Greece · For US citizens · Updated 2026-08-18
The Greece Golden Visa for US Citizens
Two things Americans read about the Greece Golden Visa are usually wrong: that it costs €250,000, and that you can buy an apartment and Airbnb it to cover the cost. Both were true once; neither is now. And the route that looks cheapest on paper — €350,000 of fund units — is the one that lands a US filer in the PFIC regime. This is the US-specific version, with the numbers as they actually are in 2026.
The short version
- · For an ordinary purchase the real floor is €400,000, or €800,000 in Athens, Thessaloniki, Mykonos, Santorini and larger islands. The €250,000 tier is conversions and listed buildings only.
- · You cannot short-term let the property — the penalty is revocation plus a €50,000 fine.
- · For a US citizen the route is a tax choice: real estate, bonds and the deposit avoid PFIC; the €350,000 fund route is a PFIC.
- · You keep your US passport and keep filing US taxes; Greek citizenship takes seven years of genuine residence, and passive golden-visa years do not count.
The real price of entry
Since 1 September 2024 (Law 5100/2024) the property thresholds are tiered by location. A standard purchase must be a single property of at least 120 m². The famous €250,000 figure did not disappear, but it narrowed to a specific niche:
| Property route | Amount | Where / what |
|---|---|---|
| High-demand areas | €800,000 | Attica & all of Athens, Thessaloniki unit, Mykonos, Santorini, islands over 3,100 residents (Crete, Corfu, Rhodes) |
| Everywhere else | €400,000 | The standard minimum for an ordinary purchase — not €250,000 |
| Conversion / listed | €250,000 | Anywhere, but only a change of use (commercial → residential) or a listed-building restoration; no 120 m² rule |
There are non-property routes too: €500,000 in a Greek bank term deposit, €500,000 in three-year government bonds, €350,000 in units of a Greek UCITS or alternative investment fund, €800,000 in listed shares or corporate bonds, or €250,000 into an Elevate Greece registered startup. Full figures and family costs are in the Greece cost calculator and the full Greece guide.
You cannot Airbnb it
This is the single most common American miscalculation on Greece. A property acquired for the golden visa may not be let short-term through the sharing economy or subleased, and the penalty is not a slap on the wrist: the residence permit is revoked and a €50,000 fine applies. The rental yield in a lot of golden-visa sales decks quietly assumes the exact short-term letting the law forbids.
Long-term letting is allowed and is not caught by the ban, but it is taxed as Greek-source income on a progressive scale and, for you, it is US-taxable as well (with a foreign tax credit for the Greek tax). The distinction between short-term and long-term is doing real work here — get it confirmed by a Greek lawyer before you sign, because it is the difference between a compliant asset and a revoked permit.
For an American, the route is a tax decision
For most nationalities the routes differ only by amount and liquidity. For a US citizen each one carries a different federal tax character, and that column — not the sticker price — should drive the choice:
| Route | Amount | Money back? | US tax character |
|---|---|---|---|
| Property purchase | €400,000 / €800,000 | Illiquid asset you own | Held directly: no PFIC, and directly-owned foreign real estate is neither an FBAR account nor a Form 8938 asset. Long-term rent is US-taxable; short-term letting is banned |
| Conversion / listed building | €250,000 | Illiquid asset you own | Same as any direct real property — the only €250k property route, and it is not an ordinary apartment |
| Bank term deposit | €500,000 | Yes — at maturity | No PFIC, but the Greek account itself triggers FBAR and counts toward Form 8938 |
| Government bonds | €500,000 | Yes — 3-year maturity | No PFIC. Interest is US-taxable; a foreign tax credit applies where Greece taxes it |
| Fund units (UCITS / AIF) | €350,000 | Yes — but | Expect PFIC: Form 8621 every year and the punitive regime unless the fund supports a QEF election, which most do not |
| Elevate Greece startup | €250,000 | Equity — at risk | Direct equity: generally no PFIC. A stake of 10%+ can add Form 5471 analysis |
The point that catches people: the cheapest liquid route, €350,000 of fund units, is the one a US filer should most likely avoid, because a foreign pooled fund is generally a PFIC. Whether any specific fund is a PFIC, and whether a QEF election is available, is a determination for a US cross-border tax specialist.
The US paperwork that follows the money
None of this waits for you to move to Greece. The moment money flows through a Greek account, the US reporting stack switches on:
| US filing | When it applies | How often |
|---|---|---|
| Federal return (1040) + FEIE / FTC | Always — worldwide income, including Greek rent | Every year |
| FBAR (FinCEN 114) | Greek accounts over $10,000 — the purchase/deposit account alone crosses it. Directly-held property does not count | Every year |
| FATCA (Form 8938) | Specified foreign financial assets over the abroad thresholds ($200k single / $400k MFJ on the last day). The deposit, bonds, fund units and listed shares count; directly-held real estate does not | Every year |
| Form 8621 (PFIC) | If the €350k UCITS/AIF fund route is used — likely a PFIC | Every year, per fund |
| Form 5471 (foreign company) | Possible with a 10%+ stake in the startup route, or if you hold property through a Greek company — have it assessed first | Every year, if triggered |
Sources: IRS FBAR, Form 8938 and Form 8621. The US–Greece income tax treaty is old and narrow, so the foreign tax credit does most of the double-tax work; note there is no US–Greece social-security totalization agreement, which can matter if you become self-employed in Greece. High earners should also budget for the 3.8% net investment income tax, which foreign tax credits do not offset.
Selling later: zero to Greece, full freight to the IRS
Greece has suspended capital gains tax on individual real-estate sales through 31 December 2026, so a sale inside that window can cost you nothing on the Greek side. For most expats a light foreign tax is good news because credits erase the US bill — but here it works against you. With no Greek tax to credit, the US taxes the whole gain and there is nothing to offset it. It is the one place where Greece's generosity lands entirely on your US return, and it is a reason to model the exit before you fall in love with the entry. (Selling the fund, deposit or bond routes has its own US treatment, PFIC gains worst among them.)
Residency, tax residency, and the passport plan
The golden visa asks almost nothing of your calendar — there is no minimum-stay rule to keep the permit alive. Greek tax residency is a separate test: spend more than 183 days in Greece in any twelve-month period, or make it your centre of vital interests, and Greece taxes your worldwide income. Below that line you can hold the residence permit while living in the US and stay outside the Greek tax net.
The same lever controls the passport. Greek citizenship takes seven continuous years, a B1 language and civics exam, and — crucially — genuine physical presence of roughly 183 days a year with Greek tax residency across the period. Passive golden-visa years do not count. So the flexibility that makes the visa attractive as residence insurance is exactly what a citizenship plan cannot use. Pick which one you are on early; the day-counting follows from it. There is no citizenship by investment in Greece.
Timeline and fees, from the US
By law the permit issues within two months — but the clock only starts once the authority holds a complete file, and it is routinely exceeded. Realistically, budget four to six months for a well-prepared application outside a congested office, six to nine on average, and twelve months or more in Attica. After filing you receive the blue submission certificate, which lets you reside in Greece legally while you wait but does not permit Schengen travel — a detail worth knowing before you plan a move around it.
Government fees are modest next to the investment: €2,000 per application for the main investor, paid at the initial grant and again at each five-year renewal, plus €150 for each adult family member. Children under 18 are exempt from that fee, though every residence-permit card issued, including a child's, carries a €16 card fee. The permit covers a spouse or registered partner, unmarried children under 21, and the parents of both spouses; a child who turns 21 moves to a separate three-year permit of their own (€450), and there is no student or dependency extension to 24.
Greece vs Portugal vs Italy, for an American specifically
| Greece | Portugal | Italy | |
|---|---|---|---|
| Entry point | €250k conversion / €400k–€800k property | €250k donation / €500k fund | €250k startup / €500k company |
| PFIC exposure | Avoidable — property, bonds, deposit | Central — the fund route is a PFIC | Avoidable — direct equity / bonds |
| When your money moves | Before you apply | Before you apply | After approval |
| Minimum stay | None to hold; ~183 days for citizenship | ~7 days/year | None (5-year continuity exemption) |
| Citizenship timeline | 7 years genuine residence + B1 | ~10 years for most since 2026 | 10 years genuine residence + B1 |
The other two sides of this comparison, at the same depth: Portugal for US citizens and Italy for US citizens.
Line up both advisers before you wire anything
An American Greece move has two sides that have to talk to each other: the Greek purchase and route choice (an immigration lawyer, who also keeps you clear of the short-let trap), and the US side — PFIC, FBAR and FATCA, the rental and exit tax picture (a US cross-border CPA). Compare verified Greece golden-visa lawyers, never pay-to-play, and get the US tax analysis in writing before you commit funds.
Frequently asked questions
Can US citizens get the Greece golden visa?
Yes. Americans apply like any other non-EU national. The catch is the price: for an ordinary property purchase the real minimum is €400,000 in most of Greece and €800,000 in high-demand areas — not the €250,000 that still dominates search results, which since 1 September 2024 survives only for converting commercial premises to residential use or restoring a listed building. Non-property routes start at €250,000 for an Elevate Greece startup and €350,000 for fund units. The immigration side is straightforward; for an American the decisions that matter are which route you pick and what it does to your US tax return.
Is the Greece golden visa still €250,000?
Not for a normal purchase. Since 1 September 2024, under Law 5100/2024, the €250,000 property tier applies only to a change-of-use conversion or the restoration of a listed building, anywhere in the country. An ordinary apartment or house is €400,000 outside the high-demand areas and €800,000 inside them, and a standard purchase must be a single property of at least 120 m². Listings still advertising €250,000 golden-visa apartments are usually describing the conversion route or are simply out of date.
Which areas trigger the €800,000 tier?
The Attica region including all of Athens, the Regional Unit of Thessaloniki, Mykonos, Santorini, and any island with more than 3,100 residents — which sweeps in Crete, Corfu and Rhodes even though they are not named the way Mykonos and Santorini are. Everywhere else is €400,000. The €250,000 conversion-or-listed route is available anywhere.
Can I buy the property and rent it on Airbnb?
No, and this is the assumption that catches Americans most often. A property acquired for the golden visa may not be let short-term through the sharing economy or subleased; the penalty is revocation of the permit plus a €50,000 fine. Long-term letting is not caught by the ban, but the rental yields in many sales pitches assume exactly the short-term letting the law forbids. Confirm the long-term-versus-short-term line with a Greek lawyer before you sign anything.
Do I still pay US taxes if I move to Greece?
Yes. The US taxes its citizens on worldwide income wherever they live, so your federal return continues every year, plus an FBAR once your Greek accounts top $10,000 and Form 8938 once your specified foreign assets pass the abroad thresholds ($200,000 for a single filer or $400,000 married filing jointly on the last day of the year, or $300,000/$600,000 at any point during it). The Foreign Earned Income Exclusion (up to $132,900 for 2026) covers earned income only and does nothing for rental or investment income. There is a US–Greece income tax treaty, but it is one of the oldest in force and far thinner than modern ones; in practice the foreign tax credit, not the treaty, is what keeps you from paying twice.
Which route is best for a US citizen on tax?
The ranking flips for an American. The cheapest liquid route — €350,000 of fund units (a UCITS or AIF) — is almost certainly a PFIC, which means Form 8621 every year and a punitive tax regime unless the fund supports a QEF election, which most Greek funds are not set up to do. The routes that avoid PFIC entirely are the real estate purchase, the government bonds and the bank deposit; direct startup equity generally avoids it too. So the structure a non-American would pick on pure cost is often the worst one for a US filer. Treat the route as a US tax decision first and an investment decision second.
Do I have to report the Greek property to the IRS?
Directly-held foreign real estate is not itself reportable — it is neither an FBAR account nor a Form 8938 specified financial asset. What is reportable is the money around it: the Greek bank account you use to buy and hold it crosses the FBAR line on its own and counts toward Form 8938, and any long-term rental income is US-taxable (with a credit for Greek tax). Buying through a Greek company changes the picture — the company interest can become reportable and drag in Form 5471 or PFIC analysis — so get that structure reviewed before you use it.
What happens when I sell the property?
Greece has suspended capital gains tax on individual real-estate sales through 31 December 2026, so on a sale in that window you may owe nothing to Greece — but the US still taxes the gain in full, and because there is no Greek tax to credit, there is nothing to offset it. It is the mirror image of the usual expat comfort that credits wipe out the US bill: here the favourable Greek treatment lands the whole charge on the US side. Model the exit, not just the entry, with a cross-border adviser.
How long until Greek citizenship?
Seven continuous years of lawful residence, with a B1 Greek language and civics exam, and there is no citizenship by investment. The trap for a golden-visa holder is that passive years do not count: naturalisation requires genuine physical presence — roughly 183 days a year — and Greek tax residency across the period. The visa's light-touch stay rules are what make it attractive as residence insurance, but they are the opposite of what a passport plan needs. Decide early which one you are on, because you cannot hold the visa tax-light and build toward citizenship at the same time.
Greece, Portugal or Italy for an American?
Greece is a real-estate programme first, which is its advantage for a US filer: buying property sidesteps the PFIC problem that sits under Portugal's €500,000 fund route, and directly-held real estate stays off your FBAR and Form 8938. The cost is the stay requirement if you ever want the passport, and the €800,000 tier in the places most people actually want to live. Italy lets you commit capital only after approval and can be done through direct equity or bonds; Portugal asks less at entry (a €250,000 donation) but routes most investors through a fund. Our Portugal-for-Americans and Italy-for-Americans guides cover those sides at the same depth.
How do I apply from the US?
You can start the investment and file for the residence permit either by entering Greece on a national visa obtained from the Greek consulate that covers your state, or through a lawyer acting under power of attorney. After filing you receive the blue submission certificate, which lets you reside in Greece legally while the file is processed but does not allow Schengen travel. By law the permit issues within two months of a complete file; realistically budget four to six months for a well-prepared application outside a congested office, six to nine on average, and twelve or more in Attica.
Disclaimer. This guide is general information, not legal, tax, immigration or financial advice, and is not a recommendation of any investment. The Greek investor residence permit follows Law 5038/2023 (Migration Code) Art. 100 as amended by Law 5100/2024; thresholds, the short-let prohibition and fees are set by Greek law and change. US rules (worldwide taxation, PFIC/Form 8621, Form 5471, FBAR, FATCA/Form 8938, FEIE, NIIT) are set by federal law and change. Whether any particular fund is a PFIC, and how any Greek tax is credited in your circumstances, are determinations for a US cross-border tax specialist. Confirm eligibility and the current thresholds with a licensed Greek lawyer before committing funds. Last reviewed 2026-08-18.