An IMGW News Report
Greece received 9,289 applications for its Golden Visa Programme in 2024, marking a 10 percent increase compared to the previous year. The surge has also contributed to a growing backlog, with over 7,000 applications still awaiting processing.
Interest in the programme has grown following Spain’s decision to abolish its Golden Visa scheme and Portugal’s removal of its real estate investment route.
The programme has experienced steady annual growth, averaging 25 percent between 2018 and 2024. Chinese investors continue to dominate both initial applications and renewals, followed by investors from Turkey and Lebanon, who accounted for eight and five percent, respectively.
The Residency by Investment scheme enables non-EU nationals to obtain Greek residency through a qualifying financial investment, typically starting at €250,000 in certain regions. Interest in the programme has grown following Spain’s decision to abolish its Golden Visa scheme and Portugal’s removal of its real estate investment route.
Growing Backlog of Applications
Despite the programme’s success, the rising number of applications has led to a significant backlog. In 2024, Greek authorities approved 1,617 applications and rejected 30, while 7,641 remained pending. This marks a sharp increase compared to 2023, when 4,244 applications were approved, and 4,189 were still under review.
By December 2024, the backlog of new and renewal applications had risen to 49,301, a 76 per cent increase from 27,964 in December 2023. Reports indicate that the final quarter of 2024 saw a notable surge in applications, with monthly submissions increasing from an average of 683 in the first three quarters to 1,048 in the last quarter.
Despite the delays, the programme maintains a low rejection rate of around two per cent, reinforcing its strong appeal to international investors.
