A total of 9,289 applications have been received by Greek authorities for its Golden Visa Program in 2024, accounting for a ten per cent increase compared to 2023’s statistics.
According to the recent report from Imi Daily, the program experienced an annual growth rate of a total of 25 per cent for a period between 2018 and 2024, Schengen.News reports.
Through the Residency by Investment Program of Greece, foreign nationals can acquire residency, provided they make a financial contribution and meet some needed requirements.
Greece’s Golden Visa Program has, in particular, attracted wealthy foreign nationals following Spain’s announcement to abolish altogether its similar program. Unlike Spain, Portugal, on the other hand, abolished the real estate investment option from this scheme, which was the most sought-after option of this program.
Over 7,000 Pending Applications
Offering residency in exchange for investments, which in some parts of the country require €250,000, has sparked interest among non-EU nationals.
However, the ongoing increase in the number of golden visa applications has also led to an application backlog.
According to the statistics from Imi Daily, last year, of a total of 9,289 applications registered, 1,617 were approved, 30 were rejected, and 7,641 were pending, thus accounting for a notable increase compared to the figures registered in 2023.
The statistics further reveal that in 2023, a total of 8,477 applications for the Golden Visa Program were registered. Of them, 4,244 were approved, 42 were rejected, and 4 189 were pending.
In December 2024, the total application backlog for both new applications and renewals continued to increase, reaching 49,301. It accounts for a total of 76 per cent increase from December 2023’s backlog of 27,964 requests.
The final quarter of last year experienced an unexpected increase in applications, which impacted processing capabilities.
In the first three quarters of 2024, an average of 683 applications per month were registered, the figures increased to 1,048 in the final quarter.
According to Imi Daily, December 2024 is the most significant increase in the number of golden visa applications in two years. The program continues to maintain a low rejection rate of about two per cent.
Chinese Investors Continue to Lead the Way
With a total per cent of both initial visas and renewals, investors from China continue to dominate the program.
In second place are Turkish investors, accounting for eight per cent of initial visas and five per cent of renewals in 2024, followed by investors from Lebanon at five per cent for both categories.
