The Ultimate Guide to Greek Golden Visa for Australian Citizens: Your Gateway to European Living

Reading time: 15 minutes

Table of Contents

• Introduction to the Greek Golden Visa Program
• Key Benefits for Australian Investors
• Eligibility Requirements and Investment Options
• Application Process: Step-by-Step Guide
• Top Investment Locations in Greece
• Greek Golden Visa vs. Other European Programs
• Financial and Legal Considerations
• Australian Success Stories: Real-Life Examples
• Your Pathway to Greek Residency: Action Plan
• Frequently Asked Questions

Introduction to the Greek Golden Visa Program

Ever dreamed of having a European base with Mediterranean views, ancient history at your doorstep, and a gateway to the entire Schengen Area? For Australian citizens, Greece’s Golden Visa program represents exactly that opportunity—without requiring you to surrender your Australian passport or residency.

Launched in 2013 during Greece’s economic recovery period, the Golden Visa program has become one of Europe’s most attractive residency-by-investment schemes. The program offers non-EU nationals a relatively affordable entry point to European residency through property investment, with Greece’s real estate market still offering excellent value despite recent appreciation.

Here’s the straight talk: Greece’s Golden Visa isn’t just about securing a holiday home—it’s a strategic investment that provides family mobility, portfolio diversification, and potential EU pathway benefits that specifically appeal to Australians looking for European connections.

Key Benefits for Australian Investors

The Greek Golden Visa offers Australian investors a unique combination of lifestyle and financial advantages that make it stand out among similar programs:

Lifestyle and Mobility Benefits

• Full Schengen Access: Visa-free travel throughout 26 European countries
• Minimal Stay Requirements: Unlike many residency programs, Greece doesn’t require you to spend a minimum number of days in the country annually
• Family Inclusion: Your spouse, children under 21, and dependent parents can be included in your application
• Path to Citizenship: Potential eligibility for Greek citizenship after 7 years of residency (though requirements include language proficiency)
• High Quality of Life: Access to Mediterranean lifestyle, cuisine, climate, and healthcare system

Financial and Investment Advantages

• Lower Investment Threshold: €250,000 minimum property investment—substantially lower than many competing programs
• Rental Income Potential: Opportunity to generate euro-denominated rental returns from tourism
• No Requirement to Reside: Investment can serve purely as a financial asset while still providing residency benefits
• Portfolio Diversification: Adds European real estate exposure to your investment portfolio
• Currency Advantage: Currently favorable exchange rates between Australian dollar and Euro

Pro Tip: While the minimum investment is €250,000, savvy Australian investors often consider properties in the €350,000-500,000 range in prime locations to maximize rental yields and capital appreciation potential.

Eligibility Requirements and Investment Options

Navigating eligibility for the Greek Golden Visa doesn’t have to be complicated. Here’s what Australian citizens need to know:

Basic Eligibility Criteria

To qualify for the Greek Golden Visa program, you must:

• Be a non-EU/EEA citizen (Australian citizens qualify)
• Be over 18 years of age
• Have a clean criminal record in both Australia and Greece
• Hold valid health insurance covering Greece
• Make a qualifying investment (detailed below)
• Demonstrate sufficient funds for living (beyond the investment amount)

Investment Pathways

While real estate is the most popular option, Greece offers multiple investment routes:

1. Real Estate Investment: Minimum €250,000 in one or multiple properties
   • Residential properties (apartments, houses, villas)
   • Commercial properties (hotels, office spaces)
   • Land parcels (with or without development plans)
2. Financial Investments:
   • €400,000 minimum in Greek company shares or bonds
   • €400,000 minimum in Greek government bonds
   • €400,000 minimum deposit in a Greek bank
3. Business Investment:
   • €400,000 minimum in Greek business ventures or company shares

Quick Scenario: Imagine you’re an Australian family looking to divide your investment. You could purchase a €180,000 apartment in Athens for personal use and a €70,000 smaller unit for rental income. This combined €250,000 investment would qualify while creating a diversified property portfolio.

Application Process: Step-by-Step Guide

The Greek Golden Visa application process typically takes 3-6 months from start to finish. Here’s a practical roadmap for Australian applicants:

Pre-Application Preparation

1. Property Research & Selection: Research regions and property types (consider working with a specialized agent familiar with Golden Visa investments)
2. Preliminary Visit: While not mandatory, visiting Greece to view properties is highly recommended
3. Legal Representation: Appoint a Greek lawyer with Golden Visa expertise who can provide power of attorney
4. Tax Number (AFM): Obtain a Greek tax identification number at a local tax office
5. Bank Account: Open a Greek bank account for the transaction

Investment & Documentation Phase

1. Property Purchase: Complete the purchase transaction with notary and registration
2. Document Preparation: Gather and authenticate required documentation:
   • Completed application forms
   • Valid Australian passport copies
   • Recent passport-sized photos
   • Property title deeds and purchase contracts
   • Insurance certificates
   • Criminal record check from Australian authorities (with Apostille)
   • Marriage/birth certificates for family members (if applicable)

Submission & Approval Process

1. Initial Application: Submit documents to the Greek Immigration department
2. Biometrics: Provide fingerprints and photos in person at the Greek authorities
3. Application Review: Wait for processing (typically 2-3 months)
4. Residence Permit Issuance: Receive your 5-year residence permit card
5. Renewals: Permits are renewable every 5 years as long as you maintain ownership of the investment

Pro Tip: Having your Australian documents properly apostilled before arriving in Greece can save significant time. Consider completing this step before departing Australia.

Top Investment Locations in Greece

One of the most crucial decisions for Australian investors is selecting the right location. Greece offers diverse options depending on your priorities:

Athens: Metropolitan Investment

Athens combines historical significance with urban amenities and strong rental potential:

• Prime Areas: Kolonaki, Plaka, Glyfada, and Voula offer upscale environments
• Investment Potential: Strong short-term rental market through platforms like Airbnb
• Price Range: €2,500-4,500 per square meter in premium locations
• Best For: Urban lifestyle enthusiasts and those prioritizing rental returns

Typical Scenario: Many Australian investors purchase renovated 1-2 bedroom apartments in central Athens neighborhoods like Koukaki or Exarchia for €250,000-300,000, yielding 4-6% annually through short-term rentals.

Greek Islands: Lifestyle and Tourism

The iconic Greek islands blend lifestyle benefits with tourism-driven rental potential:

• Popular Destinations: Mykonos, Santorini, Rhodes, Corfu, and Crete
• Investment Potential: Premium seasonal rental returns during summer months
• Price Range: €3,000-7,000+ per square meter for quality properties with views
• Best For: Those seeking a vacation home with high-season rental income

Peloponnese & Mainland Coastal Regions

The Peloponnese peninsula and other mainland coastal areas offer exceptional value:

• Notable Areas: Costa Navarino, Porto Heli, Nafplio, and Kalamata
• Investment Potential: Growing markets with lower entry prices but strong appreciation potential
• Price Range: €1,800-3,500 per square meter depending on location and specifications
• Best For: Value-seeking investors and those wanting larger properties

These regions offer excellent options for those seeking properties in peloponnese with both investment potential and Mediterranean charm.

Greek Golden Visa vs. Other European Programs

How does Greece’s program compare to other popular European Golden Visa schemes? The following comparison highlights key differences relevant to Australian investors:

The Greek program maintains significant advantages for Australians, particularly in terms of investment threshold and flexibility. With no minimum stay requirements, it’s especially suitable for those maintaining their primary residence in Australia while gaining European access.

Financial and Legal Considerations

Beyond the basic investment, Australian applicants should account for several additional considerations:

Additional Costs to Budget For

• Property Transfer Tax: 3.09% of the property’s value
• Legal Fees: Typically 1-2% of property value
• Notary Fees: Approximately 1% of property value
• Application Fees: €2,000 for main applicant, €150 for each family member
• VAT: 24% on new properties (though some developments qualify for VAT exemption)
• Annual Property Tax (ENFIA): Varies based on property size and location

Quick Calculation: For a €300,000 property purchase, budget an additional €15,000-25,000 for all associated taxes and fees.

Tax Implications for Australians

Understanding the tax implications between Australia and Greece is crucial:

• Double Taxation Agreement: Australia and Greece have an agreement to prevent double taxation
• Tax Residency: You’re only taxed on worldwide income in Greece if you become a tax resident (183+ days/year)
• Rental Income: Taxed in Greece between 15-45% depending on amount
• Capital Gains: Currently exempt for properties acquired until December 31, 2022
• Australian Reporting: You must still declare overseas properties and rental income on your Australian tax return

Pro Tip: Consider consulting with a tax advisor familiar with both Greek and Australian tax systems before finalizing your investment.

Australian Success Stories: Real-Life Examples

Learning from fellow Australians who’ve successfully navigated the Greek Golden Visa program provides valuable insights:

Case Study 1: Melbourne Family’s Athens Investment

Michael and Eleni, a Melbourne couple with Greek heritage, purchased a €280,000 two-bedroom apartment in Athens’ Pangrati neighborhood. Their strategy involved:

• Using the property for personal stays (approximately 8 weeks annually)
• Short-term rental management through a local agency during remaining months
• Achieving a 5.2% net annual return through predominantly summer rentals
• Including their two children under 21 in the residence permit

“We wanted our children to connect with their Greek heritage while creating a European base for family travels,” Michael explains. “The Golden Visa gave us this opportunity without needing to relocate permanently, and the investment has performed better than we expected.”

Case Study 2: Perth Investor’s Island Portfolio

James, a Perth-based entrepreneur, took a different approach by acquiring three smaller properties:

• A €120,000 one-bedroom apartment in Rhodes Old Town
• A €90,000 studio in Heraklion, Crete
• A €60,000 renovation project in Corfu

This diversified €270,000 investment met the Golden Visa threshold while spreading risk across multiple locations.

“The program allowed me to create a diversified portfolio across different islands, each with distinct tourist seasons,” James notes. “This approach generates more consistent year-round income than a single property would, and gives me different bases from which to explore Europe.”

Your Pathway to Greek Residency: Strategic Implementation Plan

Ready to move forward with your Greek Golden Visa journey? Here’s a strategic implementation timeline to transform this opportunity into reality:

6-12 Months Before Application

1. Research Phase:
   • Define your investment goals (rental yield, personal use, future appreciation)
   • Identify target regions based on your priorities
   • Connect with 2-3 specialized real estate agencies with Golden Visa expertise
   • Begin researching Greek tax implications for your specific situation
2. Financial Preparation:
   • Establish your complete budget (including additional fees)
   • Review currency exchange strategies to optimize AUD-EUR conversion
   • Speak with Australian financial advisors about overseas investment implications

3-6 Months Before Application

1. Exploratory Visit:
   • Schedule property viewings in your target regions
   • Meet potential legal representatives in Greece
   • Open a Greek bank account during your visit
   • Obtain your Greek tax number (AFM)
2. Property Selection & Document Preparation:
   • Finalize property selection and make initial reservation
   • Begin gathering required documentation in Australia
   • Obtain police clearance certificate with Apostille authentication
   • Prepare power of attorney for your Greek legal representative

1-3 Months Before Application

1. Investment Completion:
   • Transfer funds to your Greek account
   • Complete property purchase with notary present
   • Register property title and pay transfer taxes
   • Obtain property insurance as required for application
2. Application Submission:
   • Submit complete Golden Visa application with all supporting documentation
   • Schedule biometrics appointment
   • Pay application fees

Remember: The right preparation isn’t just about checking boxes—it’s about creating a strategic foundation for your European investment that aligns with your long-term mobility and financial goals.

What experience will you create with your Greek Golden Visa? Whether reconnecting with heritage, establishing a European base for business, or securing educational opportunities for children, the program offers Australians exceptional flexibility within the European landscape.

Frequently Asked Questions

Can I apply for the Greek Golden Visa remotely from Australia?

Yes, much of the process can be handled remotely through a power of attorney granted to a Greek lawyer who can represent you. However, biometric data collection (fingerprints and photos) requires at least one visit to Greece either during the property purchase phase or when the application is near completion. Some investors complete property viewings, purchase, and biometrics collection during a single well-planned trip to Greece.

How does the Greek Golden Visa impact my Australian tax situation?

The Greek Golden Visa itself doesn’t automatically change your tax residency status. You remain an Australian tax resident if you continue to live primarily in Australia (less than 183 days per year in Greece). However, you must declare your Greek property on your Australian tax return, and any rental income earned must be reported to the Australian Taxation Office. Greece and Australia have a double taxation agreement that prevents income from being fully taxed in both countries, though you’ll need to follow specific declaration procedures.

Can I rent out my Greek property while maintaining my Golden Visa status?

Absolutely. There are no restrictions on renting out your property—in fact, many Australian investors specifically purchase with rental yield in mind. You can use any rental management approach, including short-term vacation rentals through platforms like Airbnb and Booking.com, or long-term leases. The only requirement is maintaining ownership of the qualifying investment. This flexibility makes the Greek program particularly attractive compared to some other European schemes that restrict rental activity or require personal occupancy.

Article reviewed by Everett Bellingrath, CEO | Business Growth Consultant | Transforming Mid-Sized Companies Through Operational Efficiency & Market Expansion Strategies, on April 29, 2025