Greece Golden Visa 2026: Residency by Investment holds firm against war in Iran

The Greece Golden Visa is becoming the top destination for investors seeking European residency amid escalating geopolitical instability, especially following the US and Israeli military strike on Iran on 28 February 2026.

In 2025 alone, Greek migration authorities approved 8,879 new residence permits – up 95% compared to 2024. Investors from Iran were among the fastest-growing groups with 816 permits, representing a 52.5% increase.

So what is special about this programme, and why is Greece attracting such strong capital flows?

The Iran conflict and the wave of seeking second residence

The large-scale military attack on Iran on 28 February 2026 pushed the Middle East into its most severe instability phase since the Syrian civil war. Supreme Leader Khamenei was killed in an airstrike, over 1,000 targets were hit within 48 hours, and Iran declared the closure of the Strait of Hormuz. This situation is driving a surge in the demand for migration and residence rights in stable countries.

Even before the February 2026 attack, conflict had escalated continuously for nearly two years. The “12-Day War” in June 2025 between Israel and Iran left hundreds dead. Major protests in late 2025 across more than 100 Iranian cities were brutally suppressed. The plummeting value of the rial has caused many Iranian middle- and upper-class families to actively seek options to safeguard their wealth and family security.

Data from the Greek immigration authorities shows a clear trend. Golden Visa permits issued to Iranian investors rose from 535 in 2024 to 816 in 2025, representing a 52.5% increase. Market analysts suggest that internal instability and prolonged international tensions are the primary drivers of this wave. It is not only Iranians; investors from Türkiye also increased by 160% to 3,291 permits, while Israeli investors rose by 91.5% to 636 permits – all directly linked to geopolitical instability in the region.

Greece Golden Visa Programme 2026: conditions and investment thresholds

Greece launched its residency by investment programme in 2013, allowing non-EU citizens to obtain a 5-year residence permit through investment. Since August 2024, the Greek government has applied a new zoning system with three different real estate investment levels.

The highest investment level is €800,000, applicable to high-demand areas including the entire Attica administrative region (including Athens and Piraeus), the city of Thessaloniki, the islands of Mykonos and Santorini, and every island with over 3,100 residents. The property must be a single unit with a minimum floor area of 120 square metres.

The second investment level is €400,000, applicable to the remaining areas of Greece with lower populations. This is an option for investors looking to capitalise on the potential for property price appreciation in developing regions. The floor area requirement is the same as the first level.

The lowest investment level is €250,000, applicable only to the conversion of commercial property into residential use or the restoration of listed heritage buildings. This level has no regional restrictions and no minimum floor area requirement, making it the most economical option to obtain European residence rights.

Beyond real estate, investors can choose alternative investment forms. This includes a €500,000 investment in a term deposit at a Greek bank (minimum 1 year), or €500,000 in Greek government bonds (minimum 3 years). Investors can also invest €350,000 in mutual funds focused on Greek securities, or €350,000 in alternative investment funds operating in Greece. Notably, from the beginning of 2026, Greece has added a startup investment option with a minimum of €250,000 in businesses registered in the Elevate Greece programme.

Key benefits of the Greece Golden Visa

The Greece Golden Visa programme stands out due to several advantages that few other European programmes offer. Most importantly, there is no minimum residency requirement – investors receive a residence permit but are not required to live in Greece, which is completely different from most similar programmes in Portugal or Malta. This is particularly suitable for investors who want a contingency plan without needing to relocate immediately.

The residence permit is valid for 5 years, longer than the 2-year duration of many other European programmes. Investors can renew indefinitely as long as the investment is maintained. The permit allows free travel throughout all 26 Schengen Area countries without an additional visa, for stays of up to 90 days within any 180-day period.

The programme covers the entire family in a single application without additional investment. Specifically, a spouse (including same-sex partners since February 2024), children under 21 (extendable to 24), and the parents of both the investor and the spouse are eligible for residence. In total, three generations can receive European residence permits from a single investment.

Regarding the path to citizenship, after 7 years of continuous residence in Greece (at least 183 days per year), investors can apply for Greek citizenship. Requirements include achieving a B1 level of Greek language proficiency and passing an integration test on Greek history, culture, and politics. Absences must not exceed 10 months in any 5-year period.

Investors can also rent out their property throughout the ownership period, with an average rental yield of 3–5% per year. In tourist areas, yields can reach 10%. Additionally, a special tax regime for non-residents allows for a fixed tax of €100,000 per year on global income, applicable for 15 years for qualifying investors.

Specific challenges for investors from conflict zones

Although the Greece Golden Visa programme does not prohibit any nationality, investors from Iran and countries under international sanctions face significant challenges. Since October 2024, the Financial Action Task Force (FATF) has placed Iran on its blacklist, and in September 2025, the United Nations mechanism for the re-imposition of sanctions was triggered. Iran has also been cut off from the SWIFT international payment system, making the transfer of investment funds much more complex.

In practice, Iranian investors often have to transfer capital through intermediary banks in the United Arab Emirates or Türkiye. The cost of enhanced due diligence can be 3–4 times higher than standard levels. Processing times are also longer due to the requirement for additional checks on the source of funds.

However, the figure of 816 permits issued to Iranians in 2025 proves that this path is entirely feasible. Compared to many other programmes that have closed completely to Iranians – such as St. Kitts & Nevis, St. Lucia, and Malta residency by investment – Greece maintains an open policy.

Major changes in 2026

From January 2026, Greece has applied a new calculation method for residence permit validity. Previously, the 5-year term was backdated to the application date, causing investors to lose time during processing. Under the new regulation, the 5-year term begins from the date the residence card is issued, ensuring investors receive the full duration of their benefits. Minister of Migration and Asylum Thanos Plevris confirmed this change aims to clear backlogs and improve the experience for investors.

As of November 2025, the backlog of applications had decreased to approximately 42,390 cases, with processing speeds reaching their highest level since the programme began. The average processing time in 2026 is expected to be between 4 and 12 months, a significant improvement over the previous 12–14 months. Additionally, a digital Golden Visa card will be implemented from 2026, simplifying administrative procedures.

Another notable change is the new startup investment option under Article 44 of Law No. 5162/2024. Investors can invest a minimum of €250,000 in a startup registered in the Greek National Startup Registry (Elevate Greece). Conditions include: the investor must not own more than 33% of shares or voting rights, the business must create at least two new jobs in the first year, and these jobs must be maintained for at least 5 years.

Comparing the Greece Golden Visa with other programmes

In a context where many residency by investment programmes in Europe are shrinking or closing, Greece has emerged as one of the most competitive options. Spain completely abolished its Golden Visa programme in April 2025.

Portugal Golden Visa remains active but removed the real estate option in October 2023 and extended the citizenship path from 5 to 10 years. Ireland closed its residency by investment programme in 2023.

Programme	Minimum investment	Permit duration	Residence requirement	Family inclusion	Naturalisation pathway
Greece	€250.000 EURO	5 years	No	Yes (3 generations)	7 years
Portugal	EUR 250,000 (funds)	2 years	7 days a year	Yes	10 years
Cyprus	€300.000 EURO	Permanent	Once every 2 years	Yes	7 years
Malta	€300,000 + fees	5 years	Yes	Yes	5 years

Greece excels in three key areas: no minimum residency requirement, the longest 5-year permit in the group, and the inclusion of three generations of the family. Notably, Greece is one of the few programmes that still allows direct investment in real estate – a major advantage for investors who want to own tangible assets rather than investing in funds.

Outlook and recommendations

The conflict in Iran is unfolding in real-time with President Trump announcing a 4-week war roadmap. Regardless of the scenario, the demand for second residence rights in stable countries will continue to rise sharply. Greece is being positioned as one of Europe’s top safe havens, with a robustly growing real estate market – tourism revenue reached €20.5 billion in 2023, exceeding pre-pandemic levels by 12.3%.

The total number of valid Golden Visa permits as of December 2025 reached 27,786 – a testament to the continued trust of international investors in this programme. With projected GDP growth of 2.1% in 2025 and 2.3% in 2026, property prices and rental yields in Greece are expected to continue their positive trend.

For investors considering the Greece Golden Visa programme, now is the time to monitor it closely. The €250,000 investment threshold for commercial property conversion remains the lowest entry point in Europe, but there is no guarantee this level will be maintained indefinitely amid surging demand. The Greek government has increased the investment threshold twice since 2024, and continued pressure on property prices in key areas may lead to further adjustments in the future.