Golden Visa: The decision that clears the way for new purchases and residence permits — Who stands to benefit

Tens of thousands of applications for residence in Greece and hundreds of properties that were waiting to join the Golden Visa program are unblocked after the publication of the new ministerial decision 214926/2025 (Government Gazette B’ 6014/11.11.2025). This is the decision that puts an end to the six-month “freeze” of the market, finally clarifying how investments in commercial, listed, and properties under renovation can be included in the program.

The regulation had been awaited by thousands of foreign investors, developers, and property owners, as for months they were unable to make purchases or complete files they had already submitted. Lawyers had stopped submitting new applications, knowing that the Immigration Department could not issue permits until the new framework was established. Many others, to “hold their ground,” preemptively submitted files, knowing that they would not proceed before the clarification.

The new decision finally puts an end to the wait. It clarifies how changes of use are certified, how maintained buildings are classified, and what documents are to be issued or renewed for investor residency permits. It is the first substantive interpretation of Article 100 of the Law. 5038/2023 and Article 64 of Law no. 5100/2024, which changed the entire philosophy of the program.

According to the latest figures, 13,499 Golden Visa applications are pending, including 10,703 in Attica, 79% of the total. Many of these were submitted just to “get in line”, as investors knew that no license would be issued before the new decision. Others preferred to wait to see the final clarifications. This ministerial decision unlocks both categories: it allows those applications already submitted to be issued and opens the way for new investment.

The ministerial decision on the Golden Visa provides
– Change of use of property: Buildings that are converted to residential use – formerly offices or industrial premises – can now qualify for the scheme, as long as the engineer prepares a technical report certifying that the conversion was done legally after the new framework was introduced. For industrial properties, a certificate that no industry has been operating for the last five years is also required, with supporting evidence (DEDE certificates, E2 statements or public attestations).

– Preserved properties: The notary must explicitly state the building’s designation number and certify that the designation remains active. Cases of reconstructions or additions to already designated properties are now also covered.

– Purchase of land and construction of a house: The investment is considered valid if there is a building permit and the total value of the purchase and construction reaches the minimum threshold (250,000 or 500,000 euros, depending on the region).

– Renewal of permits: The investor declares that the property remains in his/her ownership and is not leased on a short-term basis, while changes of use require an additional declaration that it is used exclusively as a residence.

– Documentation: Includes notary’s certificate, proof of transcription or lawyer’s certificate, private insurance policy, E9 declaration, and a 2,000 euro fee.
The new decision replaces the previous one of 2024 and fully streamlines the procedure so that the competent authorities can examine applications immediately without additional delays.

Who benefits
Investors who had purchased property for renovation or conversion are the first to benefit, as they can now complete the procedures for the residence permit. The same applies to developers dealing with commercial or listed buildings, which until now could not be included due to ambiguity in the legal framework.

With the new guidelines, the market is regaining momentum. Engineers now know exactly how to prepare technical reports, notaries the necessary certificates, and lawyers the documents needed to complete each file.

Market players believe that the unblocking of 13,499 applications will revive interest from investors from Asia and the Middle East and bring back capital that had temporarily been diverted to other countries. At the same time, the clarity given to the conditions for change of use and restoration should re-energise refurbishment projects and stimulate construction activity.