Greece's Golden Visa program set another record in 2024, receiving 9,289 new applications from principal applicants, a 10% increase compared to 2023.
The program's growth trajectory remains robust, registering a compound annual growth rate of 25% from 2018 to 2024.
However, the total backlog of applications, including both new applications and extensions for principal applicants and dependents, continued to increase, reaching 49,301 by December 2024, a 76% increase from the 27,964 backlog in December 2023.
The last quarter of 2024 saw an unprecedented surge in applications, directly impacting processing capacity. While the average number of applications in the first three quarters of 2024 was 683 per month, this figure rose to 1,048 in the final quarter. December 2024 was particularly noteworthy, recording the highest monthly application volume in two years. The program maintains a low refusal rate of approximately 2%.
On average, authorities processed 378 applications monthly, receiving 774 new ones. Monthly processing volumes ranged from 246 to 537 applications, never matching the rate of application receipt, which ranged from 550 to 1,137 per month.
The overwhelming majority of applications processed in 2024 were applications submitted in previous years, due to the large backlog of applications under the program.
Greek authorities extended the deadline for real estate purchases under the old rules until February 28, 2025, seeking to protect approximately $750 million in investments already in the pipeline.
Chinese investors continue to dominate the program, accounting for 56% of both initial visas and extensions. Turkish investors rank second, accounting for 8% of initial visas and 5% of extensions, followed by Lebanese investors with 5% in both categories.
If you are planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our company. During a personal online meeting, we will thoroughly examine your questions and create a step-by-step action plan for you.
The program's growth trajectory remains robust, registering a compound annual growth rate of 25% from 2018 to 2024.
However, the total backlog of applications, including both new applications and extensions for principal applicants and dependents, continued to increase, reaching 49,301 by December 2024, a 76% increase from the 27,964 backlog in December 2023.
The last quarter of 2024 saw an unprecedented surge in applications, directly impacting processing capacity. While the average number of applications in the first three quarters of 2024 was 683 per month, this figure rose to 1,048 in the final quarter. December 2024 was particularly noteworthy, recording the highest monthly application volume in two years. The program maintains a low refusal rate of approximately 2%.
On average, authorities processed 378 applications monthly, receiving 774 new ones. Monthly processing volumes ranged from 246 to 537 applications, never matching the rate of application receipt, which ranged from 550 to 1,137 per month.
The overwhelming majority of applications processed in 2024 were applications submitted in previous years, due to the large backlog of applications under the program.
Greek authorities extended the deadline for real estate purchases under the old rules until February 28, 2025, seeking to protect approximately $750 million in investments already in the pipeline.
Chinese investors continue to dominate the program, accounting for 56% of both initial visas and extensions. Turkish investors rank second, accounting for 8% of initial visas and 5% of extensions, followed by Lebanese investors with 5% in both categories.
If you are planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our company. During a personal online meeting, we will thoroughly examine your questions and create a step-by-step action plan for you.