Greece’s Golden Visa Applications Surge by 12% in October 2024

The number of initial applications for Greece’s Golden Visa program saw a 12 percent increase in October 2024, with 12,577 applications submitted compared to 11,229 in the same month last year.

These figures, published by Greece’s Ministry of Migration, underscore the growing appeal of the country’s Residency by Investment program.

According to the Ministry, the largest number of applications came from Chinese nationals, who accounted for over half of the total submissions in October. The top nationalities applying for Greece’s Golden Visa program during this period were as follows:

• China: 6,521 applications (51.8 percent of the total)

• Türkiye: 1,115 applications (8.9 percent)

• Lebanon: 717 applications (5.7 percent)

• United Kingdom: 511 applications (4.1 percent)

• Iran: 509 applications (4 percent)

Renewals and Issuances Also On the Rise

Renewals and issuances of Golden Visas also experienced significant growth, with a notable 61 percent increase compared to October 2023. In October 2024, authorities recorded 4,283 renewals and issuances, up from 2,659 during the same period last year.

Chinese nationals once again led the numbers in this category:

• China: 2,327 renewals and issuances (54 percent of the total)

• Russia: 426 (9.9 percent)

• Türkiye: 394 (9.2 percent)

• Iran: 167 (3.9 percent)

• Egypt: 166 (3.9 percent)

Pending Applications Show a Steep Increase

Data from the Ministry of Migration reveals a sharp rise in the number of new pending applications for Golden Visas in 2024. In the first ten months of this year, 5,890 new applications were pending, compared to 4,772 during the same period last year.

As of October 2024, the Ministry reports a total of 10,989 pending initial issuance applications and 2,953 renewal applications.

Low Investment Requirements Keep Greece Competitive

Greece’s Golden Visa program allows non-EU nationals to obtain residency by meeting specific conditions and making a financial contribution to the country. Among the most popular options is the real estate investment pathway, requiring an investment of €250,000 or more.

However, in response to Greece’s housing crisis, authorities recently increased the minimum investment amount in key regions to €800,000. Despite this change, the €250,000 threshold remains applicable in many areas, making the program one of the most competitive in Europe.

A recent report by Skai Greece highlights the affordability of Greece’s real estate investment requirements compared to other European countries offering similar residency programs.

“The minimum amount required for real estate investments in Greece of €250,000 continues to be low and competitive with other European countries that offer such programs,” the report notes.

Despite the adjustments in investment thresholds, Greece remains one of the most attractive destinations in Europe for obtaining residency through investment programs, drawing interest from individuals worldwide seeking both lifestyle benefits and investment opportunities. 

By fLEXI tEAM