’s location..

Astons supports every step: from investor verification and property selection to transaction completion, and card receipt. Leave a request for a free consultation, and one of our specialists will select the best option based on your goals and your budget.