Greece Emerges as Golden Visa Hotspot After EU Ruling Ends Malta’s Citizenship Scheme

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As the EU high court brings Malta’s Citizenship by Investment (CBI) programme to a definitive end, a new wave of interest is sweeping across alternative residency destinations—particularly Greece, which has rapidly become a top choice for global investors seeking European access through Golden Visa programmes.

Golden Passports Out, Golden Visas In

The end of Malta’s CBI programme marks a turning point for EU citizenship-by-investment schemes. But according to new analysis by international advisory firm Astons, the appetite for European residency remains strong—and is now being redirected toward Golden Visa offerings.

In fact, Astons’ data reveals that Google search interest in “Malta Golden Visa” spiked by 22% in April, the month the court’s decision was announced. But with the programme closed for good, wealthy investors are now shifting their gaze elsewhere—particularly to Portugal, Cyprus, and increasingly, Greece.

Portugal recorded a search interest score of 67.25.
Greece followed with 33.75.
Cyprus trailed at 15.25.

Why Greece Is Leading the Charge

Among these, Greece stands out—not just for its Mediterranean charm, but for the accessibility and structure of its Golden Visa programme. With a starting investment threshold as low as €250,000, Greece offers one of the lowest barriers to entry for EU residency. Its three-tiered system allows flexibility:

Tier A: Popular zones like Athens, Thessaloniki, and the Islands, with a minimum €800,000 investment.
Tier B: All other areas, requiring a €400,000 minimum.
Tier C: Conversion of commercial to residential properties, anywhere in Greece, for €250,000.

But it’s not just the entry price turning heads. Greece also offers a favourable tax regime for expats:

Retired residents pay a flat 7% tax on foreign income.
Non-domiciled expats pay €100,000 flat tax annually, regardless of global earnings.

According to Denis Kravchenko, Business Development Director at Astons Cyprus, “The ruling against Malta’s CBI programme underscores the EU’s resistance to direct citizenship sales—but it also signals an evolution. Residency by investment remains a strong path forward, particularly in countries like Greece, where reforms and real estate regeneration are opening new doors.”

Where Investors Are Buying in Greece

Recent data from Astons also reveals strong regional property growth—a key factor for investors considering both residency and ROI:

Piraeus (Attica): Property prices jumped 27.8%, averaging €2,556/sqm.
Kavala (Eastern Macedonia & Thrace): Up 20.9%, with average prices at €1,630/sqm.
Chios Prefecture: Prices rose 20.6%.
Sporades, Grevena, Lakonia, Chalkidiki, and Zakynthos all posted double-digit growth.

While Tier A locations require a higher investment, savvy investors are tapping into Tier C by purchasing older commercial buildings for conversion. According to Alena Lesina, real estate and visa expert at Astons, “We’re seeing a rise in eco-conscious, high-ROI properties through such conversions, especially in hotspots like Piraeus, Vouliagmeni, and Glyfada.”

What’s Next for Golden Visa Investors?

As CBI programmes continue to close across Europe—Cyprus, Bulgaria, Montenegro, and now Malta—Golden Visas are increasingly the preferred (and permissible) route. With Spain and Ireland having ended their own RBI schemes, the window for investment migration in the EU is narrowing.

Greece, however, is still open, and experts like Astons recommend acting fast: “Investors should seize today’s opportunities while regulations remain favorable,” says Kravchenko. “A neutral passport paired with EU residency is now the gold standard for global mobility.”