Commercial to Residential Conversion ONLY: properties converting existing commercial buildings into residential use. Heritage Restoration ONLY: listed buildings of historical or cultural significance requiring restoration. No location restrictions: applies anywhere in Greece, including Athens, Mykonos, Santorini. No size restrictions for these specific project types. Must involve actual construction/conversion work — not just a paper change of use.

Building permits required for conversion work. Must comply with local zoning laws. Architect plans must be approved by the local municipality. Conversion must be completed within the specified timeframe. Property must be registered as residential upon completion. Original commercial use must be documented.

Nationality: Non■EU/EEA nationals only. Age: 18+ years old. Criminal record: Clean background check from country of residence and country of nationality (if different). Income proof: Demonstrate legal source of €250,000+ investment funds. Health: Basic health insurance covering Greece. Entry: Valid entry visa to Greece for the application process.

Spouse: Legally married spouse (heterosexual or same sex marriages recognized since February 2024). Marriage certificate must be apostilled and translated. Common law/civil partnerships are not recognized.

Children: Under 21 at application; can extend to 24 with annual renewals (proof of enrollment required). Includes adopted children with proper legal documentation. Over 21 not eligible unless severely disabled.

Parents: Parents of BOTH the main applicant and spouse; no dependency proof required; no age limits; step■parents can be included if legally adopted

Couple + 2 children (under 21) + 4 parents = 8 people total for a single
€250,000 investment. Single applicant + parents = 3 people total for a single
€250,000 investment.
All family members receive the same 5 year renewable residency

Property location does not determine application location. You can buy in Athens but file in Thessaloniki for faster processing. Regional immigration offices (Thessaloniki, Patras, Volos, etc.) average 2–4 months. Athens office backlog: 8–12 months on average.

Document preparation: 30–45 days.
Property purchase completion: runs parallel to documentation. Application
submission at regional office: 1 day.
Initial review and acceptance: 15–30 days.
Biometric appointment: usually within 30–45 days.
Final permit approval and issuance: 15–30 days.
Total with regional strategy: 90–150 days vs. 240–365 days in Athens.

Due Diligence & Property Investigation: €2,000–€3,500 (title search, conversion feasibility, permits analysis, outstanding debts, zoning compliance).
Property Purchase Representation: €3,750–€6,250 (≈1.5%–2.5% of €250,000) including negotiation, notary coordination, Land Registry registration, title deed transfer.

Standard Firms: €3,000–€5,000 fixed (docs, translation oversight, regional filing, biometrics, follow■ups, permit collection).
Premium English speaking Firms: €5,000–€8,000 fixed. Greek only Budget Firms: €2,000–€3,000 (possible communication challenges).

Power of Attorney: €300–€500.
Tax Number (AFM) service: €200–€400.
Bank account opening assistance: €500–€1,000.
Conversion project management (if needed): €1,000–€3,000.

Conservative estimate: €7,000–€10,000. Premium service: €10,000–€15,000. Budget option: €5,000–€7,000.

Main applicant: €2,000 (non■refundable). Spouse: €150.
Each child under 18: FREE.
Each child 18–21: €150.

Each parent: €150.
Residence permit card production: €16 per person.

Family of 4 (couple + 2 children under 18)
Main applicant: €2,000 Spouse: €150
2 children: €0
4 cards: €64

Extended Family (couple + 2 children + 4 parents)
Main applicant: €2,000 Spouse: €150
2 children under 18: €0 4 parents: €600
8 cards: €128
Total: €2,878

Translations: €100–€150/page; typical 15–20 pages → €1,500–€3,000. Apostilles: €50–€200/document; typical 8–12 documents → €400–€2,400. Criminal record checks: €50–€300 per person (varies by country).

Greek bank account opening: €200–€500; initial deposit €1,000–€5,000. Tax Number (AFM) setup: free (service fee €200–€400 if handled by lawyer).

Individual annual premium: €500–€1,500 (age dependent). Couple: €1,000– €3,000 annually. Family of 4: €2,000–€6,000 annually.
Must cover emergency and basic healthcare in Greece.

Initial property inspection trip: €1,000–€3,000 (flights, hotels, meals for 3–5 days). Biometric appointment trip: €500–€1,500 (can be combined with completion trip).

5 year renewable residence permit for the entire family.
No minimum stay requirement — live anywhere in the world. Visa free travel
across 26 Schengen countries (90/180 rule).
Access to Greek healthcare and education systems.
Right to establish a business in Greece (employment rights excluded).

Potential capital appreciation in a recovering Greek market. Rental income allowed (3–5% annual yield typical). You may sell after obtaining residency (must maintain a qualifying investment). Portfolio diversification into EU real estate; euro denominated asset protection.

Eligible for Greek citizenship after 7 years of actual residence. Greek passport offers visa free access to 180+ countries. EU citizenship benefits: live, work, study anywhere in the EU. Dual citizenship allowed.

Properties purchased under the €250,000 Golden Visa route can be rented out for income. In Athens, depending on the location and size, residential apartments typically rent for €8–€18 per square meter per month. A welllocated 80m2 apartment could generate €800–€1,400 per month in rent. Rental income tax in Greece is progressive: - 15% for the first €12,000 of annual rental income, - 35% from €12,001 to €35,000, - 45% above €35,000. Non-residents pay the same rates, and taxes are withheld at source.

Mortgages are not available for the €250,000 Golden Visa qualifying properties. The investment must be made in full, with clean funds of legal origin. Banks in Greece generally require higher investment thresholds and do not extend mortgages for minimum-threshold Golden Visa purchases. Investors must show the transfer of the entire €250,000 (plus fees) from their own funds.

The €250,000 Golden Visa threshold applies per investor. Families or groups of investors can pool funds, with each contributing at least €250,000. For example, a family of four adults (each investing €250,000) could purchase a €1,000,000 property together, and all four would qualify separately for residency. The key requirement is that the minimum qualifying investment must be met per adult applicant.

Off-plan purchases are allowed under the Golden Visa scheme, provided the final property qualifies. Advantages include: - New build with modern specifications, - Potential capital appreciation by buying at construction phase, - Developer payment plans easing cash flow. Risks include construction delays, developer solvency, and stricter due diligence. Investors should ensure the contract is notarized, with clear delivery deadlines and protections.

Greece offers a non-habitual residency tax regime for new tax residents. Approved applicants can benefit from a flat 7% tax on foreign-source income for up to 10 years. This is especially attractive for pensioners and those with income abroad. Golden Visa holders who later choose to become Greek tax residents may apply for NHR status if eligible.

The Golden Visa itself does not directly lead to citizenship. To apply for Greek citizenship, investors must: - Reside in Greece for at least 7 years, - Show genuine ties to the country (e.g., tax residency, community integration), - Pass a Greek language and culture test. Dual citizenship is allowed. Merely holding a Golden Visa without physical residence does not lead to citizenship eligibility.

Renewal Requirements
Maintain property ownership or equivalent qualifying investment. Valid health insurance covering Greece. Clean criminal record (no serious convictions). Pay renewal fees: €150 per person + €16 card fee.

Renewal Process
Can be completed remotely through your lawyer. No visit to Greece required for renewal. Processing time: 2–4 months. Apply before the current permit expires.

What Happens After Conversion
Property becomes a regular residential property. Can be rented as a residential unit. Property value typically increases post conversion. Still qualifies for Golden Visa renewal as long as €250,000 value is maintained.

Rental yields in Greece vary by city and property type: Athens (4–6%), Thessaloniki (3–5%), and islands such as Mykonos and Santorini (5–7% for short-term rentals). Since 2017, Athens property prices have increased by 35– 40%, driven by strong demand and limited supply. Promising neighborhoods include Piraeus, Exarchia, Koukaki, and Thessaloniki Center.

Short-term rentals (Airbnb) are permitted, but certain zoning areas limit the number of rental days annually. Short-term rental income is taxable, with owners required to register properties with the tax authority.

Investors may sell their property while retaining residency, provided the buyer also qualifies with a €250,000+ investment. Liquidity is generally higher for centrally located apartments and lower for rural or niche assets. Minimum holding requirements do not apply, but maintaining the qualifying investment is mandatory for permit renewal.

Other Golden Visa routes include: - €500,000 investment in Greek government bonds or stocks. - Investment in tourism development projects. - Heritage restoration incentives. These alternatives are less common than real estate but available for certain investors.

Annual property tax (ENFIA) typically ranges from €2–€5 per square meter. Capital gains tax on property sales is 15%. Inheritance and gift taxes apply but can be planned for with proper structuring. Rental income tax: 15% up to €12,000, 35% for €12,001–€35,000, and 45% above €35,000 annually.

Golden Visa holders enjoy full access to the Schengen area for 90 days in any 180-day period. They gain access to Greek healthcare and education, without minimum stay requirements. Greece offers a Mediterranean lifestyle with a low cost of living compared to Western Europe. Residency provides a gateway into the EU while maintaining global flexibility.

Investing in Greece provides Euro-denominated assets, offering stability compared to emerging markets. Opening a Greek bank account is mandatory for Golden Visa investors. Golden Keys Global provides assistance with banking setup, AFM tax number registration, and compliance with anti-money laundering requirements.

Golden Keys Global offers end-to-end service, including property sourcing, due diligence, legal setup, banking, and tax structuring. We partner with trusted developers and law firms, providing access to exclusive projects. Our team has experience with fast-track applications via regional offices, avoiding delays in Athens. Multilingual experts ensure clear communication at every stage.

Case 1: Investor purchased €280,000 conversion project in Piraeus. Within 5 years, property value appreciated 30%, yielding 5% annual rental income. Investor obtained Golden Visa for family of four.

Case 2: A group of four family members pooled €250,000 each to buy a €1 million property in Athens. Each qualified separately for residency, while jointly managing the asset as an investment.

A Greek passport is obtained only through naturalization after living in Greece.

Step-by-step requirements:

1. Hold a Golden Visa and maintain your investment.

2. Residency requirement: Live in Greece for at least 7 consecutive years,

spending the majority of each year there.

3. Integration exams:

◦ Greek language test (B1 level) – reading, writing, speaking.

◦ Citizenship exam – knowledge of Greek history, culture, geography,

and civic rights.

4. Prove integration:

◦ Pay taxes in Greece (be a tax resident).

◦ Own or rent a home.

◦ Children studying in Greek schools.

◦ Economic or cultural participation.

5. Apply for naturalization: Submit documents, pass exams, pay ~€700 fee.

Processing takes 1–2 years.

6. Oath of citizenship: If approved, you swear an oath, receive a Greek ID

card, and then apply for a Greek passport.

• Live, work, and study anywhere in the EU/EEA/Switzerland.
• Vote in Greek & EU elections.
• Visa-free travel to 180+ countries.

Greece offers attractive tax benefits for new residents:

• Flat tax on foreign income: annual lump-sum option for high-net-worth individuals.
• Retirees: reduced flat tax rate on foreign pensions.
• Inbound professionals: special reduced tax rates for relocated employees

(Eligibility depends on not being a recent Greek tax resident; must apply separately.)

Golden Visa (Residency):

• 5-year renewable (investment maintained).
• Visa-free Schengen travel.
• Family included.
• Study access for children.
• Limited work rights (not automatic).

Greek Passport (Citizenship):

• Requires 7+ years residence + exams + integration.
• Full EU rights (live, work, study anywhere in EU).
• Vote in elections.
• Visa-free travel to 180+ countries.

• Permanent Residency: €300,000 real estate investment.
• Residency is lifelong, renewed every 10 years.
• Citizenship: possible after 7 years of residence.

⚠ Cyprus abolished its direct “citizenship by investment” program in 2020.

• Malta’s citizenship by investment program was shut down in April 2025 after EU court ruling.
• Only “citizenship by merit” is now possible (case-by-case, not transactional).
• Malta still has residency by investment, but no direct passport program.

Caribbean CBI Programs (Countries: Dominica, St. Lucia, Antigua, Grenada, St. Kitts & Nevis)

• Investment: $100,000 donation (single) or $200,000 real estate (family)
• Timeline: 6–12 months.
• Benefits: Visa-free to 140+ countries (UK, Schengen, Hong Kong).
• Special case: Grenada gives access to the US E-2 investor visa.
• Residency requirement: none.

• Greece & Cyprus: Best EU options for residency that can lead to a passport, but require 7 years of living there.
• Golden Visa: Great for Schengen travel, living in Greece, and family settlement — but not an EU passport.
• Passport (Citizenship): Long-term process, requires exams and integration.
• Fast-track passports (Caribbean): Quick (under 1 year), no residency requirement, but no EU citizenship rights.