Greece Golden Visa: €400,000 Options on the Small Islands (2026)

In the Greece Golden Visa, islands with a population below 3,100 are subject to the €400,000 Zone B threshold. However, this category does not cover popular and familiar Cyclades islands such as Paros, Naxos, Syros or Tinos — because these islands' populations now exceed 3,100, they fall under the €800,000 Zone A. The genuine €400,000 small-island options consist of much lesser-known, truly small settlements. In this article, we examine which islands really fall into this tier, how the "lock-in" rule works, and the pros and cons of investing on these islands, with up-to-date 2026 data.

A Common Misconception: The Popular Cyclades Islands Are No Longer €400K

Many investors think that the familiar names that come to mind when the term "small island" is mentioned — such as Paros, Naxos, Syros or Tinos — are subject to the €400,000 threshold. However, all of these islands have exceeded the 3,100-person threshold according to the latest censuses and are therefore now within the €800,000 Zone A. The genuine €400,000 options consist of much smaller and lesser-known islands.

The Genuine €400,000 Island Options

Small Cyclades Islands: Koufonissi, Schinoussa, Donousa, Iraklia

These four islands are known as the Small Cyclades (Mikres Kyklades) and are truly micro-scale settlements. Koufonissi has gained noticeable popularity in the quiet-tourism trend in recent years; with its calm beaches and authentic atmosphere, it attracts interest among visitors and investors who want to escape the crowded islands. Schinoussa, Donousa and Iraklia are even quieter, with limited infrastructure but offering a genuine Aegean island life.

Remote Dodecanese Islands: Kastelorizo, Nisyros, Tilos, Halki

Kastelorizo, as the Greek island closest to the Turkish coast, draws strategic and historic interest; despite its small population, it has a unique location. Nisyros is an island known for its volcanic structure; Tilos, on the other hand, is recognized as an environmentally conscious example that stands out with its sustainable tourism practices. Halki likewise falls into this category as a small, calm Dodecanese island.

Other Standout Options: Antiparos and Elafonissos

Although Antiparos is a small island located just across from Paros, despite its compact size it has a remarkable real estate market; it is among the known examples where famous names have also acquired property (for instance, it is public knowledge that actor Tom Hanks bought a villa on the island in 2004). Elafonissos, meanwhile, is a small island off the southern Peloponnese known for its Caribbean-style golden sandy beaches and devoted entirely to relaxation.

🔑 Critical Mechanic: Population Lock-In (Grandfathering)

Your Golden Visa investment tier is fixed according to the official population data at the moment of purchasing the property and submitting the application. This provides an important safeguard: if in 2026 you purchase on an island with a population below 3,100 and submit your application during this period, even if a future census pushes the island's population above 3,100, your investment already remains locked at the €400,000 tier; you are not retroactively raised to €800,000. This offers important protection, particularly for people investing in rapidly growing small islands (such as Koufonissi).

The Standard Conditions Do Not Change

Pros and Cons: Realistic Expectation Management

Pros

• Genuine, authentic Greek island life; away from excessive tourist density.
• Access to Aegean/Mediterranean island life on a significantly lower budget compared with Mykonos or Santorini.
• On some islands (such as Koufonissi, Antiparos), a rising popularity trend may offer future appreciation potential.

Cons

• Limited infrastructure: healthcare, transport and everyday shopping options may be more restricted compared with larger islands or the mainland.
• Seasonal access constraints: ferry services to some small islands can decrease significantly during the winter months.
• Resale liquidity may be limited compared with larger and more well-known islands; the buyer pool is narrower.
• Because of the short-term rental ban, even if the tourist appeal is high, no short-term rental income can be earned from the Golden Visa property.

Who Is It Suitable For?

A €400,000 investment on the small islands can be considered for investors seeking a genuinely peaceful lifestyle, who can accept the infrastructure limitations, and who act primarily for personal use or long-term retirement rather than investment return. This option may not be ideal for investors whose priority is active rental income or high liquidity; for investors of this profile, larger and more developed Zone B options such as Crete, the Peloponnese or Thessaloniki generally offer a more balanced alternative.

Frequently Asked Questions

1. Can I buy a home in Paros or Naxos for €400,000?
No, it is no longer possible. According to the latest censuses, Paros and Naxos have exceeded the 3,100-person threshold, so these islands are now assessed under the €800,000 Zone A. The genuine €400,000 small-island options consist of much smaller and lesser-known settlements, such as the Small Cyclades islands like Koufonissi, Schinoussa, Donousa and Iraklia, or the remote Dodecanese islands like Kastelorizo, Nisyros, Tilos and Halki. Confirming which tier an island falls into from current official population data before purchase is critically important.

2. If an island's population grows, will my investment tier rise?
No, your Golden Visa investment tier is fixed according to the official population data at the moment of purchasing the property and submitting the application (the lock-in/grandfathering rule). If you purchase on an island with a population below 3,100 and submit your application during this period, even if a future census pushes the island's population above 3,100, your investment already remains locked at the €400,000 tier and is not retroactively raised to €800,000. This offers an important safeguard, particularly for those who invest early in rapidly growing small islands.

3. Do the 120 m² requirement and single-property rule also apply on the small islands?
Yes, there is no exception for the small islands; they too are subject to the same standard conditions as all other Zone B areas. The investment must be made through a single property of at least 120 m²; the threshold cannot be met by combining several small properties. In addition, the short-term (Airbnb-style) rental ban applies equally to properties on these islands; only long-term rental is permitted.

4. What is the biggest risk of investing on the small islands?
The biggest risks are limited infrastructure (healthcare, transport, everyday shopping options) and seasonal access constraints; ferry services to some small islands can decrease significantly during the winter months. In addition, resale liquidity may be limited compared with larger and more well-known islands, because the pool of potential buyers is narrower. For this reason, small-island investment is a more suitable option for investors seeking a genuinely peaceful lifestyle or long-term personal use, rather than those prioritizing high liquidity or active rental income.

5. Which of these islands looks more promising for investment?
Koufonissi and Antiparos stand out because of the rising popularity trend they have shown in recent years; this may offer an advantage in terms of future appreciation potential compared with other quieter islands. However, being "promising" varies according to the investor's priority: Tilos for those who value sustainable tourism and environmental awareness, Kastelorizo for those interested in a historic/strategic location, and Elafonissos for those seeking a getaway devoted entirely to relaxation. Since each island has its own distinct character, it is advised to research the island's infrastructure and access conditions on site before deciding.

Note: The island information in this article is based on general observations; population data and zone classification should be confirmed from current official sources. Contact us to identify the small island that suits you and to carry out the population/zone confirmation — we are by your side from the beginning to the end of the Golden Visa process.