Greece Processes Over 9,200 Golden Visa Applications in 2024
Greece Processes Over 9,200 Golden Visa Applications in 2024 Amid Growing Demand
In 2024, Greek authorities received a total of 9,289 applications for the country’s Golden Visa Program, marking a 10% increase compared to 2023. The program, which grants residency to foreign nationals in exchange for financial investment, continues to attract significant interest, especially following recent changes in similar programs across Europe.
Greece's Golden Visa Gains Momentum After Spain and Portugal Program Changes
Greece's Residency by Investment Program has seen a surge in popularity, particularly after Spain announced plans to abolish its equivalent program and Portugal eliminated the real estate investment option—the most sought-after feature of its scheme. In contrast, Greece continues to offer residency for investments starting at €250,000, making it an appealing destination for non-EU investors.
Over 7,000 Applications Still Pending Amid Processing Delays
Despite the growing interest, the rise in applications has led to a significant backlog. Of the 9,289 applications submitted in 2024, only 1,617 were approved, while 30 were rejected, and a staggering 7,641 remain pending. This represents a substantial increase from 2023, when 8,477 applications were filed, with 4,244 approved, 42 rejected, and 4,189 pending.
By December 2024, the total backlog—including both new applications and renewals—had surged to 49,301, marking a 76% increase from December 2023’s backlog of 27,964. The final quarter of 2024 saw an unexpected spike in applications, rising from an average of 683 per month in the first three quarters to 1,048 per month in the final quarter. December 2024 recorded the highest number of applications in two years, further straining processing capacities. Despite the growing numbers, the program maintains a low rejection rate of around 2%.
Chinese Investors Lead, Followed by Turkey and Lebanon
Chinese investors continue to dominate Greece's Golden Visa Program, accounting for the highest percentage of both initial visas and renewals. Turkish investors rank second, representing 8% of initial visas and 5% of renewals in 2024, while Lebanese investors follow closely, contributing to 5% of both categories.
The steady growth of Greece’s Golden Visa Program highlights its ongoing appeal to foreign investors, despite processing challenges and increasing competition from other EU residency programs.
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