Greece Sees Surge in Golden Visa Applications, Processing Backlog Grows

Greek authorities received a total of 9,289 applications for the country’s Golden Visa Program in 2024, marking a ten per cent increase compared to the figures recorded in 2023.

The program has witnessed a steady annual growth rate of 25 per cent between 2018 and 2024. Through Greece’s Residency by Investment Program, foreign nationals can obtain residency by making a financial investment and fulfilling specific requirements.

The appeal of Greece’s Golden Visa Program has grown significantly, particularly after Spain’s announcement to completely abolish its equivalent scheme. Meanwhile, Portugal opted to remove the real estate investment option from its program, which had been the most popular pathway for investors.

Over 7,000 Applications Await Processing

With residency offered in exchange for investments—starting at €250,000 in some regions—non-EU nationals have shown increasing interest in Greece’s program. However, the rise in demand has also led to a growing backlog of pending applications.

Statistics indicate that out of the 9,289 applications received last year, only 1,617 were approved, 30 were rejected, and 7,641 remained pending—an increase compared to the numbers reported in 2023.

In 2023, authorities received 8,477 Golden Visa applications, of which 4,244 were approved, 42 were denied, and 4,189 remained unprocessed.

By December 2024, the backlog of both new applications and renewal requests surged to 49,301, reflecting a significant 76 per cent increase compared to December 2023, when pending applications stood at 27,964.

An unexpected rise in applications in the final quarter of 2024 further strained processing capabilities. While an average of 683 applications per month was recorded in the first three quarters, this number jumped to 1,048 in the last quarter.

December 2024 saw the highest number of Golden Visa applications submitted in the past two years. Despite the surge, the program has maintained a low rejection rate of approximately two per cent.

Chinese Investors Continue to Lead the Program

Chinese investors continue to dominate Greece’s Golden Visa Program, accounting for the largest share of both initial visa applications and renewals.

Following China, Turkish investors ranked second, representing eight per cent of initial visas and five per cent of renewals in 2024. Investors from Lebanon followed closely, making up five per cent in both categories. 

By fLEXI tEAM