Greece’s Golden Visa: Why Americans Are Taking a Closer Look

Photo by Tânia Mousinho on Unsplash

Greece has long been a summer destination for Americans. Increasingly, it is also being considered as a second home, with a European residence permit attached.

The route behind that shift is Greece Golden Visa program. Launched in 2013, it grants residency to non-EU nationals who buy qualifying property. There is no requirement to live in Greece. Permits last five years and can be renewed as long as the property is kept.

For Americans who want a foothold in Europe without leaving the US, that flexibility is the main draw.

How the program works

The minimum investment depends on location. In Attica, which includes Athens, as well as Thessaloniki, Mykonos, Santorini and islands with more than 3,100 residents, buyers must invest at least €800,000. In most other areas, the threshold is €400,000.

A third option starts at €250,000. It applies to commercial buildings converted to residential use, or to the restoration of listed buildings. Location does not matter.

The permit covers a spouse, children under 21 and the parents of both partners. Holders can travel freely within the Schengen Area. Processing typically takes six to nine months.

There are limits. The permit does not allow holders to work as employees in Greece. Properties bought under the scheme cannot be let as short-term holiday rentals, although long-term leases are permitted.

The rules have changed several times since 2023. Anyone considering the route should check the latest requirements of Greece’s Golden Visa program before viewing property.

Why Americans are interested

Without a permit, US citizens can stay in Greece and the wider Schengen Area for 90 days in any 180-day period. For those who want longer stays, or simply the option to come and go, that limit can feel tight.

The Golden Visa removes it. It also offers something many Americans now describe as a plan B: legal residency in an EU country, held in reserve, for the whole family.

Lifestyle plays a part too. Outside Athens and the best-known islands, everyday costs are generally lower than in many US cities. Nonstop flights link Athens with several US hubs, many of them seasonal.

A tax change on the horizon

In September 2026, Prime Minister Kyriakos Mitsotakis announced that property transfer tax for non-EU buyers would rise from 3% to 15% from July 2027. On a €250,000 purchase, that would add around €30,000.

No legislation had been published at the time of writing. Even so, for buyers already weighing the route, the timing of completion now matters.

Tax residency and paperwork

Holding a Golden Visa does not make someone a Greek tax resident. That generally follows from spending more than 183 days a year in the country. US citizens remain taxable in the US wherever they live.

Those who do move full time may qualify for special regimes, including a flat 7% tax on foreign pension income for up to 15 years. Eligibility conditions apply, and cross-border tax advice is essential.

Buying also takes groundwork. An independent lawyer should check title and permits. Comparing several developers and locations, rather than committing to the first project, reduces risk.

Not for everyone

Greek bureaucracy is slow. Much of the paperwork is in Greek. Property bought for residency should make sense as property first.

But for Americans seeking a European base, the combination is unusual: residency without relocation, family inclusion and access to the Schengen Area. For many who first knew Greece as a summer trip, it may be worth a second look.