The EUR 250,000 Golden Visa Exception for Property Conversions

Article 100 of Law 5038/2023, as amended by Law 5100/2024, provides for the acquisition of an investor residence permit through the purchase of property converted from a non-residential to a residential use, subject to a minimum investment of EUR 250,000 and compliance with the specific requirements of the statutory exception.

The relevant investment must concern a single property, although the 120-square-metre requirement applicable to the ordinary investment categories does not extend to this exception. The change of use may be undertaken by the seller or purchaser, provided that it has been lawfully completed after 5 April 2024 and before submission of the residence permit application. The administrative framework also addresses circumstances in which an earlier change-of-use permit was subsequently revised or updated, making examination of the property's complete planning history necessary.

The availability of the exception depends initially on whether the property was legally designated for a use other than residential occupation and whether conversion to residential use is permitted under the applicable planning provisions. The existence of an office, commercial or industrial designation in contractual documents does not necessarily establish the lawfulness of the historical use or the possibility of obtaining the approvals required for its alteration.

The technical and legal investigation should include examination of the building permit, approved plans, land-use designation, any regularisation of unauthorised construction and the permits or other lawful procedures governing the proposed conversion. Particular issues may arise in buildings subject to heritage protection, properties with unresolved planning infringements and premises in which the change of use requires substantial construction works or compliance with additional technical standards.

Where industrial buildings are involved, the relevant framework also imposes a specific condition concerning the absence of industrial activity for the preceding statutory period. The eligibility of an industrial conversion therefore requires evidence extending beyond the existence of a recent change-of-use authorisation.

Circular 1/2026 further clarified that the reduced investment privilege connected with qualifying conversions and restoration investments is available only once in respect of the relevant property. A subsequent purchaser cannot assume that a property previously used to obtain an investor residence permit at the reduced threshold will independently support a new permit on the same basis.

These requirements should be addressed within the contractual structure of the acquisition. Where the purchaser depends on works or administrative action to be completed by the seller, the purchase agreement should define the relevant obligations, documentary evidence and consequences of non-compliance.

The reduced threshold offers a legally recognised investment route, although its application depends on the completed status of the conversion and the property's demonstrable compliance with both planning and immigration legislation.

This article is general information and not legal advice. For advice on a specific matter, contact us.