The Greek Golden Visa €250,000 change-of-use route
How Greece's residence-permit route for converted property works, what it asks of the buyer of one of the seven MVR 19 residences, and where the project stands today.
- Minimum
- €250,000
- Permit
- 5 years, renewable
- Minimum size
- None on this route
- Per residence
- One applicant
- Who decides
- The Ministry
Converted property, one purchase, one permit
Greece grants a five-year, renewable investor residence permit to a non-EU national who buys one property for at least €250,000 if that property has been converted to residential use from another use. The route applies anywhere in Greece, with no minimum size. The change of use must rest on a permitting act issued on or after 5 April 2024 and be completed before you apply.
A five-year residence permit
Renewable for further five-year periods while you own the property. No minimum stay, and no right to work.
No minimum size
The 120 m² minimum belongs to the €400,000 and €800,000 tiers. It does not apply to the €250,000 change-of-use route.
One residence, one applicant
Each of the seven residences is one purchase of at least €250,000 by one applicant, in one notarial deed.
The family joins that applicant
A spouse or registered partner, children under 21 and the parents of both spouses, without a second purchase.
Where MVR 19 stands. The building is being converted from non-residential to residential use. The conversion is in preparation, the change-of-use permitting act is still to be issued (estimated Q1 2027), and the developer's target for delivery is Q4 2027; see the project timeline. Eligibility is subject to completion of the change of use, and the Ministry of Migration and Asylum decides every application. No outcome is guaranteed.
Three thresholds, and where €250,000 applies
Article 100 of the Migration Code (Law 5038/2023) sets the minimum property investment for the permanent investor residence permit known as the Golden Visa. Article 64 of Law 5100/2024 replaced its thresholds from 5 April 2024. In every tier the investment must be one property.
| Threshold and size | Where, and conditions |
|---|---|
| €800,000 120 m² minimum | Attica, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 inhabitants. A shared property only if each share meets the threshold. |
| €400,000 120 m² minimum | Rest of Greece, including Patras |
| €250,000 No minimum size | Anywhere: property converted to residential use from another use. Permitting act on or after 5 April 2024; conversion completed before you apply. |
| €250,000 No minimum size | Anywhere: listed (heritage) buildings. Full restoration before the first renewal. |
Patras sits in the €400,000 zone, where a standard flat also needs 120 m². The change-of-use route removes both hurdles: it is a separate category, not a discount.
The conditions of the €250,000 change-of-use route
These come from the law, Joint Ministerial Decision 214926/2025 and Circular 1/2026. All must be met when you file. Your lawyer checks each one; the Ministry decides.
- You are a non-EU national. You may buy in your own name or through a Greek or EU company that you own 100%.
- One property, in full ownership. Two apartments cannot be combined.
- At least €250,000 at acquisition, as recorded in the deed. Renovation you pay for afterwards does not count.
- A real change of use. The main areas change from another use, such as office, shop or warehouse, to residential. A property that was residential on 5 April 2024 cannot switch away and back.
- A permitting act dated on or after 5 April 2024: a building permit, small-scale works approval, file update or permit revision. An older permit counts only if updated or revised on or after that date.
- Completed before you apply. Either the seller or the buyer may carry out the conversion.
- Industrial buildings only if no industry has operated there for five years. Craft workshops are not treated as industrial.
- Full payment before you apply, by bank transfer, crossed cheque or card, into the seller's account at an institution operating in Greece, from you, your spouse or a relative up to the second degree. The notary records the details in the deed.
- An engineer's report certifying the change of use in the wording the decision sets.
- Private health insurance that covers you in Greece.
- Residential use only: no short-term platform letting, and no company seat or branch.
How a reservation pre-payment counts. MVR 19 reservations are open, with a pre-payment of 10% of the price (€25,000 for a €250,000 residence; for the penthouse C1, 10% of the price agreed). The pre-payment is part of the purchase price, never an extra, so it counts toward the full price that must be paid before you apply. For it to count, it follows the route's payment rule: it is paid only by bank transfer from your own account (or your spouse's, or a relative's to the second degree) to TPL S.A.'s account at a bank operating in Greece, named in the signed reservation agreement your lawyer has checked. It is refunded in full if the change-of-use permitting act is not issued; every other term is in the written agreement. A reservation does not by itself give a right to apply: the change of use must be completed and the full price paid first, and the Ministry decides.
How the seven residences fit the route
MVR 19 is an existing building on Mavromataion Street in south Patras. TPL S.A., its developer, is converting it from non-residential use into seven apartments: two on each of the ground, first and second floors, and the penthouse on the third floor with the roof garden above it. It is designed for the €250,000 change-of-use route; eligibility is subject to completion of the change of use.
- 7 residences, 7 buyers
- 40.72 to 91.16 m² each
- 1 to 3 bedrooms
- A storage room each
- One penthouse, price on request
TodayConcept render
Status: conversion in preparation
The change-of-use permitting act is still to be issued; it is estimated in Q1 2027, and the developer's target for completing the conversion is Q4 2027, by 31 December 2027. These are estimates, not promises: the project timeline shows each stage. Until the act is issued and the conversion is complete, no buyer can file on the €250,000 route. We will publish the act's number and date on this page when it is issued, and we send the legal pack with the price list.
Each residence is a separate property
Circular 1/2026 confirms that when one conversion produces several apartments, each one qualifies on its own. Each MVR 19 residence is sold by its own notarial deed, with the full price in the deed: €250,000 for each of the six residences GF1, GF2, A1, A2, B1 and B2, and a price on request for the penthouse, C1. The 120 m² minimum does not apply.
A storage room in the same deed
Each residence comes with one of seven basement storage rooms of about 9 to 15 m². A storage room in the same building, bought in the same deed and used as ancillary space, counts toward the €250,000 value but not toward the floor area (Clarification 2). The seven storage rooms depend on a new horizontal-property deed that divides the basement store, and the same deed fixes the roof garden's allocation to the penthouse.
Eligibility. MVR 19 is being converted from non-residential to residential use. Greece's €250,000 investor-permit route for converted properties requires, among other conditions, that the change of use is completed under a permitting act issued on or after 5 April 2024 and before your application, and that the full price is paid through the Greek banking system (Law 5038/2023, art. 100 §2(c), as replaced by Law 5100/2024, art. 64). Until the change of use is completed, eligibility is prospective. The Ministry of Migration and Asylum decides every application, and no permit outcome is guaranteed.
One residence, one purchase, one applicant
The €250,000 minimum is counted per property and per applicant. Each of the seven residences is one purchase of at least €250,000 by one applicant, and the applicant's family members join that applicant.
One residence
One notarial deed, at least €250,000, paid in full before the application.
One main applicant
The buyer, or the 100% owner of the buying company, holds the investor permit.
Their family
Spouse or partner, children under 21 and the parents of both spouses receive linked permits.
- Two main applicants need two purchases. If two people in one family each want an investor permit in their own right, for example an adult child over 21, each needs a separate qualifying purchase in their own name, and each purchase must meet every condition on its own.
- Two residences cannot be combined. Buying two apartments does not make one €250,000 investment, and one person buying two residences does not receive two permits.
- Co-ownership counts only if each share is worth at least €250,000, or the co-owners are spouses or registered partners.
Your lawyer confirms how these rules apply to your family before you reserve. The Ministry decides each application.
Step by step: from reservation to a five-year card
A Greek lawyer can handle most steps under a power of attorney. You come to Greece once, for biometrics.
Choose and reserve a residence
Reservations are open. The reservation agreement is in writing, with a pre-payment of 10% of the price that counts toward the full price. Have your lawyer check it first, including what happens if the change of use is delayed.
Appoint an independent Greek lawyer
Sign a power of attorney at a Greek consulate, or before a notary with an apostille.
Get a tax number and a bank account
Your lawyer obtains your Greek tax number (AFM) and opens an account. Bank source-of-funds checks take time, so start early.
Complete due diligence
Your lawyer and an engineer check the title, the legal use and the change-of-use act.
Sign the deed and pay in full
Transfer tax is paid before signing. The full price goes by bank transfer, crossed cheque or card into the seller's account at an institution operating in Greece, and the notary records it in the deed.
Register the deed
With the Land Registry or Cadastre. For a first application, proof of the request is enough.
File once the conversion is complete
Your lawyer files online with the engineer's report, the €2,000 fee and the €16 card fee. Filing can happen before you enter Greece.
Give biometrics and receive the card
Fingerprints in person in Greece. The permit runs for five years and is renewable while you own the property.
Timing. The official register, mitos.gov.gr, lists 50 days once the file is complete, and the law sets two months. In practice, allow several months: in August 2026 the regional administration covering Western Greece, the Peloponnese and the Ionian, which includes Patras, had 627 pending Golden Visa cases. See the timeline guide.
Family members covered by one investment
One investment can bring residence permits, linked to yours, for:
- your spouse, or a registered partner (partnership concluded in Greece or abroad);
- unmarried children under 21 of you or your spouse, subject to custody rules;
- your parents and your spouse's parents.
These rights derive from the investor, so after divorce or death your spouse's parents lose theirs. Family fees apply; your lawyer confirms the current amounts. With one to three bedrooms, each residence is sized for a household rather than one person, but the permit rules are the same for every residence. Ages and documents are covered in the family members guide.
What the permit gives you, and what it does not
What it gives you
- Residence in Greece for five years, renewable for further five-year periods while you own the property, with the €2,000 fee each time.
- No minimum stay. Time abroad does not prevent renewal.
- Schengen short stays of up to 90 days in any 180-day period in other Schengen countries, without the right to live or work there.
What it does not
- No right to work. You may hold shares, or sit on a board as a non-executive member, but not act as a company's legal representative.
- No citizenship through investment. Naturalisation needs seven years' lawful residence and a B1 Greek-language and civics exam, and actual residence is expected in practice. See Golden Visa to citizenship.
- Tax residence follows separate rules; ask a tax adviser.
Letting rules: long-term leases yes, short-term platforms no
A Golden Visa property may not be let or sub-let short-term in the sharing economy, the Airbnb model. Circular 1/2026 (Clarification 7) defines short-term as under 60 days, with no services beyond accommodation and bed linen. A breach means revocation of the permit and a €50,000 fine.
Long-term leases are allowed, for example to university students, young professionals or a family. MVR 19 is planned for long-term letting only. Greek law treats a main-residence lease as lasting at least three years, so ask your lawyer how that applies to a student lease.
Rent is taxed in Greece after a 5% deduction: 15% up to €12,000 a year, 25% up to €24,000, 35% up to €36,000 and 45% above (scale from tax year 2026).
Income is modest. At €250,000, the gross yield on a long-term let is about 1–3% before costs, on September 2026 market observations. These are illustrative figures, not forecasts. The value case is the permit plus a low-maintenance, long-let home. See student demand, both sides.
Resale and the once-only rule
The €250,000 route can be used once per property (Circular 1/2026, Clarification 9). A later non-EU buyer seeking a permit through the same residence would need the standard Patras tier: €400,000 and 120 m². None of the seven residences reaches 120 m²; the largest, the penthouse, has 91.16 m². So resale is to buyers who do not need a permit, at local market value.
Patras asking prices averaged about €1,467/m² in the first quarter of 2026, and more for renovated central stock. On those numbers a residence of 40 to 91 m² is worth well below €250,000 on the local market. Treat the difference as the cost of the permit, not capital you will recover, and get an independent valuation if it matters to you.
Selling ends your permit, unless you first buy a qualifying replacement and notify the authority.
What it costs to buy
Six of the seven residences cost €250,000 each, the full price in the notarial deed; the penthouse is priced on request. There are no rebates, cash-back or seller-paid buyer costs: Clarification 23 treats undocumented money flows before or after a purchase as grounds for referral to the tax, police and anti-money-laundering authorities and for revocation. On top of the price, a buyer pays:
| Item | Rate | On €250,000 |
|---|---|---|
| Transfer tax | 3% plus 3% municipal surcharge: 3.09% of the higher of price and objective value | €7,725 |
| Notary | About 0.65–1%, sliding scale, plus 24% VAT | about €2,000–2,500 |
| Land Registry or Cadastre | About 0.5% | about €1,200 |
| Buyer's lawyer | About 0.5–1%, plus 24% VAT | varies |
| Permit fees | €2,000 plus €16 card, main applicant; family fees apply | €2,016 |
| Health insurance | Private policy covering Greece | varies |
| Typical total | About 5–7% of the price | about €13,000–18,000 |
Price and payment. The price stated for each residence is the full purchase price recorded in the notarial deed, payable in full by bank transfer, crossed cheque or card payment to a Greek bank account before any permit application. The seller offers no rebates, cash-back or credits, and does not pay the buyer's taxes, fees or furnishings.
Yearly costs include ENFIA property tax, building charges, insurance, tax on rent and the €2,000 fee at each renewal. The costs and taxes guide has a worked example.
The announced 15% transfer tax
In September 2026 the government announced a 15% transfer tax, instead of 3%, for non-EU and non-EEA individuals buying residential property from 1 July 2027. As announced, companies, people of Greek origin and long-term residents would be excluded.
It is not law. A bill and public consultation must follow, and the treatment of converted property is unknown. Applied in full, it would cost about €37,500 to €38,600 on €250,000, instead of €7,725 today. Do not base a decision on a tax that is not yet law. We will update this page when a bill is published.
Nationality notes
- Non-EU nationals only. Since Brexit, that includes UK nationals.
- Russia and Belarus. New applications, including family members' applications, are suspended (Circular 1/2026, Clarification 22).
- Payment. If your country limits outward transfers, plan the route with your bank before you reserve.
- Documents. Foreign certificates usually need an apostille or consular legalisation and an official Greek translation.
More in the nationality guide.
What could go wrong
The risks we think a buyer should weigh, including those specific to MVR 19:
- Permit delay. The MVR 19 act is not yet issued, the Q4 2027 delivery date is a target, not a commitment (see the project timeline), and you cannot file before completion. Ask how your money is protected if it slips.
- Eligibility evidence. Non-residential use on 5 April 2024, a permitting act on or after that date and the engineer's report must all hold. A gap closes the route.
- Storage rooms and roof garden. Both depend on a new horizontal-property deed that is still to be drawn up. Your lawyer should see it before you sign.
- Rule changes. Thresholds were last raised in April 2024 and a 15% tax has been announced. Rules can change before you apply.
- Processing backlog. 627 cases were pending in the region in August 2026. Allow several months.
- Resale value. Expect to sell for much less than €250,000.
- Rental income. Yield is low and rent is not guaranteed. New purpose-built residences add supply; about 6,000 studios and small flats were listed vacant in November 2025; and 7.6% of students admitted in 2026 did not register.
- Offers that break the rules. Cash-back, “covered” fees or furniture, and above-market rent guarantees can cost you the permit. MVR 19 offers none of them.
Documents checklist
Your lawyer assembles the file. Article 2 §2.6 of JMD 214926/2025 and the common rules ask for:
- a valid passport, with lawful entry or a filing by your lawyer before you arrive;
- a power of attorney, signed at a consulate or apostilled;
- your Greek tax number (AFM) and bank account;
- the notary's certificate of parties, property, price, payment details and full payment, stating whether the property was used for a permit before;
- proof of registration, of the registration request, or a lawyer's certificate;
- the engineer's report certifying the change of use after art. 64 of Law 5100/2024 came into force;
- proof of 100% ownership, if you buy through a company;
- private health insurance;
- the €2,000 e-fee receipt, plus €16 for the card;
- your E9 property declaration;
- for family members, marriage or partnership and birth certificates, apostilled and translated;
- evidence of source of funds for your bank and notary.
Questions buyers ask about the €250,000 route
Can a residence of 40–91 m² qualify, when Patras normally needs 120 m²?
Yes, size is not a barrier on this route. The 120 m² minimum applies only to the €400,000 and €800,000 tiers. A residence can qualify on the change-of-use route if it is one property, priced at €250,000 or more, with the change of use completed, under a permitting act issued on or after 5 April 2024, before you apply, and the full price paid before you apply by bank transfer, crossed cheque or card into the seller's account at an institution operating in Greece, by you, your spouse or a relative to the second degree. The Ministry decides each application.
Is the €250,000 route available in Patras?
Yes. The change-of-use route applies anywhere in Greece. The standard Patras tier of €400,000 and 120 m² is a separate category.
Can I apply now if I buy an MVR 19 residence?
Not yet. The change of use must be completed, under a permitting act issued on or after 5 April 2024, before you file. For MVR 19 the conversion is in preparation and the act is still to be issued; the developer's target for completion is Q4 2027, an estimate, not a promise. You can reserve now, with a pre-payment that counts toward the price, but a reservation does not by itself give a right to apply. See the project timeline.
Can my spouse and I each be a main applicant with one residence?
No. One residence supports one main applicant. Your spouse or registered partner, your children under 21 and the parents of both of you join that applicant as family members, so one purchase usually covers a family. Two people who each want an investor permit in their own right need two qualifying purchases, each in their own name and each meeting every condition.
Can I combine two residences, or add a storage room, to reach €250,000?
You cannot combine two apartments. A storage room in the same building, bought in the same deed as ancillary space, counts toward the value but not the floor area. Each MVR 19 residence comes with its own storage room in the same deed, subject to the new horizontal-property deed that creates the storage rooms, and six of the seven are offered at €250,000 each on their own.
Can I rent the residence out?
Yes, on long-term leases, for example an academic-year student lease or a lease to a family. Short-term platform letting of under 60 days is banned, with a €50,000 fine and loss of the permit.
What happens when I sell?
Your permit ends unless you first buy a qualifying replacement. The €250,000 route works once per property, so a later non-EU buyer seeking a permit through the same residence would need €400,000 and 120 m², which none of the seven residences reaches. Plan for resale at local market value.
Go deeper on the €250,000 route
What a €250k Greek Golden Visa purchase really costs
Taxes, fees and yearly costs, with a worked example.
Read the guide TimelineHow long the Greek Golden Visa takes
From reservation to biometrics and the five-year card.
Read the guide Size rulesThe 120 m² rule and the €250k conversion route
Which tiers the minimum applies to, and which it does not.
Read the guide LettingThe Golden Visa short-term rental ban explained
What the €50,000 fine covers, and which leases are allowed.
Read the guide Tax changeThe planned 15% transfer tax for non-EU buyers
What was announced, and what is still unknown.
Read the guide FamilyFamily members on a Greek Golden Visa
Who one investment covers, and what each person needs.
Read the guide
Ask for the legal pack and price list
Seven residences in Patras, from €250,000, designed for the change-of-use route. We reply within one business day, in English or Greek.
Golden Visa eligibility is subject to completion of the change of use before your application and to the Ministry's decision.
Living room of the two-bedroom residence B2. Illustrative concept render.