For years, gaining EU residency through investment has been focused on Portugal.
The Portuguese Golden Visa originally allowed for residency with the purchase of residential real estate anywhere in the country. That, plus minimal presence requirements and a 10-year tax holiday, got results.
But those results led to escalating real estate costs that priced out locals, so residential investment became limited to those areas outside of Lisbon, Porto, and the Algarve region.
And then the real estate option was eliminated altogether. Portugal’s Golden Visa has lost its luster.
A new Mediterranean contender has stepped up, though. Greece now offers something Portugal no longer does: a Golden Visa through residential property investment.
And for those of us with location-independent businesses that allow us to work from anywhere, this represents one of the only accessible doorways into European residency available today.
The Mediterranean Shift in Golden Visa Programs
Golden Visas, which are coveted residency permits based on investment, have become increasingly strategic assets for those looking to secure geographic flexibility.
They typically remain valid for five years and require minimal physical presence, meaning you won’t trigger tax residency while maintaining your freedom to come and go.
In planning our own adventures abroad, I’ve watched various countries compete for location-independent entrepreneurs and investors over the last six years. The evolution of these programs tells a fascinating story about how governments balance attracting foreign capital against domestic housing concerns.
The Portuguese simply ran out of space and affordable housing for their own citizens. Greece, meanwhile, took a more strategic approach.
Rather than scrapping its program entirely, it made adjustments that leverage its unique geography. And this is why Greece now dominates the space: coastline.
While Portugal has approximately 1,700 miles of coastline with a ratio of coastline to total land area of 5:9, Greece boasts an astonishing 9,412 miles with a ratio of 37:8.
This extensive shoreline, spread across numerous islands and peninsulas, gives Greece substantially more capacity to accommodate foreign property investors without creating the same housing pressures that forced Portugal’s hand.
That means while one door closed, another opened. And this one may be even better.
Why Greece Works for Expats and Nomads
The ability to secure European residency while maintaining a home base elsewhere represents the kind of flexibility that we’ve built our businesses to provide. And Greece has structured its program to be remarkably accessible, even for those who aren’t ultra-wealthy.
Here’s how the Greek Golden Visa program currently works:
- For Athens, Thessaloniki, and popular islands like Mykonos and Santorini, the minimum real estate investment is €800,000 (about $865,000). But for most other areas, including the majority of Greek islands, you need only invest €400,000 ($432,000) in residential property.
- Even more interesting is the €250,000 ($270,000) option to convert commercial properties to residential use or restore historic listed buildings.
- In each case, your investment must be a single dwelling of at least 120 square meters (1,290 square feet).
What makes this particularly strategic is how the Greeks have addressed the political challenges that ultimately killed Portugal’s program. As Ted Baumann of Global Citizen Living notes:
The Greeks have been clever here. A few years ago, foreign buyers targeted inner city neighborhoods, scooping up multiple properties and converting them into Airbnbs — or even left them empty to reap the rise in property values.
Greek officials implemented price thresholds that channel foreign investment away from affordable neighborhoods while still welcoming outside capital. This political sustainability suggests the program has staying power — critical for those of us making long-term life decisions.
The Expat’s Path of Least Resistance
I’ve learned over the years that administrative friction often determines which global opportunities are actually worth pursuing. Here’s where Greece truly shines.
The application process has been fully digitized. Everything can be completed online, from anywhere in the world. You can assign power of attorney to a local representative who handles the tax number, bank account, property purchase, and other transactions before you ever set foot in the country.
Compare this to Portugal’s largely manual system, and you can see why Greece has gained such momentum. But what truly sets the Greek program apart are two innovative features that make it unusually accessible for ordinary entrepreneurs:
- First, Greece allows families to pool resources for qualifying investments. Unlike programs that require exhaustive due diligence on every individual contributing to an application, Greek banks handle this process rather than the government.
- Second, and perhaps most importantly for those of us who have built successful businesses but aren’t sitting on massive cash reserves, Greece has no issue with applicants borrowing from foreign banks to fund their investment. From the Greek perspective, it’s still foreign money flowing into its economy — the source matters less than the impact.
The €250,000 Strategic Opportunity
The €250,000 investment options for converting commercial properties or renovating historic buildings represent particularly interesting opportunities for people who appreciate value creation.
Before getting too excited about this price point, understand that purchasing a property for €250,000 is just the beginning unless that property has already been converted or renovated.
For commercial conversions, the work must be completed before submitting your Golden Visa application. Many properties in this category are handled by developers who purchase commercial buildings and convert them into apartments, then sell the finished units to Golden Visa applicants.
With historic listed buildings, renovations must be completed by the end of your initial five-year visa period to qualify for renewal. This path allows you to purchase a property at any price, provided you transform it into a habitable residence within that time frame.
Greek developers have been particularly savvy in this space. Some have created modern apartments from old office buildings, while others began scouting potentially eligible properties before regulations even changed.
As Baumann observes, “In some cases these properties only need minor repairs or upgrades. In others, they are unfinished properties that need to be completed before habitation.”
Beyond Real Estate: Alternative Investment Paths
While purchase of property remains the most straightforward approach, Greece offers several other investment routes to residency:
- $864,000 investment in shares or corporate bonds listed on regulated Greek markets
- $540,000 investment in a Greek REIT or mutual fund focusing on Greek assets
- $540,000 investment in Greek government bonds with at least a three-year maturity
- $540,000 fixed-term deposit with a Greek credit institution
- $378,000 investment in a mutual fund focused on Greek shares, corporate bonds, or government bonds
Greece’s economy currently outperforms much of Europe, with GDP growth tripling the Eurozone average in recent years. That suggests potential for strong returns beyond just securing residency.
One crucial note for American entrepreneurs: Investing in foreign mutual funds requires careful planning due to U.S. tax regulations. Congress has created substantial penalties for U.S. taxpayers investing in foreign funds that compete with American offerings. This hurdle isn’t insurmountable but requires proper legal structuring beforehand.
Making the Move: The Practical Process
The application process is remarkably straightforward:
- Choose your investment approach
- Obtain a Greek Tax Number (AFM) and open a Greek bank account
- Sign a Power of Attorney to allow a lawyer to handle the process remotely
- Make your investment
- Prepare required documentation (passport, biometrics, proof of funds, clean criminal record)
- Submit your application
- Complete a biometrics appointment (either during a visit to Greece or at a consulate)
- Receive your residency permit
The program fees are relatively modest: €2,000 for the investor’s permit and €150 per additional family member.
What makes this approach particularly valuable for digital entrepreneurs is the absence of minimum residence requirements. You maintain Greek residency rights without triggering Greek tax residency — essentially keeping European residency in your back pocket until you need it.
For those looking toward longer-term options, citizenship through naturalization becomes possible after seven years, provided you meet minimum physical presence requirements and develop passable Greek language skills.
When it comes to Golden Visa programs in 2025, Greece isn’t just the new Portugal. It might actually be the overall better option.
