When the Greece Golden Visa programme first took off, many overseas investors saw a winning combination: buy a property in Greece, obtain residency rights and at the same time run it through short-term rental platforms (e.g., Airbnb) for strong yields. The logic was compelling: tourism demand in Athens, the Aegean islands and other hotspots was booming, and the rental spectrum seemed wide open. But the rules have changed dramatically. What was once a low-hanging fruit is now subject to sweeping new legal restrictions, higher investment thresholds and tighter scrutiny. This article gives you clarity and a roadmap through the new legal minefield: we will explore what was allowed before, what the reform in Law 5100/2024 (Greece) has introduced, the penalties for non-compliance, alternative strategies now available — and how to evaluate your own property under this new regime.
1. What the Old Gold Standard Allowed (pre-2024)
Prior to the 2024 reforms, the Golden Visa scheme in Greece presented an attractive gateway for non-EU investors: purchase property, satisfy a minimum investment requirement (which used to be as low as €250,000 in many areas) and secure a long-term residency permit (five years, renewable) for you and your family. Investors naturally presumed that once the property was acquired, they could rent it out — potentially on short-term platforms — to offset their costs or generate income.
In practice, many Golden Visa recipients bought apartments in popular districts of Athens, in islands like Mykonos or Santorini, or in Thessaloniki. And unsurprisingly so, because these locations had strong tourism demand. A short-term rental yield of, say, 6-8 % or more was not unusual in good locations, especially during high-season months. The logic: you get residency, you hold an appreciating asset, and you run short-term letting. That triangular appeal made the Golden Visa programme quite alluring to investors looking for both lifestyle and yield.
Additionally, the legal wording did not, at that time, explicitly forbid short-term letting (in many interpretations) of such properties under the Golden Visa programme. So the assumption (among many investors, advisers and real-estate brokers) was that short-term leasing via platforms such as Airbnb was permissible unless otherwise restricted by local building regulations or block rules. In short: the old “gold standard” for Golden Visa+short-term rental was a known strategy, widely marketed and practiced.
2. Key Legal Reform: Law 5100/2024 & New Restrictions
The tide turned with the introduction of Law 5100/2024 (Government Gazette A’ 49/05-04-2024) which fundamentally changed key aspects of the Golden Visa scheme in Greece. Varnavas Law | Golden Visa Greece+3ey.com+3Law Firm – Larisa A. Georgiadi+3
One of the most important paragraphs is paragraph 7Α:
“Real estate acquired in full ownership and possession by third-country nationals for the initial granting or renewal of an investor’s residence permit is prohibited from being leased out on a short-term basis in the context of the sharing economy, as well as from being sub-leased.” vstgroup.gr+2forumland.gr+2
What this means in plain terms: if you are a non-EU national who acquires a property under the Golden Visa scheme (either to get the permit initially, or when renewing it), you may no longer rent it out on a short-term basis (for example via Airbnb or similar home-sharing platforms) nor sublet it to someone else who then uses it. That restriction was not gradually introduced — it is a direct part of the 2024 law. Law Firm – Larisa A. Georgiadi+1
To quote further:
“All golden visa properties are prohibited from being rented out on a short-term basis, such as Airbnb… in the event of non-compliance … the residence permit is revoked, and an independent administrative fine of €50,000 is imposed.” Varnavas Law | Golden Visa Greece+2ey.com+2
Thus, the era of combining Golden Visa investment + Airbnb style short-term letting is over, at least for properties acquired for the Golden Visa (or renewed under it).
In addition to this utilisation restriction, the law raised investment thresholds (see below) and strengthened other criteria. Law Firm – Larisa A. Georgiadi+1
2.1 Scope & Exceptions
Scope
The short-term rental restrictions apply to specific types of Golden Visa investments. The rule covers real estate acquired in full ownership and possession by third-country nationals for the initial granting or renewal of a Golden Visa residence permit.
It includes a strict prohibition on short-term letting in the sharing economy and on sub-letting. Additionally, the property cannot be used as the headquarters or branch of a business if the residence permit was granted under a conversion scheme (as noted in paragraph c of §2).
The investment must now be made in a single property, not multiple ones. In designated high-demand areas, the minimum property size is 120 m², either built or with a valid building permit.
The minimum acquisition value also depends on location:
- €800,000 in high-demand zones such as Attica, Thessaloniki, Mykonos, Thira, and islands with populations over 3,100.
- €400,000 in other regions.
- €250,000 for certain conversion or restoration projects.
Exceptions and Special Cases
A lower threshold of €250,000 still applies to specific “conversion” scenarios:
- Properties converted from other uses into residences.
- Industrial buildings unused for at least five years.
- Listed or historic buildings undergoing restoration.
If a property was acquired before the new law, transitional provisions may apply. For example, investments with a 10% deposit by 31 August 2024 and completed by 31 December 2024 may be grandfathered under previous conditions.
While the restriction technically targets properties tied to the Golden Visa programme, many legal experts advise treating it as a broad prohibition for all Golden Visa-linked ownership.
In summary, if your property was purchased for or used in the Golden Visa programme, assume the short-term rental ban applies. Always verify whether your case qualifies under a conversion, exception, or transitional provision.
3. Penalties, Risks & Compliance
If your property falls under the Golden Visa rules and you ignore the new restrictions, the consequences can be severe.
Fines and permit cancellation
- The non-compliance may lead to cancellation (revocation) of your residency permit granted under the Golden Visa scheme. vstgroup.gr+1
- An administrative fine of €50,000 is explicitly cited for violations of the short-term letting or sub-letting ban. Varnavas Law | Golden Visa Greece+1
- Some sources indicate fines may go up to €150,000 in certain cases. Law Firm – Larisa A. Georgiadi+1
Risks and how authorities verify compliance
- Renewal scrutiny: When you renew your residence permit after the initial period (5 years) the authorities will check whether you still satisfy all conditions — including the property usage restrictions. ey.com
- Audits and checks: Real-estate usage may be checked via tax authority records, building registers, rental registers. For example, if your property is listed on a short-term rental platform and the tax / registration authorities pick it up, that may trigger an audit. The website “Golden Athens” mentions: “Failure to adhere to these regulations […] the residence permit may be revoked, and an independent administrative fine of €50,000 will be imposed on the owners and/or holders of the property.” goldenathens.com
- Risk of retrospective application: Some earlier investors worry whether the prohibition will be applied retroactively (i.e., to properties purchased before the law). Legal commentary suggests this is unclear. Varnavas Law | Golden Visa Greece
- Reputational and exit risks: If you rely on short-term rental income as part of your investment case, a sudden prohibition or enforcement action could upend your yield projections, reduce liquidity, or affect your decision to sell the property later.
Key takeaways
- If you acquired a property under the Golden Visa scheme (or plan to), assume no short-term rentals unless you obtain a legal opinion otherwise.
- If you already operate a short-term let for a Golden Visa property, act quickly to adjust strategy (long-term lease, different investment etc).
- Document your property’s usage status and keep records in case of audit/renewal check.
- Factor in the penalty risk when modelling yields: a €50,000 fine plus possible permit revocation means you should treat short-term letting income as non-guaranteed (or under prohibition).
4. Alternatives: Legal Rental Strategies for Golden Visa Owners
Given that the traditional short-term rental model (Airbnb style) is no longer viable for many Golden Visa properties, what can you legally do instead? Here are alternative strategies that are currently being adopted by savvy investors.
Long-term leases (12+ months)
One of the clearer routes is to rent the property on a long-term basis (e.g., at least 12 months) rather than short-term stays. Since the prohibition is specifically on “short-term letting in the context of the sharing economy” and subletting, converting the property to a long-term tenancy model is a way to remain compliant. In many tourist-heavy areas, yields will typically be lower than peak seasonal short-term rates. Thus, the long-term model offers stability and fewer regulatory risks.
Use as primary residence or part-resident
Another strategy: use the property as your (or your family’s) residence, which is consistent with the residency intent of the Golden Visa programme. If you live in the property (or split usage between personal use and long-term letting) you avoid the short-term rental risk dilemma entirely.
Conversion to commercial / residential use or seek exemption paths
In some cases, investors are converting (or purchasing) properties in conversion schemes (industrial building to residential, listed building to restore). This may benefit from the lower €250,000 threshold, though the rental restrictions still apply for short-term letting under Golden Visa rules. But in a commercial property context (e.g., a building used as serviced apartments under hotel licence), different licensing may apply. Here the investor might decide not to use the Golden Visa scheme but rather invest via a hotel investment vehicle. This is mainly done to avoidi the Golden Visa usage restriction. In effect: invest for rental income via commercial category rather than Golden Visa pathway.
Shift to other territories / programmes
Some investors are shifting away from the Golden Visa model for yield-driven properties, selecting instead to focus on regular property investment (outside the Golden Visa programme) or in jurisdictions with more permissive short-term rental rules. Alternatively, they may hold a Golden Visa for residency/asset-diversification purposes, but treat the property differently for yield (e.g., long-term lease) rather than Airbnb style.
Example of investor shift
According to commentary from rental-platform advisors (e.g., in Greece), many Golden Visa holders are now opting for three-year or longer leases rather than trying to pack in high-season short-terms. While yields drop, risk is markedly lower and legal compliance clearer. These strategies allow investors to maintain their residency rights and make the asset work—albeit differently.
5. Case Examples: What Investors Are Doing Now
To illustrate how these strategies work in practice, here are some hypothetical (and partly real) case examples of how investors are adapting under the new law.
Example A – Athens apartment switching to 3-year tenancy
Mr X purchased a 120 m² apartment in central Athens (under the Golden Visa scheme). Previously he projected short-term letting with 60+ % occupancy during high season at a premium nightly rate. Post-Law 5100/2024, he cannot use it for short-term renting. He instead enters into a 36-month lease with a local tenant at a slightly discounted annual rent. Yield drops from estimated ~7 % to ~4.5 %, but the risk of fine or permit revocation is eliminated. His holding remains compliant and he retains the residency permit under the Golden Visa programme.
Example B – Commercial-to-residential conversion in a provincial city
Ms Y buys an industrial-use building outside Athens for €250,000, converts it into residential units (qualification under conversion exception). She qualifies for the Golden Visa at the lower threshold. She then rents the units on long-term leases (12+ months) to local residents, foregoing the short-term holiday-rental market entirely. This strategy gives stable income, avoids the ban, and spreads risk across multiple units.
Example C – Dual strategy: Golden Visa + separate short-term investment
Mr Z acquires one property under the Golden Visa route (for residency) and separately invests in another property purely for short-term holiday rentals (but not submitting that second property as part of his Golden Visa application). The Golden Visa property is leased on a long-term basis or held as private residence, while the yield property is managed under a commercial rental company structure (complying with tourism licensing and separate tax regime). This way, he splits purposes: residency + yield.
Trade-offs and yields
- Yields for long-term leases are lower but more stable and compliant.
- Capital appreciation remains a key part of the investment thesis, given location.
- Risk of regulatory intervention is significantly reduced.
- Investors may need to accept less flexibility (for instance, not pulling in high-season premiums) but gain legal certainty.
- Exit strategies remain valid, but shorter-term yields may have to be re-modeled.
6. How to Evaluate Your Property’s Rental Strategy Under New Law
Given all the above, if you currently own (or plan to buy) a property under the Golden Visa scheme and are assessing your rental strategy, here is a practical checklist and decision-framework to help you evaluate:
Checklist
- Did you purchase the property under the Golden Visa scheme? If yes, the new restrictions for short-term letting likely apply.
- What is the legal status of the property? Is it a normal residential property, a commercial-to-residential conversion, a restored listed building? This influences thresholds and possible exception paths.
- Which region is the property located in? If located in Attica, Thessaloniki, Mykonos, Thira or islands with >3,100 residents — then the higher thresholds (€800,000) apply. Law Firm – Larisa A. Georgiadi+1
- Has the investment been completed under transitional provisions? E.g., deposit by 31 Aug 2024 with completion by 31 Dec 2024 or alternative deadlines. If the purchase was under older terms you may have grandfathering. Varnavas Law | Golden Visa Greece+1
- What is your intended rental strategy? Short-term letting (nightly) vs long-term leasing. If short-term, you may hit the prohibition.
- Yield modelling: What rental yield can you plausibly achieve under long-term lease (versus previous short-term model)? Factor in occupancy, seasonal variability, maintenance costs.
- Tax implications: Longer-term lease may mean different tax treatment compared to short-term holiday letting. Also consider property tax, income tax, VAT where applicable.
- Exit/refresh strategy: If you wish to sell in 5-10 years, how will the rental model affect tenant stability, property condition and buyer appeal?
- Compliance risk: Are you confident of staying compliant with the permit renewal process, building code and rental use restrictions?
- Alternative use: Could you (or a family member) live in the property? Could you restructure to a long-term lease? Could you invest via a different route (commercial or non-Golden Visa) for short-term letting?
Decision Framework
- If you currently hold a Golden Visa property and already run short-term lets:
- Immediately assess whether you are in breach of paragraph 7A (short-term letting ban).
- Consider switching to long-term leases or personal residence use.
- Seek legal advice to check whether any grandfathering applies.
- Adjust your financial model to reflect reduced yield and increased regulatory safety.
- If you plan to purchase a property for Golden Visa + letting:
- Do not assume short-term nightly lets are viable. Build your case on long-term leasing or residence use.
- Choose location and property size with realistic yield expectations under the new regime.
- If your priority is yield via short-term letting, either: (a) exclude the property from Golden Visa scheme and invest separately; or (b) invest in a property type/licence that permits STRs (outside Golden Visa scheme), subject to Greek tourism licensing.
- If you already own property (not Golden Visa) and consider applying for Golden Visa now:
- Check whether the property would qualify (single property, 120 m² minimum, €800k/€400k threshold etc). Property Guides+1
- If your business model is short-term rental, think twice: qualifying under Golden Visa ties you to usage restrictions.
- Consider holding the property separately (not via Golden Visa) or visiting other immigration/residence routes.
- Continued monitoring:
- Keep abreast of further reforms. For example, new regulation for short-term rentals under Law 5170/2025 introduces safety and registration standards for all STRs from 1 October 2025. GTP Headlines
- Watch for local municipality rules, tax authority changes or tourist-licensing updates.
FAQs
Can I still list my Golden Visa property on Airbnb if I only rent occasionally?
No, you cannot. If your property was purchased under the Golden Visa scheme, short-term rentals are banned. Law 5100/2024 clearly prohibits leasing on a short-term basis or subletting in the sharing economy. The rule applies even if you rent only occasionally or for brief stays. The phrase “short-term basis in the context of the sharing economy” covers any Airbnb-style rental. Occasional or seasonal letting still falls within that category. To stay compliant, avoid using platforms like Airbnb or Booking.com for your Golden Visa property.
What happens if I violate the short-term rental ban?
Breaking the rule has serious consequences. Authorities can fine you up to €50,000 and revoke your Golden Visa permit. Violations may also trigger tax and migration audits. Non-compliance can delay renewals and harm your immigration status. Your name may be flagged in the Ministry’s digital registry, affecting future applications or property sales.
Does the rule apply to all visa holders or only new ones?
The ban mainly targets new and renewed permits after Law 5100/2024. However, renewals of older permits must also comply. Transitional cases exist, but enforcement applies to nearly all active Golden Visa holders.