Greece has become a popular destination for Americans moving to Europe, not just for its sunshine, islands, and way of life. Another primary reason is its Golden Visa program, being one of few left in Europe that includes real estate purchases among its investment options and Spain and Portugal changed their rules. So If you’re looking for a base in Southern Europe and access to the wider EU, the Greece Golden Visa program deserves a close look.
What Greece’s Golden Visa offers
Greece’s Golden Visa concept is simple: invest in Greece and receive a renewable five-year residence permit. The permit can cover you, your spouse, dependent children, and even your parents. It also offers visa-free travel throughout the 27 European countries in the Schengen area.
You don’t even have to spend most of the year in Greece to maintain your residence, which makes it ideal if you want the option of spending time in Europe without committing to a full-time relocation.
Qualifying investments for the Greece Golden Visa
The program allows several categories of qualifying investments for the visa:
- Residential property – This is the most common path. As of 2024, you’ll need to invest €800,000 in high-demand areas such as Athens, Thessaloniki, Mykonos, or Santorini. In most other areas, the minimum investment is €400,000. In limited cases under transitional rules, €250,000 still applies. The property must usually be a single unit of at least 120 square meters.
- Greek government bonds – An investment of at least €400,000 through a Greek bank can secure eligibility.
- Shares or bonds of Greek companies – At least €400,000 in listed shares, corporate bonds, or units of funds registered in Greece.
- Bank deposits – A fixed deposit of €400,000 or more with a Greek credit institution.
- Real estate investment companies (REICs) – A €400,000 minimum investment in a Greek REIC also qualifies.
Most Americans choose property, since it provides both residency and a tangible asset and a base in a country where lifestyle and real estate appreciation are often both priorities. The financial instruments may be worth exploring for investors who want a cleaner, hands-off option, however.
Greece Golden Visa rule changes in 2024
The Greek Golden Visa program saw major updates in 2024. Minimum property thresholds increased, and lawmakers added restrictions to ease housing pressures in hot markets. The key changes:
- Higher minimums of €800,000 in high-demand zones, €400,000 elsewhere (previously €250,000).
- Requirement for just one qualifying property rather than multiple smaller units.
- A ban on using Golden Visa properties for short-term holiday rentals, like Airbnb or Booking.com.
Earlier buyers who placed deposits before September 1, 2024, may still qualify under the old rules, with extended deadlines through 2025.
The Golden Visa application process
The process typically starts with choosing your investment. For property buyers, that means signing a purchase agreement, transferring funds, and registering the transaction. Your attorney then files the Golden Visa application with supporting documents.
The process takes several months from purchase to permit. The Greek authorities require biometric data, so plan to visit Greece for processing. Once approved, you receive a five-year residence permit that you can renew for as long as you hold the investment.
Associated costs when buying property in Greece
If you buy real estate, there are additional local costs to consider on top of the investment amount. Transfer tax runs around 3% on resale properties, while new builds can carry 24% VAT. Add notary, attorney, registration, and agent fees, and you’re often looking at 5–10% in transaction costs on top of the purchase price.
It’s smart to confirm whether the property falls under VAT or transfer tax before you sign anything, as that difference alone can impact the economics of your investment significantly.
Taxes for Americans
As a US citizen, you’re subject to worldwide US taxation, even if you live abroad. If you pay income taxes in Greece too, you can claim tax credits to reduce your US taxes and avoid double taxation. When you own foreign property, US capital gains and estate taxes should also be considered, and you’ll have to report any rental income you receive in Greece, too.
Greece meanwhile will tax you as a resident if you spend more than 183 days there in a 12-month period. Being a Greek tax resident triggers worldwide taxation in Greece as well. Consult both US expat-specialist and Greek accountants to ensure you plan and fulfil both countries compliance requirements.
Property use restrictions
For many years, investors bought apartments, listed them on Airbnb, and earned strong returns. That model is now off the table. Golden Visa properties cannot operate as short-term rentals under the new law. If income is part of your strategy, you’ll need to consider long-term leases or alternative investment categories.
Financial planning for Americans in Greece
We’ve worked with numerous Americans moving to and living in Europe and seen how small oversights can cause issues. Here are a few things to be aware of:
- Run a legal title search before you pay a deposit on a property in Greece, as ownership disputes are not unheard of.
- Use a lawyer who knows Golden Visa transactions, as well as local and US expat specialist accountants.
- Set aside extra budget for taxes and fees. A 5–10% cushion avoids stress at closing.
- Consult a cross-border financial planning advisor to ensure you make investments as part of your overall investment strategy and in line with your long-term plans and goals. They can also advise you on pitfalls to avoid when moving to Greece and how to position your portfolio and income for a cross-border life.
- Don’t forget estate planning – once you have assets in multiple countries, you may need multiple wills.
Who the Greece Golden Visa suits best
The Greece Golden Visa program is a great option for Americans who want a European base, a family residence option, or a retirement plan with flexibility. It also fits investors seeking property exposure in a market with room for long-term growth, or a ‘Plan B’ residence option, should you ever need it.
It may not be the best option if your main goal is high rental yield from holiday lets, for example, or if you don’t plan to spend too much time in Europe.
For Americans willing to commit capital though, it offers the chance to build a life in Europe without cutting ties at home and can be the foundation of a global lifestyle.
If you have any questions about your situation or require assistance managing your investments as an American living abroad, get in touch.
This article is for informational purposes only; it is not intended to offer advice or guidance on legal, tax, or investment matters. Such advice can be given only with full understanding of a person’s specific situation.
