Obtaining a Greece Golden Visa by Converting Commercial Property into Residential Use: Legal Guide 2026

Introduction

Obtaining a Greece Golden Visa through commercial-to-residential property conversion has become one of the most attractive alternatives to the standard €400,000 and €800,000 real estate investment routes.

Under the current Greek Golden Visa framework, an eligible third-country national may obtain a renewable residence permit by acquiring a single property with a minimum value of €250,000, provided that the main areas of the property are lawfully converted from commercial or another non-residential use into residential use.

This special investment category is particularly relevant to investors considering former offices, shops, warehouses, professional premises, commercial floors or certain industrial properties in Athens, Thessaloniki and other Greek locations where an ordinary residential acquisition would require a substantially higher investment.

However, purchasing a commercial property and installing residential furniture does not automatically create an eligible Golden Visa investment. The change of use must be legally completed under Greek planning and building law, appropriately documented by a qualified engineer and completed within the statutory time framework.

The official Greek procedure requires the investor to acquire full ownership and possession of one property with a minimum acquisition value of €250,000. Unlike standard Golden Visa properties acquired under the €400,000 or €800,000 routes, no minimum surface area of 120 square metres applies to the commercial-to-residential conversion category. The change of use may be completed by either the buyer or the seller.

The conversion must have been completed after 5 April 2024, when Article 64 of Law 5100/2024 entered into force, and before the Golden Visa application is filed. Where an earlier change-of-use permit existed, the application is accepted only if the relevant change-of-use documentation was subsequently updated or revised after the new law entered into force.

This article explains the legal basis of the €250,000 conversion route, the types of property that may qualify, the technical and contractual requirements, the application procedure, property-use restrictions, taxes, renewal conditions and the principal risks that foreign investors should consider.

What Is the Commercial-to-Residential Greece Golden Visa Route?

The commercial-to-residential route is a special category of the Greek residence-by-investment program.

It is intended for third-country nationals who acquire real estate whose main spaces are converted from a commercial or another non-residential designation into lawful residential use.

The official procedure is described as the Permanent Golden Visa for Change of Use and is governed by Article 100 of Law 5038/2023, as amended by Article 64 of Law 5100/2024. The residence permit is classified as a Type B.5 investor permit. It is issued for five years and may be renewed while the qualifying investment and the remaining statutory conditions continue to exist.

The route should not be confused with:

• Purchasing an ordinary apartment for €250,000;
• Renovating an existing residence;
• Furnishing an office as an apartment without planning approval;
• Signing a lease over commercial premises;
• Buying several small commercial units whose combined value reaches €250,000;
• Purchasing shares in a company that owns several unrelated properties.

The central legal element is not simply renovation. It is the lawful change of the authorised use of the property’s main spaces from non-residential use to residential use.

Why Is the Investment Threshold €250,000?

Greece introduced differentiated Golden Visa thresholds to reduce pressure on the ordinary housing market while encouraging the creation of new residential stock through the reuse of existing non-residential buildings.

Standard real estate investments may require €800,000 in Attica, the Regional Unit of Thessaloniki, Mykonos, Thira and qualifying larger islands, or €400,000 in other regions. By contrast, the commercial-to-residential route preserves the €250,000 threshold as a special investment category.

As a matter of statutory structure, the €250,000 conversion route is not limited to the regions where the standard threshold is €400,000. It may also be used for qualifying properties in locations such as Athens or Thessaloniki, provided that the legal conversion and all other conditions are satisfied.

This means that a qualifying commercial property in Athens may potentially support a Golden Visa with a €250,000 acquisition value, even though an ordinary residential property in Attica would generally require €800,000.

The lower threshold does not make the process legally easier. Conversion properties frequently require more extensive technical, planning and contractual due diligence than ordinary residential acquisitions.

Core Legal Requirements

An investor seeking a Greece Golden Visa through commercial property conversion must satisfy several cumulative requirements.

Minimum Acquisition Value of €250,000

The investor must acquire the property for at least €250,000.

The qualifying amount is the acquisition value of the real estate at the time of purchase. Additional expenses such as furniture, renovation, legal fees, taxes, architectural services or property management do not ordinarily substitute for a shortfall in the purchase price.

A property purchased for €230,000 will not generally meet the threshold merely because the investor spends an additional €20,000 on renovation.

The consideration recorded in the notarial deed must be genuine, fully documented and paid through an approved financial channel.

Full Ownership and Possession

The applicant must hold full ownership and possession of the qualifying property.

This requirement should be distinguished from bare ownership, usufruct, a long-term lease, a contractual right to use the property or ownership of shares in an unrelated property company.

Where the real estate is acquired through a legal entity established in Greece or another EU Member State, the applicant must prove that he or she is the sole owner of all the company’s shares or other ownership interests.

The corporate route therefore cannot ordinarily be used where several investors hold shares in the entity that owns the property.

The Investment Must Concern One Property

The €250,000 conversion investment must concern a single property.

An investor cannot normally purchase several unrelated offices, shops or storage units and combine their values to reach the minimum threshold.

The legal identity of the property is determined by title deeds, horizontal or vertical ownership arrangements and cadastral registration—not merely by physical appearance or the seller’s marketing description.

Several adjoining offices may remain separate properties even where internal walls have been removed. Before signing a contract, the lawyer should confirm whether the proposed acquisition legally constitutes one property.

No 120-Square-Metre Minimum

The 120-square-metre rule applicable to standard €400,000 and €800,000 Golden Visa investments does not apply to the conversion route.

A lawfully converted commercial unit of 60, 80 or 100 square metres may potentially qualify, provided that it forms one property, has an acquisition value of at least €250,000 and satisfies all other legal and technical requirements.

This exception is especially important in urban centres, where commercial offices and professional premises are frequently smaller than 120 square metres.

What Types of Commercial Property May Qualify?

Potentially qualifying properties may include:

• Office units;
• Professional premises;
• Retail shops;
• Commercial floors;
• Warehouses;
• Former clinics;
• Former educational or training premises;
• Certain industrial properties;
• Non-residential sections of mixed-use buildings;
• Other properties whose authorised use can lawfully be converted into residential use.

The existing physical use of the property is not decisive. A unit may currently be empty or may already have been informally occupied as a residence while remaining legally registered as an office or shop.

Eligibility depends on the authorised use shown in the planning and building documentation and on the lawful completion of the conversion.

Not every commercial property can be converted. Planning rules, zoning restrictions, building characteristics, condominium regulations, fire-safety requirements and minimum residential standards may prevent or restrict residential use.

Physical Renovation Is Not a Legal Change of Use

One of the most common mistakes is to assume that a property becomes residential when the seller installs:

• A kitchen;
• A bathroom;
• Beds and wardrobes;
• Residential lighting;
• Heating or cooling systems;
• Household appliances;
• Residential utility contracts.

These works may make a property physically habitable, but they do not necessarily change its legal use.

The official procedure requires the change of use to be evidenced through the relevant planning documentation, which may include a building permit, approval of small-scale construction works, an update of the building file or a revision of the existing building permit. A qualified engineer must identify the relevant administrative act and confirm that the property’s main spaces have been converted to residential use after the applicable statutory date.

A buyer should therefore reject statements such as:

• “The office is already used as an apartment”;
• “The conversion is only a formality”;
• “The permit will be obtained after the Golden Visa application”;
• “The authorities never check the building file”;
• “Residential furniture is enough to prove the new use.”

The immigration authority examines technical documentation, not merely the property’s appearance.

The Critical Date: 5 April 2024

The conversion must have been completed after 5 April 2024 and before the Golden Visa application is submitted.

This timing requirement is fundamental.

Where a change-of-use permit was issued before the publication of Law 5100/2024, the official procedure states that the application may be accepted only if the specific property’s change-of-use documentation was updated or revised for any reason after the law’s publication.

The investor should therefore establish:

1. When the relevant planning permit was issued;
2. When the change-of-use work was completed;
3. Whether the building file was updated;
4. Whether a permit was revised after 5 April 2024;
5. Whether the engineer can provide the precise certification required for the residence application.

A property converted many years before the introduction of the special route may not qualify merely because it was previously changed from an office into a residence.

Can the Seller Complete the Conversion?

Yes. The change of use may be completed either by the buyer or by the seller.

From a risk-management perspective, it is often preferable for the seller or developer to complete the legal conversion before the buyer becomes unconditionally obligated to purchase.

Where the buyer is expected to complete the conversion after acquiring the property, the investor assumes additional risks, including:

• Refusal of the planning application;
• Unexpected construction costs;
• Objections from other owners;
• Technical incompatibility;
• Fire-safety difficulties;
• Delays exceeding the investor’s immigration timetable;
• Inability to file the Golden Visa application until the conversion is completed.

The purchase agreement should clearly allocate responsibility for permits, construction work, professional fees and Golden Visa eligibility.

Engineer’s Technical Report

The engineer’s technical report is one of the central documents in the application.

The report must confirm the change of use of the main spaces and identify the administrative or technical documentation proving the conversion. This may include:

• A building permit;
• A revised building permit;
• Approval of small-scale construction works;
• An update of the property file;
• Another legally recognised planning act.

The report must connect the conversion to the specific property acquired by the investor and refer to the relevant notarial deed. It must also confirm that the change occurred following the entry into force of Article 64 of Law 5100/2024.

The investor should appoint an engineer independently rather than relying solely on a report commissioned by the seller.

The engineer should examine:

• Original building permits;
• Approved architectural plans;
• The current legal use;
• The Electronic Building Identity;
• Planning regularisation documents;
• Structural alterations;
• Fire-safety requirements;
• Natural lighting and ventilation;
• Residential access;
• Common building systems;
• Utility infrastructure;
• Any unauthorised construction;
• Compliance with condominium regulations.

The report should not merely state that conversion is “possible.” It must establish that the change has been legally completed.

Special Rules for Industrial Buildings

Where the property consists of an industrial building, forms part of an industrial building or is situated on land containing an industrial building, additional conditions apply.

The engineer must certify that no industrial activity has been installed and operating in the building during the preceding five years.

The absence of industrial activity may be established through evidence such as:

• An electricity disconnection certificate issued by HEDNO or the municipality;
• E2 tax forms covering the previous five years;
• Documents issued by tax authorities;
• Other public-authority records;
• A combination of official evidence.

The official procedure requires the engineer to refer expressly to the evidence reviewed when certifying the five-year period of inactivity.

Industrial properties may also present environmental risks. Previous manufacturing, storage or workshop activity may have caused contamination, hazardous-material exposure or structural deterioration.

Although an environmental assessment is not expressly listed as a standard immigration document, it may be essential for protecting the investor from civil, regulatory and financial liability.

Condominium and Co-Ownership Restrictions

Public planning approval does not necessarily resolve private-law restrictions.

A property may be located in a building whose condominium regulations prohibit residential use. For example, the establishment deed may reserve the entire building for offices, clinics, retail activity or professional premises.

The investor’s lawyer should review:

• The horizontal ownership establishment deed;
• The building regulations;
• Decisions of the co-owners;
• Existing restrictions on use;
• Rules governing alterations to common areas;
• Requirements for additional entrances, ventilation or utility systems.

Where consent from other owners is required, it should be obtained before completion of the purchase.

A planning authority’s approval does not automatically eliminate a contractual restriction contained in the condominium regulations.

Legal Due Diligence Before Purchase

A complete title and legal review should be carried out before the investor pays a non-refundable deposit.

The lawyer should investigate:

• The seller’s ownership;
• The chain of title;
• Mortgages and prenotations of mortgage;
• Seizures;
• Court claims;
• Easements;
• Inheritance disputes;
• Cadastral registration;
• Surface-area discrepancies;
• Existing leases;
• Condominium restrictions;
• Seller authority;
• Tax certificates;
• Whether the property has previously been used for another Golden Visa.

The notarial certificate submitted with the residence application must state whether the particular property was previously used by the seller for issuance of a Golden Visa.

Legal due diligence and technical due diligence must be performed separately. A property may have a clear ownership title while remaining unsuitable for lawful residential conversion.

Contractual Protection for the Investor

The reservation agreement, preliminary agreement and final purchase deed should be drafted specifically for the Golden Visa transaction.

The contract should contain provisions concerning:

• The intended €250,000 change-of-use category;
• The property’s existing legal use;
• The required residential conversion;
• The person responsible for completing the conversion;
• The applicable permits;
• The deadline for completion;
• Delivery of the engineer’s report;
• Absence of unauthorised construction;
• Compliance with condominium regulations;
• Full refund of the deposit if the property is ineligible;
• Termination rights if the conversion is refused;
• Liability for inaccurate representations;
• Payment conditions;
• Cadastral registration;
• Golden Visa documentation.

A general statement that the property is “suitable for Golden Visa” is not enough.

Where the seller is responsible for the conversion, the investor should avoid paying the full price before the required planning and technical documents have been delivered and independently verified.

Approved Payment Methods

The agreed purchase price must be paid in full through one of the approved financial channels.

The official procedure recognises:

• A crossed bank cheque paid into the beneficiary’s account with a credit institution operating in Greece;
• A bank credit transfer;
• Payment through a POS terminal operated by an authorised payment service provider in Greece, using the buyer’s debit or credit card.

Payment may also be made by the investor’s spouse or by relatives by blood or marriage up to the second degree.

The payment documents should identify:

• The buyer or authorised family payer;
• The seller;
• The beneficiary account;
• The amount;
• The payment date;
• The contractual purpose;
• The relevant property.

Cash payments, informal settlements, unrecorded deductions or payments to unrelated intermediaries may prevent the notary from certifying compliance and may undermine the residence application.

Purchasing Through a Company

A qualifying property may be acquired through a legal entity established in Greece or another EU Member State.

However, the third-country national applying for the Golden Visa must prove that he or she is the sole owner of all shares or other ownership interests in that entity.

The corporate structure should be reviewed for:

• Ultimate beneficial ownership;
• Shareholder rights;
• Nominee arrangements;
• Existing pledges over shares;
• Corporate authority to acquire the property;
• Tax and accounting obligations;
• Restrictions on transferring shares;
• Consequences of a future corporate restructuring.

Introducing another shareholder after issuance may affect the eligibility condition and should not occur without prior immigration advice.

Application Documents

The application file generally includes:

• A valid passport or recognised travel document;
• Evidence of lawful entry, a valid visa, residence status or qualifying visa-free entry;
• The notarial certificate describing the property, price and payment;
• Proof of registration with the Land Registry or Hellenic Cadastre;
• Alternatively, for the initial application, proof that the registrable deed has been filed;
• The engineer’s technical report confirming the lawful change of use;
• Private health insurance;
• The investor’s E9 real estate declaration;
• Proof of sole corporate ownership where a legal entity owns the property;
• A compliant photograph and biometric documentation.

The cadastral proof of filing may be sufficient at the initial stage in qualifying circumstances, but final proof of registration must be produced for renewal.

Application Procedure

Applications are submitted digitally through the electronic services of the Greek Ministry of Migration and Asylum.

An eligible third-country national may submit the application through a proxy before entering Greece. The power of attorney must be executed before a Greek consular authority, a competent foreign authority or a foreign notary and must carry a Hague Apostille or the corresponding Greek consular authentication where required.

The principal stages are:

1. Submission of the online application and supporting documents;
2. Issuance of proof of online submission;
3. Review of the completeness of the file;
4. Issuance of the application certificate;
5. Examination of the application and collection of biometric data;
6. Approval and issuance of the residence permit or rejection of the application.

The official administrative registry states an estimated completion time of approximately 50 days. This is an administrative estimate rather than a guaranteed processing period.

Government Fees

The current official fees for the principal investor are:

• €2,000 for the residence permit;
• €16 for production of the electronic residence permit card.

The official total is therefore €2,016, excluding legal, translation, technical, notarial and property transaction expenses.

Each eligible family member will have a separate application and related documentary and administrative costs under the applicable family-residence provisions.

Validity and Renewal

The commercial-to-residential Golden Visa is generally valid for five years.

It may be renewed while the investor continues to maintain the qualifying property and satisfy the statutory conditions.

For renewal, the investor should be prepared to prove:

• Continued ownership and possession;
• Final cadastral registration;
• Continued health insurance;
• Valid travel documentation;
• Compliance with property-use restrictions;
• Tax registration;
• Absence of disqualifying public-order issues.

A renewal review should begin before the residence card expires, particularly where cadastral registration or technical documentation remains incomplete.

Sale of the Property

Resale of the qualifying property during the validity of the permit results in simultaneous revocation of the selling investor’s residence permit.

An investor intending to sell should obtain immigration advice before signing a transfer agreement.

The investor should not assume that the permit will remain valid until its printed expiry date after the qualifying investment has been disposed of.

Any planned replacement investment must be structured before completion of the sale, taking account of the legislation in force at that time.

Rental and Business-Use Restrictions

Golden Visa property may generally be leased directly on a lawful long-term basis. However, property acquired for issuance or renewal of an investor residence permit may not be rented on a short-term basis within the sharing economy and may not be subleased.

In addition, property acquired under the commercial-to-residential conversion category may not be used as the registered office or branch of a business.

A breach of these restrictions may lead to:

• Revocation of the residence permit;
• An administrative fine of €50,000 imposed on the owners or possessors of the property.

These restrictions are especially important for investors considering Airbnb-style rentals, serviced apartments, management-company subleases or use of the converted apartment as a company address.

Any rental-management agreement should be reviewed before signature to ensure that it does not constitute prohibited short-term rental or subletting.

Does the Permit Allow Employment?

The property investor residence permit does not provide access to employment in Greece.

The investor may hold property, receive lawful rental income and own corporate interests subject to Greek law. However, personally working as an employee or undertaking regulated professional activity may require a separate residence or work authorisation.

The Golden Visa should not be marketed as an unrestricted Greek work permit.

Property Taxes and Transaction Costs

The purchaser is generally liable for Greek real estate transfer tax. The standard transfer-tax rate is 3% of the taxable property value, and the principal tax is subject to an additional municipal levy equal to 3% of the transfer tax. The transfer-tax return and payment must generally be completed before the notarial transfer deed is executed.

Foreign property owners must also ensure that the acquisition is correctly reflected in their E9 real estate statement. Greek real estate is generally subject to the annual ENFIA property tax.

The investor should budget separately for:

• Real estate transfer tax;
• Notary fees;
• Lawyer fees;
• Engineer and architect fees;
• Building permit and conversion expenses;
• Land Registry or Cadastre charges;
• Real estate agent commission;
• Translation and apostille costs;
• Insurance;
• Residence permit fees;
• Common building expenses;
• Annual tax and accounting compliance.

The €250,000 figure represents the minimum qualifying acquisition value rather than the investor’s total project budget.

Tax Residence and Rental Income

Acquiring a property and obtaining a Golden Visa do not automatically make the investor a Greek tax resident.

Greek tax residence is assessed under separate criteria, including permanent or principal residence, habitual abode, centre of vital interests and, subject to statutory exceptions, presence in Greece exceeding 183 days within a twelve-month period.

A non-Greek tax resident is generally liable in Greece for Greek-source income, including income arising from Greek real estate. An applicable double-taxation agreement may affect the final tax treatment.

Investors intending to lease the property should obtain tax advice regarding rental-income declarations, deductible expenses and treaty treatment.

Rejection and Administrative Appeal

An application may be rejected because of:

• Acquisition below the €250,000 threshold;
• Purchase of multiple separate properties;
• Incomplete or unlawful change of use;
• Conversion completed outside the required period;
• Defective engineer certification;
• Insufficient evidence of industrial inactivity;
• Unapproved payment methods;
• Incomplete cadastral documentation;
• Invalid insurance;
• Security or public-order concerns;
• Inaccurate or misleading documentation.

A rejected applicant may submit an administrative appeal to the department that issued the decision. The appeal must generally be filed within two months of service of the rejection, is subject to a €50 fee and should be decided within the applicable thirty-day administrative period.

Depending on the circumstances, judicial review before the competent Greek administrative court may also be considered.

Common Legal Risks

Purchasing Before the Conversion Is Completed

The Golden Visa application cannot safely proceed on the basis of a future promise to convert. The legal change must be completed before filing.

Accepting a Physical Conversion as Sufficient

Furniture, plumbing and residential decoration do not replace planning approval.

Relying Exclusively on the Seller’s Engineer

The buyer should appoint an independent engineer to examine the property and conversion documents.

Ignoring Building Regulations

Residential use may be prohibited by the condominium rules even where public planning law permits conversion.

Buying Several Separate Units

Multiple commercial units cannot automatically be combined to meet the €250,000 threshold.

Misunderstanding the Conversion Date

A historic conversion may not qualify unless the relevant documentation was updated or revised after 5 April 2024.

Using the Property for Airbnb

Short-term rental and subletting may result in permit revocation and a €50,000 administrative fine.

Registering a Business at the Property

A converted property used under this route may not serve as the registered office or branch of a business.

Underestimating Total Costs

Purchase tax, permits, technical works and professional fees may substantially increase the total investment.

Selling Without Immigration Planning

Sale of the qualifying property results in revocation of the seller’s investor permit.

Frequently Asked Questions

Can any commercial property worth €250,000 qualify?

No. The property’s main spaces must be lawfully converted into residential use and all planning, technical and immigration conditions must be satisfied.

Can I buy an ordinary apartment for €250,000?

An ordinary residential property does not qualify under the change-of-use exception merely because it costs €250,000.

Can the property be located in Athens?

Yes. A qualifying commercial-to-residential property may potentially use the €250,000 special route even in Attica, where the standard residential threshold is higher.

Must the property be 120 square metres?

No. The official procedure expressly states that the 120-square-metre minimum does not apply to this route.

Can I purchase two offices worth €125,000 each?

The investment must generally concern one property. Two independent offices cannot ordinarily be combined.

Can the seller complete the conversion?

Yes. The conversion may be completed by either the seller or the buyer.

When must the conversion be completed?

It must be completed after 5 April 2024 and before submission of the Golden Visa application.

Is installing a kitchen enough?

No. The legal use shown in the building and planning records must be changed to residential use.

What is required for an industrial building?

It must also be certified that no industrial activity has been installed and operating there during the preceding five years.

Can I purchase through a company?

Potentially, where the company is established in Greece or another EU Member State and the applicant owns all of its shares or ownership interests.

Can a family member pay the purchase price?

Payment may be made by the investor’s spouse or relatives by blood or marriage up to the second degree, subject to the documentary and banking requirements.

Can the property be rented on Airbnb?

No. Short-term rental within the sharing economy and subleasing are prohibited.

Can the property be used as a company address?

A property acquired through the commercial-to-residential route may not be used as the registered office or branch of a business.

How long is the residence permit valid?

The permit is generally valid for five years and may be renewed while the qualifying conditions continue.

Does the permit allow employment?

No. The property investor permit does not itself provide access to employment.

Conclusion

Obtaining a Greece Golden Visa by converting commercial property into residential use offers an important €250,000 alternative to the standard €400,000 and €800,000 real estate investment routes.

The principal conditions include:

• A minimum property acquisition value of €250,000;
• Full ownership and possession;
• Investment in one property;
• Lawful conversion of the main spaces into residential use;
• Completion of the conversion after 5 April 2024 and before the application;
• A compliant engineer’s technical report;
• Full payment through approved financial channels;
• Private health insurance;
• Proper notarial and cadastral documentation.

The 120-square-metre minimum does not apply. The conversion may be carried out by the buyer or seller, and the property may potentially be located in any Greek region, including areas where ordinary residential investments require €800,000.

The route nevertheless involves significant risks. The investor must distinguish physical renovation from lawful planning conversion, examine condominium restrictions, verify the timing of the permit and ensure that the engineer’s report satisfies the precise immigration requirements.

The property may not be used for short-term rental, subleased or registered as a business office or branch. Non-compliance may result in revocation of the residence permit and substantial administrative fines.

Before paying a deposit or signing a binding contract, the investor should obtain:

• A written Golden Visa eligibility assessment;
• Independent legal title due diligence;
• An independent engineer’s report;
• Confirmation of the lawful change of use;
• Review of the building and condominium regulations;
• A source-of-funds assessment;
• A tax and total-cost analysis;
• A purchase agreement containing clear refund and termination protection.

A properly structured conversion investment may provide a renewable five-year Greek residence permit while transforming unused commercial space into lawful housing. An improperly structured transaction may leave the investor with a renovated property that cannot support the intended Golden Visa.

Last updated: August 2026.

This article is prepared for general legal information and SEO publication purposes. It does not constitute individual immigration, property, planning, tax or investment advice. Every investor and property should be assessed under the law and administrative practice applicable at the time of the transaction.