Greece's main opposition party wants to close the real estate route of the country's golden visa. At the start of October 2026, PASOK tabled an amendment in parliament that would stop granting residence permits to non-EU investors who buy property and would steer investment incentives toward Greek businesses instead, through what the party calls an 'Angel Visa'.
The amendment also targets existing permit holders. When they renew their five-year permits, their properties would be barred from short-term rentals. The government rejected the amendment, so none of this is law.
The proposal still matters. It shows where the debate on housing and foreign buyers is heading in Greece, at a time when the government itself has announced a much higher transfer tax for non-EU buyers from 2027.
Key takeaways
- PASOK tabled an amendment to abolish residence permits for real estate investors and replace them with an 'Angel Visa' tied to business investment.
- The plan would also ban short-term rentals of golden visa properties when existing holders renew after five years.
- PASOK leader Nikos Androulakis estimated the change could return 15,000 to 20,000 homes to the market. The government rejected the amendment.
- The current rules, with €800,000 and €400,000 property thresholds, remain in force.
- Separately, the government has announced a 15% property transfer tax for non-EU buyers from July 2027. That too is a proposal, not yet law.
What PASOK proposed
According to SKAI, PASOK tabled two amendments on 1 October 2026. One concerned fuel taxes. The other concerned the golden visa and had three parts:
- End the property route. Investors who buy real estate would no longer receive residence permits.
- Create an 'Angel Visa'. Investment incentives would be redirected toward the productive economy and entrepreneurship.
- Rental ban at renewal. Properties owned by existing golden visa holders would be barred from short-term rentals when their five-year permits come up for renewal.
Speaking at a To Vima forum on 7 October, Androulakis said the renewal rule would require owners to live in the property or lease it long-term. He estimated it could return 15,000 to 20,000 homes to the housing market at no cost to taxpayers, and said more than 60,000 homes had been sold through the program under its earlier rules, according to To Vima. He also called for the program to be suspended entirely, arguing that it was built for a different era.
Why it is not law
PASOK is the largest opposition party, but it does not have the votes to pass legislation on its own. The governing New Democracy party, which holds a majority in the 300-seat parliament, rejected the amendment. Androulakis responded by asking the government to explain why it opposed a measure that, in his words, would not cost a single euro.
For now, the golden visa continues under the rules adopted in 2024. Any change would need new legislation. The next general election is due by 2027, so the program's future could become a campaign issue.
The rules that apply today
Under Law 5100/2024, the minimum real estate investment is €800,000 in Attica, the Thessaloniki regional unit, Mykonos, Santorini and islands with more than 3,100 residents, and €400,000 in the rest of Greece. A €250,000 minimum applies only to commercial buildings converted to housing and to listed buildings under restoration.
Properties bought under the current rules must generally be a single home of at least 120 m², and they already cannot be let short-term. A breach can lead to a €50,000 fine and revocation of the permit. According to an International Bar Association analysis, that ban is not retroactive. It does not cover properties bought under the old regime, which is the gap PASOK's renewal rule would close. Our Greece golden visa guide explains the full rules.
Other pressure on the program
The opposition amendment arrives as demand is already falling. Ministry figures reported by To Vima show 2,551 new investor applications in the first half of 2026, down 44% from a year earlier, while permits issued rose 21% as older files were cleared.
The government is also acting on housing. In September 2026, Finance Minister Kyriakos Pierrakakis announced that the property transfer tax for non-EU buyers without long-term residence would rise from 3% to 15% from 1 July 2027. With the municipal surcharge, the effective rate would go from about 3.09% to 15.45%. The measure would apply to homes, not to commercial property or land, and still needs legislation.
Greece's National Housing Strategy 2026–2035, approved in July 2026, points in a different direction. It proposes a golden visa category that would allow investment across several properties if all of them are rented long-term.
Across southern Europe, property-based programs have been shrinking. Spain closed its golden visa to new applicants in April 2025, and Portugal removed real estate from its program in October 2023. Our report on Cyprus tightening its golden visa shows a similar trend, and our coverage of the EU crackdown on golden passports explains the wider policy pressure from Brussels.
What it means for investors and holders
For now, nothing changes in law. Investors who buy under the current rules face the existing thresholds, the 120 m² test and the short-term rental ban. Existing holders who bought under the older regime can still rent short-term, subject to general Greek rental and tax rules.
What the episode shows is political risk. Programs that depend on real estate are exposed to housing politics, and rules can change at renewal as well as at entry. People weighing a residence-by-investment program against other options often factor in this kind of risk alongside price and processing time.
Frequently asked questions
Is Greece ending the golden visa?
No. The government rejected PASOK's amendment, and the program continues under the 2024 rules. The opposition's plan is a proposal only.
What is the 'Angel Visa' PASOK proposed?
It is PASOK's proposed replacement for the property route: a residence incentive tied to investment in Greek businesses and entrepreneurship rather than real estate. Public reports so far do not set out detailed thresholds or conditions for it.
Would existing golden visa holders be affected?
Under PASOK's plan, yes. Holders would have to live in the property or lease it long-term, without short-term rentals, when they renew their five-year permits. Because the amendment was rejected, current holders keep their existing rights.
Important: This article is general information, not tax, legal or financial advice. Rules change often and depend on your personal circumstances. Speak with a qualified professional in each relevant country before you act.