Greece Golden Visa investment options compared: funds vs. real estate

The Greece Golden Visa offers non-EU nationals a pathway to residency by making an eligible investment in the country. 

The two main options are real estate and investment funds. Both paths lead to the same residency rights but they differ in terms of upfront cost, risk profile, and how actively the investor must be involved.

Minimum investment 

Real estate investment starts at €250,000, but this lower threshold applies only to older properties purchased for renovation. Those interested in newly built or off-plan properties face higher thresholds: €400,000 in most areas or €800,000 in prime locations such as central Athens.

Fund investments require a minimum of €350,000, making them actually a more affordable alternative for investors who prefer not to deal with property maintenance or renovation.

Level of involvement 

Real estate requires active participation: investors must either manage the property themselves or appoint a local manager. 

In contrast, fund investments are fully managed by licensed professionals, making them more suitable for those who prefer not to be involved in day-to-day oversight.

Risk and diversification 

Property investments are tied to a specific asset and location, which can limit flexibility and increase exposure to market fluctuations. 

Fund investments diversify across multiple assets and sectors, reducing risk through broader exposure.

Liquidity and exit options 

Properties can, in principle, be sold at any time, but this depends on market conditions and buyer demand.

Fund investments may be easier to trade in resale markets once eligible for exit, while usually subject to a fixed lock-in period.

Greece Golden Visa fund investment pros

Main benefits of the Greece Golden Visa fund investment option are as follows:

• lower threshold — €350,000;
• diversification — reduced single-asset risk;
• professional management — hands-off oversight by licensed fund managers;
• enhanced liquidity — easier secondary-market trading once lock-in ends;
• simplified compliance — all reporting and paperwork handled by the fund, easing the administrative load on investors.

Investment strategy and fund types

Greece Golden Visa funds focus on commercial real estate segments such as logistics, data centres, hospitality, and office developments.

There are two categories of eligible funds: 

1. Mutual Funds, which must invest exclusively in financial instruments such as Greek-listed equities, corporate bonds, or government bonds.
2. Alternative Investment Funds, which are required to invest solely in Greek real estate assets.

Regulatory requirements

All qualifying funds must:

• have a minimum Net Asset Value of €3,000,000;
• be managed by entities licensed by an EU-recognised capital market authority;
• be based in Greece or any EU country, but restricted to investments in Greece;
• appoint a Greek-based credit institution as custodian.

Eligibility and compliance

Investments must be held for a minimum of 5 years to maintain residency. Fund or asset eligibility may change, so investors should confirm a fund’s status with Greek authorities before committing capital.

Detailed fund information, including yield expectations and associated risks, is not publicly disclosed. Documents are provided only upon request and after an investor expresses interest to an authorised representative.

Greece Golden Visa property investment pros

Main benefits of the Greece Golden Visa property investment option include:

• rental income — 4.5—10% for long-term leases;
• property price growth — 7—9% annually;
• tax advantage — 3.09% transfer tax instead of 24% VAT on new builds;
• personal use flexibility — option to occupy or holiday-let the property;
• tangible asset — direct ownership of physical real estate.

Minimum investment thresholds

One eligible route under the €250,000 threshold is purchasing a property in need of renovation. This includes repurposing older buildings, as long as all renovation work is completed before submitting the Golden Visa application.

Another option is investing in a listed historic property. In this case, the renovation must be finalised by the time of the first residence permit renewal — 5 years after approval.

For newly built or off-plan properties, higher thresholds apply:

• €400,000 for a single property of at least 120 m² in provincial areas;
• €800,000 for the same in prime zones — Athens and its suburbs, Thessaloniki, Mykonos, Santorini, and any island with over 3,100 residents.

Rental restrictions 

Under the revised Golden Visa rules, short-term rentals are no longer permitted. Only long-term leases are allowed.

However, properties acquired before August 31st, 2024, remain eligible for short-term letting.

Operational and fee burden

Both property and fund investments involve recurring costs that can reduce overall returns. 

Real estate requires budgeting for maintenance, insurance, property taxes and management services, while funds charge management and performance fees that may cut into profits if returns are modest.

Exposure to market shifts

Both options are vulnerable to broader economic trends. 

Property values may decline during downturns, affecting resale potential and rental income. Fund performance depends on market conditions and the decisions of fund managers, which may not always meet investor expectations.

Limited liquidity

Real estate is inherently illiquid and can take months to sell, especially in a weak market. 

Similarly, most investment funds impose mandatory holding periods, restricting early exit or capital reallocation.

Regulatory and portfolio limitations

Changes to zoning rules, rental regulations, or visa conditions may affect profitability and permitted use of assets. 

While funds offer some diversification, they focus on core commercial sectors — logistics, hospitality, data centres, and offices — limiting broader real estate exposure.

1. Residency with no stay requirement 

Whether by real estate or fund investment, Greece offers a 5-year renewable residence permit that extends to the investor’s family. This status unlocks visa-free travel across 29 Schengen countries, access to Greece’s public healthcare and schools, and the right to do business across the EU.

There’s no obligation to live in Greece to retain the permit: residency is granted without a minimum stay.

2. Tourism demand

In 2024, Greece drew around 35 million tourists, up 7% from the year before, bringing in €22 billion in tourism revenue. This steady influx fuels rental yields and property resale values while supporting demand in commercial sectors like hospitality, logistics, and data infrastructure — all of which feature prominently in fund investment portfolios.

3. Inflation protection 

Both real estate and real-estate-backed funds serve as a natural shield against inflation. 

As construction and land prices climb, property values rise in tandem, helping preserve capital in real terms. Rental contracts often include inflation-linked clauses, allowing income to adjust with the cost of living.

Funds add another layer of protection by diversifying across sectors, where lease terms or pricing often move with inflation. Skilled fund managers can further enhance resilience by shifting capital toward assets that historically perform well during inflationary cycles.

4. Stable legal framework

As an EU member, Greece offers a secure and transparent environment for investors. Property rights are strongly protected, and both real estate transactions and fund operations are governed by clear, EU-aligned regulations, ensuring legal certainty and consistent oversight at every stage.

5. Tax optimisation

New tax residents in Greece can take advantage of a special flat-tax regime, paying just €100,000 annually on their global income, regardless of total earnings. This fixed rate stands in sharp contrast to Greece’s standard progressive tax, which can reach up to 44%. 

The regime is valid for up to 15 consecutive tax years, offering predictability and long-term planning advantages.

Terms for the investor

To qualify for the Greece Golden Visa, investors must:

• be at least 18 years old;
• have no criminal record or ongoing legal proceedings;
• provide proof that their funds come from a legal source.

Eligible family members

The program allows the main applicant to include:

• spouse or registered partner;
• children under 18;
• dependent children aged 18—21 who are enrolled in full-time education;
• both the investor’s and their spouse’s parents.

If applying with a partner, a cohabitation agreement must be signed and officially registered in Greece for the application to be accepted.

1. The Greece Golden Visa offers non-EU nationals a pathway to residency by investment. Most popular are fund investment and real estate purchase.
2. Real estate suits those who value direct ownership, are open to property management, and seek rental income or capital growth.
3. Fund investment suits those who prefer a hands-off, professionally managed option with diversification and smoother exit conditions.
4. Greece Golden Visa funds target commercial real estate: logistics, data centres, hospitality, and office developments.
5. Minimum investment: €350,000 for funds; €250,000—800,000 for property, depending on type and location.
6. Tourism demand, inflation protection, and tax optimisation make both Greece Golden Visa investment options attractive.
7. The investment must be maintained to keep residency. No minimum stay is required.