A new direction for Greece’s Golden Visa programme is included in the National Housing Strategy 2026-2035, which has been placed under public electronic consultation by the Ministry of Social Cohesion and Family.

The proposal provides for the creation of a specialised Golden Visa category through which third-country nationals may be allowed to invest in a portfolio consisting of more than one property.

A key condition would be that the properties are made available exclusively for long-term residential leasing within a specific period to be determined by the final legislative framework.

The proposal aims to connect the attraction of foreign investment with an increase in the number of homes available in Greece’s long-term rental market.

What the Proposed Golden Visa Category Would Provide

According to the National Housing Strategy, the new category would allow an investor to acquire more than one property, instead of being limited to the purchase of a single property.

This possibility would be accompanied by specific obligations:

• The properties would have to be used exclusively for long-term residential leasing.
• They would have to be placed on the housing market within a defined period.
• Their use for short-term rentals would be expressly prohibited.
• A monitoring and control mechanism would be introduced to verify their actual use.
• Specific eligibility criteria would be established for both the properties and the investors.

The objective is to ensure that the investment is not limited to the passive ownership of real estate, but actively contributes to bringing vacant or underused homes back into the residential market.

How the Proposal Differs from the Current Golden Visa Framework

Under the current Golden Visa framework, an investment through the purchase of real estate must, as a general rule, concern a single property.

The main minimum investment thresholds are currently:

• EUR 800,000 in the Region of Attica, Thessaloniki, Mykonos, Santorini and islands with a population exceeding 3,100 residents.
• EUR 400,000 in all other areas of Greece.
• EUR 250,000 in specific cases, including properties converted into residential use and properties containing listed buildings that require restoration or reconstruction.

For the main EUR 800,000 and EUR 400,000 categories, where the investment concerns a constructed property, a minimum main-use surface area of 120 square metres is also required.

In addition, properties acquired under the newer Golden Visa framework may not be used for short-term rental through sharing economy platforms.

The new proposal would not automatically abolish the existing Golden Visa categories. Instead, it introduces the possibility of an additional, specialised investment model that would be directly linked to long-term residential leasing.

Why the Purchase of Multiple Properties Is Being Proposed

The option to acquire a portfolio of residential properties may serve two different objectives.

From a housing policy perspective, a larger number of homes could return to the long-term rental market. Particular emphasis may be placed on vacant, older or underused properties that currently remain outside the residential market.

From the investor’s perspective, a property portfolio may offer greater investment diversification. Instead of concentrating the entire investment amount in one property, the capital could be distributed among several homes, locations or property categories.

However, this possibility would also involve increased management and compliance obligations.

The investor would need to ensure that every property included in the portfolio meets the applicable requirements and remains in an eligible use throughout the validity and renewal period of the residence permit.

Issues That Have Not Yet Been Defined

The National Housing Strategy sets out the general direction of the measure, but does not yet determine the detailed conditions for its implementation.

The issues expected to be clarified include:

• The minimum total investment amount.
• The minimum value of each individual property.
• The minimum or maximum number of properties in the portfolio.
• The geographical areas in which the new category would apply.
• The required duration of the tenancy agreements.
• The deadline within which the properties must be leased.
• The conditions under which a property may be sold or replaced.
• The method used to monitor electronic tenancy declarations.
• The consequences if one or more properties remain vacant.
• The penalties for breaching the long-term rental obligation.
• The connection between compliance and the initial granting or renewal of the residence permit.

Another important issue will be whether the measure will apply to any residential property or whether priority will be given to vacant homes, properties requiring renovation or properties located in areas experiencing significant housing pressure.

What the Proposal Could Mean for Foreign Investors

The new category could create a different investment option for third-country nationals who are interested both in obtaining a Greek residence permit and in generating income through long-term residential rentals.

At the same time, investing in multiple properties requires a more complex legal and technical due diligence process.

Before any acquisition, investors should examine, among other matters:

• The title deeds and any encumbrances affecting each property.
• The planning, building and technical status of the property.
• Its lawful classification and use as a residence.
• Its suitability for immediate or future leasing.
• Any existing leases or contractual restrictions.
• The tax cost of acquisition and rental exploitation.
• The compliance of the entire portfolio with the residence permit requirements.

The acquisition of several lower-value properties does not necessarily make the investment simpler. Each property constitutes a separate transaction, with its own legal, technical and financial risks.

The Proposal Is Not Yet in Force

The specialised Golden Visa category is currently at the stage of public consultation.

No new legal right to obtain a Golden Visa through a portfolio of properties has yet been enacted. Until the relevant legislation is adopted and the necessary implementing decisions are issued, the existing Golden Visa framework continues to apply.

Interested investors should therefore not proceed with property acquisitions on the assumption that the proposed category is already available.

Important parameters must first be finalised, including the minimum investment amount, the characteristics of eligible properties, the duration of the required leases and the monitoring mechanism.

Legal Support for Golden Visa and Real Estate Investments in Greece

KMD Law Firm closely monitors developments relating to the Greek Golden Visa programme and the proposed framework for property portfolio investments.

Legal support for a Golden Visa investment may include an initial eligibility assessment, legal due diligence on the properties, assistance throughout the property acquisition process and preparation of the residence permit application.

As the new category is still under development, timely legal assessment is essential in order to avoid investment decisions that may not satisfy the final legal requirements.

This article is provided for general information purposes only and is based on the National Housing Strategy currently under public consultation. It does not constitute personalised legal, tax or investment advice.