Converting Commercial to Residential in Greece: A Complete Guide for Golden Visa Investors
Under Greek law, certain commercial properties can be legally converted into residential units, qualifying for the Golden Visa with as...
What is Commercial-to-Residential Conversion in Greece?
Commercial-to-residential conversion refers to transforming properties such as offices, shops, warehouses, or non-operational industrial buildings into legally recognised residential units.
Under Article 48 of Greece’s Urban Planning Law 4759/2020, conversions are allowed provided:
The building meets residential safety standards;
The area is not zoned as “purely commercial”;
Approval is granted by the municipal authority and relevant fees are paid.
Our firm offers full legal compliance assessments to ensure every conversion is 100% lawful.
Does it Qualify for the Golden Visa?
Yes—converted properties fully qualify. Greek immigration law allows non-EU citizens to obtain permanent residency by investing at least €250,000 in residential property. Once conversion is completed and a residential title deed issued, the property value counts towards this threshold.
We provide a one-stop service covering both the property transaction and Golden Visa application, including legal representation.
Eligible Property Types
Office buildings
Retail units (shops)
Warehouses
Industrial buildings (must be proven inactive for the past five years)
The property must be a single asset (not multiple small units combined). No geographical restrictions apply—the scheme covers all of Greece.
Purchase and Conversion Process
Select an eligible property
Conduct legal due diligence (confirm clear title and no debts)
Sign preliminary contract and pay deposit
Secure use-change permit from municipality
Sign final purchase contract before a notary
Register ownership at the Land Registry
Standard timeline: 3–6 months for purchase, 6–12 months for complete conversion.
Advantages for Investors
Lower investment threshold – Minimum €250,000 vs €800,000 for high-demand zones like central Athens.
Geographical flexibility – Invest anywhere in Greece, allowing targeting of high-yield locations.
Full-service management – From conversion to long-term rental arrangements.
Timeline & Remote Processing
Typical schedule:
Property selection & legal checks: 1–2 months
Permit application: 2–4 months
Construction works: 3–6 months
Inspection & title update: 1 month
No need to be in Greece:
We offer remote property selection, legal document signing, local construction management, and optional guaranteed rental or resale services.
Rental Income Assurance
Our three-fold strategy ensures stable returns:
Prime locations – e.g., Athens North CBD with strong rental demand
Professional management – We currently oversee over 500 long- and short-term rental units
Guaranteed income – 3-year rental guarantee agreements available
Costs Beyond Purchase Price
In addition to the €250,000 investment, expect approximately 5% in extra costs:
Property transfer tax (~3.09%)
Notary fee (~1–1.5%)
Lawyer fee (~0.5–1%)
Land registry fee (~0.75%)
Golden Visa Application Steps
Obtain Greek tax number (AFM)
Open Greek bank account
Complete purchase & conversion
Prepare documents (passport, contracts, title update, insurance)
Submit via lawyer to immigration authority
Provide biometric data in Greece
Restrictions and Compliance
No short-term rentals (e.g., Airbnb) allowed for converted Golden Visa properties
Cannot be used as a company registered address
Violation may result in permit revocation and €50,000 fine
Sale of the property ends the residency unless replaced by another qualifying asset before transfer
Golden Visa Benefits
Indefinite residence in Greece with access to healthcare and education
Visa-free travel to 29 Schengen countries
No residency requirement to maintain status (must keep investment)
Citizenship possible after 7 years of residence, subject to language and cultural test
Conclusion
Commercial-to-residential conversion offers an attractive, affordable, and flexible pathway to the Greek Golden Visa. With lower capital requirements, nationwide eligibility, and professional turnkey services, investors can secure both residency rights and long-term rental income.
As always, legal compliance and careful due diligence are key—done right, this strategy blends lifestyle benefits with a solid investment foundation in one of Europe’s most promising real estate markets.
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