Greece's tiered investment thresholds
Greece no longer operates a single national threshold. Higher-demand areas — including Attica, Thessaloniki and several popular islands — sit at the upper tier, while much of the mainland remains at the lower tier. Restoration and conversion projects carry their own reduced threshold with a completion obligation attached.
The tier you fall into determines both the capital you need and the financing structure that works. A lower-tier purchase can often be funded largely from a modest Lombard facility, while an upper-tier Athens apartment usually needs a mortgage, a larger portfolio, or a hybrid of both.
The qualifying threshold must be satisfied by the purchase price of the property itself. Financing changes how you fund that price; it does not reduce the price you must pay.
Non-resident mortgages in Greece
Greek banks do lend to non-residents, but underwriting is conservative and paperwork-heavy. Expect 50–60% loan-to-value for non-EU applicants, 60–70% where the borrower is EU-resident with documented income, and a full income and liability assessment rather than an asset-only view.
The practical constraint is time. Between valuation, legal title checks, the tax registration number, notary appointment and land registry, an 8–16 week timeline is realistic. Sellers in competitive segments frequently prefer unconditional cash buyers, which is why many financed purchasers use a Lombard drawdown to complete quickly and refinance onto a mortgage afterwards.
| Factor | Greek non-resident mortgage | Lombard facility |
|---|---|---|
| Typical LTV | 50–70% of valuation | 50–70% of portfolio value |
| Indicative cost | 3.6%–5.0% fixed | Euribor + 1.2%–2.0% |
| Time to funds | 8–16 weeks | 2–6 weeks, then 24–72h |
| Margin call risk | None | Yes, on collateral value |
| Security | The Greek property | Your securities portfolio |
Costs on top of the purchase price
Budget 7%–10% of the purchase price in acquisition costs. Critically, these costs sit on top of the qualifying threshold; they do not count towards it, and a mortgage will not usually cover them.
- Property transfer tax of around 3.09% on most resale purchases
- Notary fees of roughly 1.2%–1.5% plus VAT
- Legal fees of approximately 1%–1.5%
- Land registry and technical survey costs of around 0.6%–1%
- Mortgage arrangement, valuation and registration fees where a bank is involved
- Annual ENFIA property tax and, for financed purchases, ongoing interest
Rental income and yields
Greek residential yields in the main urban markets have compressed as prices rose, and short-let regulation has tightened in central Athens. Underwrite the property on a long-let yield, not a peak short-let figure.
Underwrite the facility on its full interest cost. Greek tax treatment of a let property, and of the flat-tax option for qualifying new residents, is a matter for local advice rather than an assumption to build into the numbers.
Which route to choose
Use a mortgage when the property is income-producing, you want the loan ring-fenced to the asset, and you have the time for the process. Use a Lombard facility when speed matters, when you would rather not have a Greek bank underwrite your global income, or when you want to keep the property unencumbered.
Use both when the numbers justify it: complete quickly on a Lombard drawdown, then place a mortgage on the completed property and repay the facility, restoring your portfolio headroom.
Frequently asked questions
Can I mortgage a property used for the Greek Golden Visa?+
Yes. Greece permits financed purchases provided the full qualifying purchase price is paid. Non-resident LTVs are typically 50–70% of valuation.
What rate do Greek non-resident mortgages carry?+
Fixed rates generally fall between 3.6% and 5.0%, with arrangement, valuation and registration fees on top.
How long does a Greek mortgage take?+
Realistically 8–16 weeks from application to completion, which is why many buyers complete on a Lombard drawdown first and refinance afterwards.
Do acquisition costs count towards the threshold?+
No. Transfer tax, notary, legal and registry costs sit on top of the qualifying amount and generally need to be funded in cash.
Discuss your financing with a CISI Level 7 adviser
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