Greece has formally completed the regulatory modernization of its Golden Visa real estate program with the publication of Ministerial Decision No. 214926/2025 in the Government Gazette on 11 November 2025. This milestone brings long-awaited clarity and legal certainty to investors, developers, and professionals who have been navigating the transitional period following the significant legislative amendments introduced in 2023 and 2024.
With the supporting documentation now fully codified, the Golden Visa program is entering a new era—structured, transparent, and aligned with contemporary real estate dynamics. Below, we outline the most important developments and their practical implications for real estate investors.
1. A Fully Completed Legal Framework
The Greek Golden Visa program continues to be anchored in Article 20 of Law 4251/2014, the foundational statute governing residence permits for investment activity. However, the legal landscape has evolved significantly with:
Law 5038/2023, introducing new eligible investment categories
Law 5100/2024, redefining investment thresholds and establishing two exceptional pathways
Ministerial Decision 214926/2025, providing the final, detailed list of supporting documentation
This decision concludes an 18-month period of uncertainty and now delivers a complete, reliable legal framework for all categories of real estate investment.
2. Two Exceptional Categories Now Fully Operational
The 2024 legislative amendments introduced two new avenues for Golden Visa qualification, both officially clarified and operational as of November 2025:
A. Conversion of Commercial Properties into Residential Use
Investors may now acquire commercial, office, or industrial premises and convert them into residential units for Golden Visa eligibility. This category offers significant opportunities by expanding the available property inventory and often allowing entry at more accessible investment levels.
The new Ministerial Decision provides:
A standardized engineer’s report, using specific wording approved by the Ministry of Migration
A requirement that the change of use be fully completed prior to application
Flexibility for permits originally issued before April 2024, provided they have been updated or revised after the entry into force of Article 64 of Law 5100/2024 (i.e., after 05.04.2024)
Special Rule for Industrial Properties
When converting industrial buildings, engineers must certify that no industrial activity has taken place within the last five years, based on electricity disconnection records, E2 tax forms, and supporting documentation from tax and public authorities. This safeguard ensures that residential conversion is both safe and compliant.
B. Investments in Listed (Heritage) Buildings
The second exceptional category covers investments in properties officially classified as listed (heritage) buildings.
The Ministerial Decision clarifies that:
The notary must certify the property’s listed status by referencing the relevant Government Gazette publication
The category remains valid even where the investment relates to additions, extensions, reconstructions, or new independent structures on plots containing listed buildings
At the first five-year renewal, investors must submit an engineer’s technical report confirming that the restoration or reconstruction works have been fully completed
This pathway not only provides residency benefits but also contributes directly to the preservation of Greece’s cultural and architectural heritage.
3. Standardized Documentation for Faster Processing
A major advancement under Ministerial Decision 214926/2025 is the introduction of:
Preapproved notarial certificate templates
Preapproved engineering report templates
The use of prescribed language eliminates ambiguity, promotes uniformity across migration authorities, and markedly accelerates application processing times. This innovation responds directly to past inconsistencies that caused delays and uncertainty for applicants.
4. Enhanced Clarity for Investors and Professionals
By defining the required acts that demonstrate the completion of a change of use—such as building permits, small-scale construction approvals, file updates, or permit revisions—the Ministry has removed interpretative gaps that previously hindered application readiness.
This level of regulatory precision:
Ensures due diligence can be performed with confidence
Facilitates coordination between engineers, notaries, and legal advisors
Helps clear the existing backlog of applications submitted under the new scheme
5. Implications for Investors
The newly completed framework offers several strategic advantages for foreign investors:
Expanded investment opportunities through conversion and restoration projects
Accelerated Golden Visa processing, thanks to standardized documentation
Improved legal certainty at every stage of the process
Clear compliance requirements, reducing risk and increasing transparency
Strong potential for capital appreciation, particularly in conversion and heritage restoration projects
The updated Golden Visa rules reinforce Greece’s position as one of Europe’s most attractive residency-by-investment destinations, combining access to the EU and Schengen Area with robust real estate prospects.
6. How Our Firm Supports Investors
As a leading law firm in Athens with extensive experience in real estate, investment migration, and regulatory compliance, we offer comprehensive support to Golden Visa investors, including:
Legal due diligence on real estate assets
Coordination with engineers, architects, and notaries
Structuring and documentation for change-of-use conversions
Advisory services for heritage property acquisitions and restorations
Preparation and submission of Golden Visa applications
Ongoing support for renewals and family applications
Our multidisciplinary approach ensures that each client benefits from precise legal guidance, secure investment structuring, and seamless execution.
Conclusion
With the publication of Ministerial Decision 214926/2025, Greece’s Golden Visa program is now fully clarified, transparent, and investor-ready. The completion of the regulatory framework marks a pivotal moment for the market, unlocking new investment pathways and providing long-awaited legal certainty.
Investors now have access to a well-defined, streamlined, and promising residency-by-investment environment—supported by some of the most innovative real estate opportunities in Europe.
Legal Disclaimer: The information in this article is shared for general guidance and informative purposes only. Every situation is unique and laws can change over time. If you’re considering a decision related to the topics discussed, we encourage you to reach out to Katsouris Law Firm. Our team is here to provide personalised, reliable legal support and help you navigate your options with confidence. We’re always happy to assist—feel free to contact us with any questions or for tailored legal advice.
