Greece’s Golden Visa remains one of the most accessible EU residency-by-investment programs, largely because of the €250,000 option that still exists for specific project types. However, the €250k route is narrower than the headline figure suggests — it is aimed at targeted opportunities such as conversions, refurbishments, and protected/listed buildings rather than arbitrary purchases in prime areas. This article explains what exactly qualifies, the conditions you must meet, practical examples, and key risks to watch for. Investment Migration Council+1
What the €250,000 option actually covers
The lower-threshold €250k category typically applies to two main project types:
- Conversion of commercial property to residential use — buying a commercial unit (shop, office, etc.) and legally converting it into a residential apartment. The conversion must meet local planning rules and be completed as required by the Golden Visa renewal conditions. Lincoln Global Partners+1
- Restoration or reconstruction of listed (heritage) buildings — investing to restore a protected or historically significant building qualifies when the works are substantial and registered with the relevant archaeological/cultural authorities. Completion timelines and documentation are strict. Investment Migration Council+1
These special-project routes let investors benefit from a lower capital threshold while also delivering a public good (renovation of neglected buildings or reuse of commercial space), which is why authorities allow the concession.
Key conditions and timelines
- Works completion requirement: Renovations or conversions must generally be completed within a defined period (commonly within the first five years) to renew the five-year residence permit — so the investor must budget for construction time and costs. greekcitizenship.net
- Official approvals: Planning permits, building permits, and (for listed buildings) cultural authority approvals are mandatory before or during works. Purchase without the proper entitlement will jeopardize Golden Visa eligibility. Lincoln Global Partners
- No short-term rental for qualifying units: In many cases, properties acquired under the €250k special schemes are restricted from being used as short-term (Airbnb-type) rentals; long-term leasing may be permitted depending on local rules. Non-compliance can lead to fines or even permit revocation. greekcitizenship.net+1
Where these €250k opportunities are found
Because prime islands and central Athens generally carry higher thresholds (e.g., €400k / €800k bands), the €250k projects are often located in:
- Regional cities and towns with redevelopment potential,
- Certain neighbourhoods of Athens and Thessaloniki where conversion projects exist, and
- Smaller islands or hinterland areas with listed buildings needing restoration. Local developer platforms and Golden Visa maps point to specific eligible zones — but eligibility is project-specific, not only location-based. goldenvisas.gr+1
How to evaluate a €250k project (due diligence checklist)
- Confirm the eligibility category with a licensed local immigration lawyer or investment-advisory firm: is the project officially listed as a conversion/renovation that qualifies for the €250k route? Investment Migration Council
- Check permits & heritage status: Has the municipal authority and, where applicable, the cultural/archaeological service approved the works?
- Escrow & staged payments: Use escrow accounts and staged payments tied to construction milestones to protect funds.
- Budget for completion: Include construction contingencies, VAT where applicable, notary/transfer fees, and renewal-related costs.
- Rental & use limitations: Confirm short-term rental rules; if the plan depends on Airbnb-style income, verify it’s permitted. Immigrant Invest
Pros & cons of the €250k route
Pros
- Lower cash requirement compared with standard thresholds — attractive for smaller investors.
- Opportunity to add value via renovation (capital growth potential).
- Often found in emerging pockets where yields can be strong.
Cons
- Requires active management (project oversight) and construction risk.
- Strict paperwork and timelines — failing to complete works endangers the residence permit renewal.
- Some projects may not suit investors seeking immediate cashflow (short-term rental restrictions). Lincoln Global Partners+1
Practical examples & investor tips
- Work with architects and local contractors who understand the municipal conversion process.
- Secure written confirmation from local authorities that the planned conversion qualifies for the €250k Golden Visa route before completing the purchase.
- Always structure the purchase with legal protections: conditional contracts, escrow, and clear warranty provisions from the seller/developer.
Bottom line: the €250,000 option remains a real and attractive path to the Greece Golden Visa — but it’s a specialised path that requires planning, legal clarity, and project management. Treated correctly, it allows smaller investors to access European residency while capturing uplift through renovation. Investment Migration Council+1