Greece to Revoke Golden Visas Over Price Rebates and Illegal Sublets

Key takeaways

• Greece will revoke Golden Visa permits for investors receiving concealed price refunds that effectively lower the purchase price below the legal minimum
• Short-term rental violations through subleases will also lead to permit revocation under existing Article 100 of the Migration Code
• Current thresholds: €800,000 in Attica/Thessaloniki/Mykonos/Santorini/islands over 3,100 residents, €400,000 elsewhere, €250,000 only for conversions and listed building restorations
• The investment must be in one property of at least 120 m², except under the two €250,000 routes
• Chinese investors remain the largest group of Golden Visa holders, followed by Turkish investors

Revocation for Price Rebates

Greece will revoke Golden Visa permits when investors receive hidden refunds that effectively lower the purchase price below the legal minimum, Migration and Asylum Minister Thanos Plevris said on October 15, 2026.

At Prodexpo 2026, an annual real estate conference held at the Athens Conservatoire, Plevris offered a concrete illustration: a home sold for €250,000 where the purchaser recovers €100,000 through a leaseback deal, resulting in an effective investment of just €150,000.

"We have no interest in a property being sold to a Chinese national for €250,000, in him being guaranteed €100,000 back through a lease, and in him getting a residence permit." — Thanos Plevris, Migration and Asylum Minister

He added that any permit linked to a transaction promoted as a pathway to a golden visa for less than €250,000 will be cancelled, regardless of how the discount was arranged. The minister issued no new legislation, and IMI could not locate a ministry transcript of the address by the evening of October 15.

Short-Term Rental Ban Enforcement

The minister also addressed investors who get around the program's prohibition on short-term rentals through subleasing. Article 100 of Greece's Migration Code (Law 5038/2023), modified by Law 5100/2024, prohibits golden visa property owners from short-term letting or subletting within the sharing economy.

A 2024 ministerial circular directed regional offices that violations trigger permit revocation or non-renewal, along with financial penalties (imidaily.com). Circular 1/2026, which Secretary General for Migration Policy Konstantina Papakosta signed in April, adopts the definition from Greece's broader short-term rental legislation: a lease or sublease under 60 days where only accommodation and bed linen are provided, regardless of whether the listing appears on a digital platform.

The prohibition does not cover long-term leases or subleases to hotels and other tourism enterprises offering services beyond mere lodging. Yet when a manager secures a long lease and then sublets the unit for stays shorter than 60 days with nothing beyond a bed and linens, the property falls under the ban.

Properties obtained under the rules that existed before Law 5100/2024, or investments finalized during the transitional period that followed it, remain outside the scope of this restriction. A violation costs the investor his permit and exposes the property's owners or holders to a standalone administrative fine of €50,000 (approximately US$56,000).

Payment Verification Requirements

Article 100 mandates that the complete minimum purchase amount be paid before the application is submitted, via crossed bank check, wire transfer, or card payment deposited into the seller's account at a payment institution operating in Greece. The notary preparing the deed must confirm the method of payment.

The law does not cover funds returned to the buyer after the deed is executed. Circular 1/2026 tackles this in its 23rd clarification, directing the ministry to escalate such cases to tax authorities, law enforcement, and the Hellenic Anti-Money Laundering Authority.

The circular identifies two violations: false advertising of the permit's terms, whether in Greece or in the investor's home country, and undocumented or unjustified money transfers before or after the investment that leave the actual investment significantly below the legal minimum. When such practices are confirmed, they result in revocation of permits already issued, in addition to the specific penalties under Article 100.

Current Investment Thresholds

The €250,000 floor applies solely to properties converted from commercial to residential use and to listed buildings undergoing restoration. Other acquisitions require €400,000 in other parts of Greece, or €800,000 in Attica, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 residents.

The investment must be placed in a single property of at least 120 m², with the exception of the two €250,000 pathways.

The announcement focuses on enforcement rather than new threshold levels (greekprops.com). Plevris noted that Chinese investors remain the largest cohort of golden visa holders, with Turkish investors ranking second. He stated that abolishing the program alone would not increase housing supply in the market, and urged incentives to direct investment beyond central Athens.

Plevris provided no estimate of how many permits might be affected or how violations would be identified. No fresh legislation was announced, and no commencement date for the revocations has been made public.

Sources

• Greek Minister Vows to Revoke Golden Visas Over Hidden Rebates and Short-Term Sublets — imidaily.com, 2026-10-17
• Golden Visa revocations: discounts and sublets targeted — greekprops.com, 2026-10-16