Absolutely, foreigners are allowed to purchase real estate in Greece, and such an acquisition could potentially result in the signing of a Golden Visa in Greece, one of the oldest residency-by-investment in Europe. Greece operates a tiered pricing model, such as properties in the Athens centre, Mykonos and Santorini cost at least EUR 800,000, while emerging areas begin at EUR 400,000 and a commercial-to-residential conversion can attract a minimum investment of EUR 250,000.
Transfer tax is approximately 3.09%. The Golden Visa grants residency in roughly three months, and Greek citizenship becomes available after seven years of legal residence, delivering a passport with visa-free access to 185 countries. This guide covers how to buy property in Greece as a foreigner, the full cost breakdown, the Golden Visa connection, and what Americans and other non-EU buyers need to know.
Greece Golden Visa: EUR 250,000 to EUR 800,000 depending on location. Residency in ~3 months. Citizenship after 7 years. 185 visa-free countries.
Can foreigners buy property in Greece?
Yes. There are few regulations against foreign ownership of property in Greece. Anyone can buy real estate in Greece, from anywhere around the world. Americans, Canadians, Australians and non-EU nationals may buy property in Greece, both commercially and residentially, and on the same terms as Greek nationals.
The one exception is in border areas and some islands close to Turkey, where non-EU nationals might require authorization from the Ministry of Defence. It is only applicable in certain regions, and is not applicable to the majority of property acquisitions in Athens, Thessaloniki, the Cyclades, the Peloponnese or Crete. When conducting the Due Diligence, your legal representative will let you know if the property is within a restricted zone or not.
Foreign buyers must obtain a Greek tax number (AFM) before completing any property transaction. It is a simple procedure and it is carried out either at the local tax office, or by a legal representative authorised by power of attorney. No prior physical presence in Greece is required to get an AFM, and generally comes in a couple of days. It's also wise to have a Greek bank account to pay for property-related expenses (although it is not a strict requirement when buying a property).
Greece Golden Visa investment tiers explained
The Golden Visa is structured in multiple tiered according to the property type and location in Greece. These tiers were restructured in 2024, introducing a new tier structure based on where the land is located, rather than a flat EUR 250,000 threshold (as was previously in place for most areas).
Tier 1 covers the highest-demand areas: central Athens (within the municipality boundaries), Mykonos, and Santorini. They are the most competitive markets in Greece and come some of the highest rental yields with tourist traffic and international demand. The EUR 800,000 figure is based on the market reality and the Government's desire to be able to draw significant investment in these high-end areas.
Tier 2 encompasses most of the rest of Greece, including popular destinations like Thessaloniki, Crete, Rhodes, Corfu, the Peloponnese, and Athens suburbs outside the central municipality. This level is competitive with other European Golden Visa programmes, at EUR 400,000, and provides access to markets with significant growth potential and lower entry costs per square metre.
Tiers 3 and 4, at EUR 250,000, are the cheapest entry points. Commercial-to-residential conversions involve buying a commercial property (such as an office or warehouse) and converting it to residential use. Heritage restorations involve listed or historically significant buildings. Both routes require renovation and conversion work, which adds cost and complexity over and above the purchase price, but they offer the lowest qualifying threshold for the Golden Visa.
Greece still has the EUR 250,000 entry level through commercial conversions and heritage restorations. These require renovation but offer the lowest threshold for Golden Visa qualification.
How to buy property in Greece: step-by-step process
The entire procedure for the purchase of a Greek property is well organized and very structured. From initial search to title deed registration, the process typically takes two to four months, though Golden Visa processing adds approximately three months after the property transaction is completed.
- Obtain a Greek tax number (AFM). Must be obtained prior to any real estate sale. This can be obtained by your lawyer via Power Of Attorney.
- Engage a lawyer. Unlike the law in many countries, a lawyer is not a requirement for a purchase of property in Greece, but highly recommended for foreign purchasers. Your lawyer does title searches, verifies building permits, looks for encumbrances and ensures it is appropriate for Golden Visa if relevant.
- Property search and due diligence. Identify properties that meet your investment and lifestyle criteria. If a Golden Visa applicant, ensure that the investment that is proposed within the selected property and the property size qualify for the chosen Golden Visa category.
- Preliminary agreement and deposit. After selecting a property an initial agreement is signed and a deposit, normally 10% of the sale price, is paid. This is an agreement for legal purposes.
- Title search and legal checks. Your lawyer will verify clean title, confirm that there are none outstanding debts and/or liens, planning permissions and the legal status of the property at the Land Registry/Cadastre.
- Final contract at the notary. The sale is made before a Greek notary. Final deed is signed by both parties (or their attorneys). The transfer tax is covered for about 3.09% of the purchase price and is finalized.
- Registration at the Land Registry. Possession is transferred by registering the notarial deed. Now you become the legal owner!
- Golden Visa application (if applicable). With the registered deed and proof of investment, your lawyer submits the Golden Visa application to the Greek immigration authority. The processing of this takes about three months.
The entire procedure – from the identification of the property until the issuance of the Golden Visa – usually lasts for five to seven months. Buyers who have their AFM, bank account, and legal team in place before arriving in Greece can complete the property transaction within a few weeks of selecting a property.
Full cost breakdown for buying property in Greece
The purchase price is the largest cost, but several additional expenses apply. Understanding the full cost structure prevents surprises and ensures your total investment meets Golden Visa thresholds where applicable.
For a EUR 400,000 property in a Tier 2 location, total acquisition costs including tax, notary, legal, and registration fees will be approximately EUR 425,000 to EUR 435,000. The Golden Visa application fee is separate and applies per applicant. Dependants (spouse, children under 21, parents) can be included on the same Golden Visa application with additional fees per person.
Buying property in Greece as an American
Americans face no additional restrictions when purchasing property in Greece. The process is identical to that for EU nationals, with the same tax rates, legal requirements, and Golden Visa eligibility. Greece does not discriminate by nationality for property ownership outside the limited border-zone restrictions.
American buyers should be aware of US tax obligations. The United States taxes its citizens on worldwide income regardless of residence. Rental income from Greek property must be reported on your US tax return. Capital gains due to the sale of property also are reported. In addition, the US-Greece tax treaty includes provisions to prevent double taxation, but a tax advisor with experience in both countries will be needed to provide advice on this issue.
If you open a Greek bank account and hold monthly balances over the FBAR and FATCA thresholds: FBAR and FATCA obligations apply. You are not required to pay any extra taxes, these are disclosure requirements, but there are heavy penalties for not following them. Your US tax adviser should be informed about any Greek accounts from the outset.
For Americans considering the Golden Visa as a path to Greek citizenship, the seven-year residency period runs from the date the Golden Visa is issued. Greek citizenship requires passing a language and civics exam. Greece permits dual citizenship, so Americans can hold both a US and Greek passport simultaneously. The Greek passport offers visa-free access to 185 countries, on top of the already impressive mobility profile of the U.S. passport.
Buy property in Athens: market overview
Athens is Greece's largest property market and the focal point for international investment. Central Athens falls under Tier 1 with an EUR 800,000 minimum for Golden Visa qualification, while Athens suburbs and the wider Attica region fall under Tier 2 at EUR 400,000.
The difference between central Athens and the rest of the city should not be overlooked for Golden Visa purposes. Neighbourhoods within Central Athens (the Municipality of Athens) include Kolonaki, Plaka, Exarchia, Pangrati, Koukaki and the central part. Rental demand for properties here is highest though as is the demand for m² prices, both long and short-term rentals are being driven.
The suburban areas in the south (Glyfada, Voula, Vouliagmeni) and the north (Kifisia, Marousi, Psychiko) are outside the municipality and classify in Tier 2 at EUR 400,000 per person. These areas have bigger homes, families and access to beaches or greenery. The suburban community can be a better choice for buyers who wish to occupy the home as well as rent it out, versus investing solely as a rental property, due to space and lifestyle.
The port city of Piraeus, adjacent to Athens, is also divided by code and is one of the relatively low-priced locations in the greater Athens metro area. Piraeus real estate, which overlooks the sea and is located in the marina district, have been continuously appreciated, and it meets Tier 2 pricing requirements for Golden Visa.
Cheap property in Greece: where to look
Greece offers some of the most affordable property in the European Union, particularly outside the major tourist islands and central Athens. For buyers whose primary goal is value rather than Golden Visa qualification, several regions provide entry points well below the Golden Visa minimums.
The Peloponnese is still an underpriced area. Towns located on the coast such as Nafplio, Kalamata and Pylos provide sea view property for well under the price of the islands. There are even more lower entry points in the region of Greece, which is considered the mainland, including regions with Thessaly, Epirus and Western Macedonia. They’re ideal for those who want to retire or live outside the city centres and want to live low cost life in the Mediterranean region.
The commercial conversion path is the starting point for Golden Visa applicants with the lowest required amount, at EUR 250,000. This demands the acquisition of commercial property and changing it into residential real estate, which would be a renovation expense in addition to the acquisition price. Restorations to heritage buildings also count for EUR 250,000 (or higher) but must be done in the context of listed buildings and heritage conservation laws.
Crete, Greece's biggest island, has a wide price range. Areas that face the north coast (Chania, Rethymno, Heraklion) are available at premium rates for the tourist areas, while the south coast and other villages in the interior will be much cheaper. The Golden Visa price for buying into Crete is EUR 400,000 in Tier 2, which is an investment that are in favour of island lifestyle without Mykonos or Santorini pricing.
Can I buy property in Greece to get residency?
Yes. The Greek Golden Visa is simply tailored toward foreign investors who acquire property. Purchase of the eligible real estate or a higher tier qualifies you for a 5 year renewable residency permit which takes about 3 months to process.
The Golden Visa is a residency permit that lets foreign nationals reside in Greece and freely move around the Schengen Area (26 countries) for 90 days in a every 180-day period. Greece does not impose any minimum stay requirements for keeping up the permit. It can be renewed every 5 years, provided the property being qualified stays owned by the taxpayer.
To become a U.S. Citizen, you must reside in the country for 7 years. Citizenship is not the same as the residency permit and for reasons such as the physical presence in Greece, or the knowledge of the Greek language (exam), or Greek history and culture (civics exam), be a real part of Greece. Not all Golden Visa holders will want or qualify for citizenship, but those who do gain a passport with access to 185 visa-free countries and full EU citizen rights including the right to live and work anywhere in the European Union.
Golden Visas can be applied for by family members together. These would be your spouse, children under 21, and the spouse's and main applicant's parents. There is a further application fee for each dependant, although no property investment is requisite on their behalf. The family residency permits are linked to permanent residence incomes of the main applicant's owner.
There is no minimum requirement for staying in Greece in order to obtain a Golden Visa. A qualifying property can also be held for at least 24 months, with its ownership renewing every 5 years.
Greece Golden Visa vs other European programmes
With Spain's Golden Visa ending in April 2025 and Portugal removing real estate from its programme in October 2023, Greece is now the premier European property-based residency programme. The table below compares Greece with remaining alternatives.
Greece's advantages are clear: the fastest processing time, the widest range of qualifying property types, and a seven-year citizenship pathway that is shorter than Cyprus (eight years) and Italy (ten years). Portugal offers a five-year citizenship timeline but no longer accepts real estate investment and has significantly longer processing times at twelve to eighteen months.
For investors who want to buy physical property in Europe and obtain residency with a clear path to citizenship, Greece is the standout choice in 2026. The tiered pricing system means there is an entry point for various budgets, from EUR 250,000 commercial conversions to EUR 800,000 premium Athens apartments.
Frequently asked questions
How much does it cost to buy property in Greece for a Golden Visa?
It depends on location. Athens centre, Mykonos, and Santorini require EUR 800,000. Emerging areas require EUR 400,000. Commercial conversions and heritage restorations qualify from EUR 250,000. All Tier 1 and Tier 2 properties must be at least 120 square metres.
Can Americans buy property in Greece?
Yes. Americans face no additional restrictions compared to EU nationals. The process, tax rates, and Golden Visa eligibility are identical. Americans should be aware of US worldwide income reporting obligations on rental income and FBAR requirements for Greek bank accounts.
What is the transfer tax on Greek property?
Transfer tax is approximately 3.09% of the declared property value, paid at the time of purchase. Additional costs include notary fees (1-1.5%), legal fees (1-1.5%), and Land Registry fees (0.5-0.7%).
Do I need to live in Greece to keep the Golden Visa?
No. The Greek Golden Visa has no minimum stay requirement. You maintain residency by retaining ownership of the qualifying property and renewing the permit every five years.
How long does it take to get Greek citizenship through property investment?
Seven years from the date your Golden Visa residency permit is issued. Citizenship requires passing Greek language and civics exams and demonstrating genuine ties to Greece. Greece permits dual citizenship.
Can I rent out my Golden Visa property?
Yes. There are no restrictions on renting your property, whether long-term or short-term (such as Airbnb). Rental income is subject to Greek income tax. Many Golden Visa investors generate rental yield to offset holding costs, particularly in high-demand tourist areas.
This article is for informational purposes only and does not constitute legal, tax, or immigration advice. Property prices, Golden Visa thresholds, and tax rates are subject to change. Always consult a qualified lawyer and tax adviser before purchasing property in Greece. Information verified as of March 2026.
