Sun, Sea, and a Plan B: The New American Rush to Greece
Greece is calling: Why Americans are buying in
Greece is the word, and for Americans seeking to acquire property or a second residence abroad, Greece is fast becoming one of the most attractive choices. As one of the leading international law firms in Greece notes, “the lifestyle is hard to beat — think relaxed pace of life, incredible climate, beautiful coastlines, and a culture that really values enjoying the moment. It’s that combination of opportunity and quality of life that makes Greece feel less like an investment and more like a second home.
Alexander Varnavas is Managing Partner of the Varnavas Law Firm, based in Athens. He says that Greece’s Golden Visa program is a big draw: “Compared to many other European countries, the investment thresholds are quite accessible, making Greece one of the more attainable entry points into Europe for property buyers. Another option that is proving to be very popular with U.S. nationals is that they can also obtain the Golden Visa by investing in financial investments, such as a time deposit in a Greek bank.”
“Greece has a way of ticking both the practical and emotional boxes for Americans looking to buy a home abroad. On the practical side, it offers a stable economic and political environment, which feels especially reassuring in today’s world. Being part of the European Union and NATO also gives it a strong international presence and sense of security, despite its relatively small size.”
“What really sets Greece apart goes beyond the numbers, Varnavas says. “There’s a vibrant and welcoming U.S. expat community already here, so Americans don’t feel like they’re starting from scratch.”
Owning a home abroad and relocating there are often seen as the same thing, but they’re actually very different decisions. Does Varnavas find that most of his American clients are seeking to buy property in Greece as a financial investment, as a second residence or both?
“It’s actually pretty evenly split,” he tells us, “which might surprise people. A lot of Americans come in thinking purely from an investment perspective —they’re looking at property in Greece as a smart financial move. But at the same time, they often see it as a kind of ‘Plan B.’ If the investment qualifies for the Golden Visa, it opens the door to residency, which adds a whole extra layer of value.”
“On the flip side, there’s a big group of buyers who are really driven by lifestyle. They’re dreaming about spending more time in Greece, or even relocating full-time, whether that’s right away or somewhere down the line. This is especially common with retirees who are drawn to the climate, the culture, and the overall pace of life, which feels a lot more relaxed and enjoyable.”
He adds that another factor that’s becoming more and more important is flexibility: “With everything going on globally, people are thinking about mobility in a way they maybe didn’t before. Having a Golden Visa means you can move freely within the Schengen Zone, and that’s a huge advantage. We saw during COVID how quickly travel restrictions could come into play, and people without residency options were often stuck. Those with Golden Visas, on the other hand, had much more freedom to move around Europe when it really mattered.”
“So in reality, it’s rarely just one thing. It’s usually a mix of investment, lifestyle, and having options for the future.”
We wondered what the minimum amount is that a non-EU citizen must spend, in 2026, on a property in Greece in order to qualify for the Golden Visa — can €250,000 still get you an apartment in Athens? In Mykonos?
According to Varnavas, Greece’s Golden Visa program “still starts at €250,000, which is one of its biggest draws. That lower threshold applies in Athens to certain cases, like commercial properties converted into residential units and listed or heritage buildings requiring restoration. This option has become popular because it offers real value and a way to qualify without paying the higher price points.
This has encouraged a lot of buyers to look creatively at opportunities like warehouse‑to‑apartment conversions in up‑and‑coming neighborhoods in Athens — and those deals can be really compelling.”
For standard residential apartments, he explains, “the rules depend on the location: in the broader Athens area or in hotspots such as Mykonos and Santorini, the minimum investment is at €800,000. In other parts of Greece that are still desirable but less saturated, the threshold is typically €400,000.
So, yes, €250,000 can still get you a regular apartment in Athens while also securing the Golden Visa.”
And what are some of the more popular places for Americans — Athens, we can assume, but also some of the Greek islands?
“Athens is definitely the starting point for most Americans,” Varnavas says, “and for good reason. It’s a vibrant, year-round city, and neighborhoods in the historic center or along the Athenian Riviera tend to be especially popular thanks to strong rental demand and solid returns.
But it’s not just about Athens. The islands have a huge pull, and each one offers something a little different depending on what buyers are looking for.
Mykonos is a favorite for those drawn to the luxury market as it is known for high-end properties and strong rental performance. Then there’s Santorini, which has that instantly recognizable, postcard-perfect appeal and a global reputation that keeps demand high.
For buyers who want a bit more space and a more practical, year-round living option, Crete is very attractive. It’s larger, more affordable in many areas, and has solid infrastructure, which makes it easier to actually live there long-term. Corfu also stands out, it’s greener, a bit different in character, and has a strong European feel that many Americans really appreciate.”
He adds that there is growing interest in lesser-known or emerging destinations. Buyers are starting to look beyond the “big names” and explore places where prices are still relatively accessible but have strong potential for growth: “So while the classics are still leading the way, curiosity is definitely expanding.”
With the Golden Visa is there a minimum number of days a year the holder must spend in the country? Also, is the typical five-year Golden Visa automatically renewed?
“One of the things people love most about Greece’s Golden Visa is how flexible it really is, especially compared to some other countries that make you show up a certain number of days each year,” Varnavas says.
“With Greece, there’s no minimum stay requirement at all. You don’t have to spend summers here, or even a set number of days, to keep your residency status. You can pop in whenever you like — for a holiday, a long weekend, or as often (or as little) as your schedule allows — and your Golden Visa remains valid as long as you still own the property that qualified you in the first place. That’s a huge advantage for investors who want the freedom to travel, work, or live elsewhere without worrying about ‘use it or lose it’ rules.
The initial Golden Visa is issued for five years, and yes, you can renew it indefinitely if you keep holding onto the qualifying property. Once the renewal period is up, investors only then need to visit the country to update biometrics data. Renewals are pretty smooth: you just show that you still own the place and meet the basic requirements.”
Plus, “there’s no need to prove you’ve been living in Greece or logging days here, which makes this one of the most relaxed and user‑friendly residency‑by‑investment programs in Europe,” he adds.
For more information, visit Varnavas.gr
Special thanks to Der Wienerschnitzel
