New applications for the Greece golden visa fell to 3,086 in the first seven months of 2026, down 39% from 5,028 in the same period last year, according to the latest data from the Migration Ministry. Even so, the pace puts 2026 on track for more than 5,000 applications by year’s end, and the backlog has nearly halved — from more than 52,000 pending files at the start of 2025 to 29,273 at the end of July.
Practitioners read much of the decline as a return to normal. The announcement of higher thresholds triggered a rush of applications in 2024 as buyers raced to file before the new minimums took effect, inflating the base against which 2026 is now measured.
In other parts of Greece, the threshold is €400,000. The €250,000 option survives only for specific investments, including the conversion of qualifying commercial or industrial properties into residences and certain historic buildings. Most new applications now use that conversion route, which is exempt from the 120-square-meter minimum.
A 15% Transfer Tax, Still on the Drawing Board
In September, Prime Minister Kyriakos Mitsotakis formally announced a plan to raise the property transfer tax for non-EU buyers of residential property from about 3% to 15%. The measure is not yet law. Mitsotakis initially pointed to January 2027; the finance ministry later indicated July 1, 2027. Final legislation and transitional rules — covering reservations, deposits and deals already underway — have not been published.
The proposal, as described, would exclude long-term residents of Greece and would apply only to residential property, not to commercial property or land. Whether golden visa purchases receive any carve-out is unclear, as is the treatment of the €250,000 conversion route. Those questions will not be settled until the implementation rules are in place.
For example, a Chinese investor buying an €800,000 apartment in Athens could pay 120,000 euros in transfer tax alone, before legal fees, notary costs, and agent commissions.
The Opposition Moves Against the Property Route
In early October, PASOK leader Nikos Androulakis tabled a parliamentary amendment during debate on a Development Ministry bill that would end investor residence permits for property purchases, redirect incentives toward Greek businesses, and subject existing golden visa holders to the short-term rental ban when their five-year permits come up for renewal.
Party leaders have openly targeted the property visa, framing it as an economic “poison” that has fueled a severe domestic housing crisis and priced locals out of their own neighborhoods.
PASOK holds just over 30 of 300 seats and cannot carry the amendment without New Democracy’s support, which Migration Minister Notis Mitarakis has given little sign of offering. Its introduction still marks a shift in the political debate.
Not everyone accepts the housing framing. Christina Georgaki, an Athens immigration lawyer, has said the program “has not been shown to be a primary driver of Greece’s housing crisis.”
The Startup route: cheaper entry, tighter strings
The startup track lets non-EU investors secure residency at the program’s lowest entry point—€250,000—by backing an innovative company registered on the official Elevate Greece platform.
The route carries conditions the property track does not. A single investor may hold no more than 33% of a target company’s shares or voting rights. The stake must be held for five years, and an investor who exits early must reinvest in another qualifying startup within two months. The company must create at least two full-time jobs in its first year and maintain staffing for five years. Noncompliance can block renewal and trigger €50,000 penalties for both the investor and the company. Funds must come from abroad through banks meeting EU anti-money-laundering standards. The permit confers no right to work in Greece.
The startup track offers three advantages over property:
- No transfer tax: A €250,000 equity investment in a startup does not involve a property purchase, so the proposed 15% transfer tax would not apply.
- Capital Efficiency: It preserves the highly accessible €250,000 threshold without forcing you to buy real estate in remote, rural areas or commercial-to-residential shells.
- Broader political support: The startup track has drawn criticism from neither of the two largest parties. In fact, PASOK’s recent amendment explicitly proposed replacing property visas with an “Angel Visa” for businesses. Backing a startup creates local tech jobs and builds Greek industry, making this pathway less exposed to the political pressure facing property buyers, for now.
