The last large EU property visa — with a different product mix
Portugal removed real estate from Golden Visa qualifying investments in October 2023. Spain closed its investor Golden Visa on 3 April 2025. Greece did not follow them out of the property route. It repriced it. Law 5100/2024 set three tiers: €800,000 in high-demand zones, €400,000 elsewhere, and €250,000 restricted to commercial-to-residential conversions or listed-building restoration (globalcitizensolutions.com, as of 2026-02). The €250,000 tier no longer applies to ordinary residential purchases. The €400,000 and €800,000 tiers require a single dwelling of at least 120 m² — properties cannot be combined to reach the threshold.
High-demand zones are exactly the places most buyers want: Attica and the Athens metro, the Thessaloniki metro, Mykonos, Santorini, and islands with population above 3,100. The cheaper €400,000 tier requires accepting a less liquid regional location. Anyone still modelling Greece on a €250,000 Athens apartment is modelling a product that no longer exists.
The term visa mills omit: short-lets are banned
Short-term rentals are prohibited on Golden Visa properties. Listing on Airbnb or Booking.com carries a €50,000 fine and can trigger revocation of the residence permit. Only long-term rentals of a minimum six months are permitted (globalcitizensolutions.com, as of 2026-02). That eliminates the highest-yield use of the asset for precisely the investors most likely to buy it.
Gross long-term rental yields sit at roughly 3.2%–5%, with a typical apartment near 4% — the lowest range in this site’s comparison set, materially below Dubai at 6.5–7% and Portugal’s 6.3% Idealista national print (getgoldenvisa.com / realestateclubdubai.com / Idealista, as of 2026-04–2026-06). Greece is bought for residency and Schengen access, not for income. Transfer tax is 3.09% — 3% central plus 0.09% municipal — among the lowest in the set; total transaction cost typically lands around 6–8% if the 24% VAT suspension on new builds remains in force through 31 December 2026 (goldenkeysglobal.com / astonsgreece.com, as of 2026-04–2026-05).
A visa is not tax residence — and two tax shields are suspensions
Holding a Greek Golden Visa does not make you a Greek tax resident. Tax residence turns on spending more than 183 days in Greece in a calendar year. If you do, you may opt into a flat €100,000 annual tax on worldwide income instead of progressive rates up to 45% — a regime aimed at high-net-worth relocators, not at a permit holder who visits (immigrantinvest.com, as of 2026-07).
The 15% capital gains tax on individuals has been suspended since 2013, most recently through 31 December 2026. The 24% VAT suspension on new builds is also a renewable concession, not a repealed tax (varnavas.gr, as of 2026-06). An investment thesis built on “no CGT in Greece” is built on a suspension. Corporate sellers do not benefit: companies pay corporate tax, currently 22%, on real estate gains as ordinary profit.
Greece versus Portugal versus the UAE
Against Portugal, Greece still answers “yes” to property-linked residency. Portugal answers “no” to the apartment and “yes” to funds, patronage and business creation. Greece’s entry tax is lower; its yields are worse; its Golden Visa unit cannot be short-let. Against the UAE, Greece offers Schengen access (90 days in any 180), no minimum stay, permanent residency after five years and citizenship eligibility after seven with language proficiency (globalcitizensolutions.com, as of 2026-02). The UAE Golden Visa still requires AED 2,000,000 of DLD-certified property, sponsors a wider family stack, and sits in a zero-personal-income-tax rental regime for individuals (visahq.news / polaris.ae, as of 2026-05). Setup timing in Greece is commonly 8–10 months from property identification to residence card, versus a much shorter Dubai conveyancing plus GDRFA file on a clean Golden Visa (buygreece.us / sarmat.ae, as of 2026-06–2026-07).
Bank of Greece data showed broader-market prices up 7.7% year-on-year. Golden Visa applications fell 43% in the first four months of 2026 versus 2025, but approvals rose 11% (3,816 versus 3,429) as the backlog cleared (getgoldenvisa.com, as of 2026-06). Chinese investors remain the dominant nationality. Average asking prices of €2,300–€2,800/m² remain among the most affordable in Western Europe. Affordable is not the same as income-producing, and it is not the same as a visa mill’s €250,000 Athens story.
This insight is research on Greek Golden Visa property rules, not personalised legal, tax, or immigration advice. CoreSpaces is not licensed to broker Greek property. Thresholds, short-let rules, and the VAT/CGT suspensions can change. Confirm current Ministry of Migration practice and notarial requirements with Greek counsel before reserving a unit. Compare /markets/greece, /markets/portugal, and /markets/uae.