Greece’s Golden Visa program has been welcoming investors since 2013, attracting over 25,000 participants worldwide.

The program provides a 5-year residence permit for the entire family, renewable indefinitely. Processing takes 3–6 months, eligibility requirements are straightforward, and the benefits of EU residency are substantial.

When Greece raised its minimum investment thresholds to €400,000–€800,000, demand for options preserving the original €250,000 entry point surged. Renovation and conversion projects – transforming former offices or aparthotels into modern residential apartments – became a focal point for investors.

This article explains what renovated properties are, why they are attractive, and how investors can navigate the process from property selection to obtaining a Golden Visa.

The Greek Golden Visa is designed for non-EU investors who wish to acquire property in Greece. Key highlights:

• Residence permit: 5 years, renewable indefinitely

• Family inclusion: spouse, children up to 21, and parents

• Residency requirements: you do not need to live in Greece continuously. One visit for biometrics is sufficient.

Benefits for permit holders:

• Travel freely across the Schengen Zone

• Open Greek and international bank accounts and access assets

• Expand business into European markets and optimize taxes

• Study at local or international universities and access free healthcare

• Gain a pathway to permanent residency and Greek citizenship

• Rent out property long-term for stable income (4–6% per year)

• Own a Mediterranean residence

Eligibility requirements:

• Age 18 or older

• No criminal record or restrictions for entering Greece or the EU

• Valid health insurance

• Proof of legal source of investment funds

Since September 1, 2024, Greece applies two investment thresholds:

• €800,000 – Athens, Attica, Thessaloniki, Crete, Mykonos, Santorini, and islands with populations over 3,100

• €400,000 – All other regions

Properties must be at least 120 m² and can only be rented long-term.

However, the €250,000 entry point remains available in two scenarios:

1. Restoration – historic or culturally significant properties fully renovated by the investor within five years.

2. Conversion / Renovation – commercial buildings transformed into residential apartments, with the developer handling all construction and costs.

Today, renovated properties (conversion projects) are the most cost-effective and efficient route.

Renovated properties in Greece are former commercial buildings – offices or aparthotels – purchased by developers and fully converted into modern residential complexes.

Developers are required to:

• Use state-of-the-art materials and technologies

• Comply with European insulation standards

• Install energy-efficient systems

• Apply eco-friendly finishes

Investors receive ready-to-move-in apartments in modernized buildings that match the quality and comfort of new construction.

• Lower entry point: from €250,000 instead of €400,000–€800,000

• Prime locations: often in historic or central areas where new development is limited

• High ROI potential: Greek real estate grows 10–13% annually

• Convenience and speed: the developer handles all construction, permits, and approvals

• Eco-conscious approach: preserves the city’s architectural character while reducing environmental impact compared to building from scratch

Budget-conscious investors: Conversion projects allow entry at €250,000 even in high-value areas, offering a fully finished apartment while saving money.

Location-focused investors: In central Athens, new developments start at €800,000. Renovated properties allow you to acquire a residence in prestigious areas without overspending.

ROI-focused investors: Fully renovated apartments can be designed with premium layouts and high-end finishes, attracting tenants willing to pay 1.5–2x more, yielding 4–6% annual rental returns. Resale values can increase 20–30%.

Participation in the Golden Visa program requires careful planning. Professional guidance is essential for navigating the Greek real estate market and immigration regulations.

Astons assists investors at every stage: property selection, application submission, and receipt of residence cards.

Step 1 – Property Search:

Select properties based on budget, location, and investment goals. Viewings can be in-person or virtual. A 10% deposit secures the property.

Step 2 – Legal Due Diligence & Contract:

Astons performs a full due diligence check. Lawyers prepare and notarize the purchase agreement. Personal presence is not required – power of attorney can be used.

Step 3 – Payment & Document Preparation:

Investors pay the full property price plus taxes and fees. Documentation for the residence permit is prepared, including health insurance and proof of funds.

Step 4 – Application Submission:

Astons submits the application to Greek immigration authorities. A temporary residence permit (“White Paper”) is issued.

Step 5 – Biometrics:

Applicants over 6 years old must travel to Greece to provide fingerprints and photographs.

Step 6 – Residence Card Delivery:

Approved residence cards are produced and can be sent via Astons’ representative to the investor’s address.

Renovated properties offer an affordable, convenient, and high-potential pathway to Greece Golden Visa, combining low entry thresholds, prime locations, attractive returns, and a hassle-free experience without new construction responsibilities.