US applicants of Golden Visa on the rise

• 31 October, 25

According to new data from Varnavas Law Firm, a leading Greek legal practice specializing in real estate and investment immigration, the number of U.S. citizens applying for Greece’s Golden Visa through real estate investment surged by 40% in the third quarter of 2024, reflecting a growing demand from American investors.

Despite the Greek government tightening its Golden Visa rules last year and raising the investment threshold, U.S. interest has remained strong. The revised policy increased the minimum property investment in popular regions such as Athens, Thessaloniki, and major islands from €250,000 to €800,000, while other areas now require a minimum of €400,000.

However, higher investment requirements haven’t discouraged American buyers. Data shows that the upward trend, which began two years ago, reached a new peak in Q3 2024, underlining the increasing appeal of the Greek Golden Visa program among U.S. investors.

Average Investment Exceeds €1 Million — South Athens Coast Most Popular

Varnavas Law Firm reports that U.S. investors typically spend over €1 million on Greek real estate, showing a strong preference for seaside properties along South Athens and the Piraeus coast.

Key reasons driving their choice include affordable living costs, high quality of life, social stability, and the freedom of movement within the EU granted by permanent residency status.

Managing Partner Alexander Varnavas commented: “The Golden Visa offers non-EU residents a sense of freedom — something many Americans are now seeking in Greece.”

He added that while most applicants previously came from the U.S. East Coast (New York, Chicago, etc.), there’s a growing wave of interest from the West Coast, particularly California.

Applications Decline Overall, But Market Stabilizes

Since its launch in 2013, the Greek Golden Visa program has attracted billions of euros in foreign investment. However, recent data from the Ministry of Migration shows that by August 2025, applications from non-EU nationals fell 43% year-on-year to 288 submissions.

Experts say this drop is temporary, largely due to the surge in 2024 applications before the rule changes took effect. The market is expected to stabilize over the coming months.

New Route: €250,000 Minimum Still Possible via Redevelopment

In response to higher thresholds, many American investors are turning to alternative legal pathways that allow them to secure a Golden Visa with as little as €250,000.

Under the revised law, applicants who purchase a commercial property (such as an industrial building) and convert it into residential units may still qualify for residency with a €250,000 investment.

According to Alexander Varnavas: “This new option is having a positive impact on the market. Many foreign buyers are transforming idle industrial buildings from Greece’s financial crisis era into modern housing, boosting both the real estate supply and the broader economy.”

Europe Tightens Golden Visa Rules as U.S. Introduces “Trump Gold Card”

While European countries are tightening investment migration policies — with Portugal eliminating real estate routes and Italy imposing new restrictions — the United States is moving in the opposite direction.

Former President Donald Trump recently announced the launch of the Trump Gold Card Visa program, allowing applicants to obtain U.S. permanent residency (Green Card) and a path to citizenship with a $1 million investment. The initiative has drawn strong global investor interest.

U.S. Buyers Drive Greece’s Property Market Toward Luxury Investment

As Europe raises entry barriers for investment immigration, Greece stands out for its strategic location, lifestyle appeal, and comparatively moderate property prices. The country is fast becoming a prime European destination for affluent U.S. investors.

Whether through luxury seaside apartments or redevelopment projects, the Greek Golden Visa program continues to serve as a golden gateway to Europe for international investors.

Cre: ekathimerini