Greece Golden Visa Applications Hit Record High In 2024

Greece’s Golden Visa program experienced record-breaking demand in 2024, with 9,289 applications submitted, representing over €2.32 billion in real estate investments. This surge, fueled by revised minimum investment limits introduced in September 2024, follows a strong 2023 with 8,477 applications.

The program offers five-year residency to non-EU citizens investing in Greek real estate, with three investment tiers:

• Tier A: €800,000 in prime areas like Athens, Thessaloniki, and popular islands.
• Tier B: €400,000 in other regions.
• Tier C: €250,000 in commercial properties converted to residential use.

The program’s popularity is highlighted by the 1,137 applications received in December 2024 alone, a stark contrast to the mere 1,485 applications throughout 2020, a year impacted by the pandemic. According to investment immigration firm Astons, US applicants comprise at least 50% of the total, attracted by the five-year residency benefit and the booming Greek housing market.

However, this surge has created a significant processing backlog. As of 2024, 12,087 applications were pending, while only 4,536 permits were granted (up from 4,231 in 2023). This delay could shift investor demographics, with fewer Chinese applicants and increased interest from countries like Turkey, Lebanon, the USA, and the UK.

Despite the backlog, investment interest remains robust, particularly in Attica, fueled by the conversion of office and industrial spaces where the minimum investment remains €250,000. Additionally, Spain’s potential termination of its Golden Visa program may further divert investment towards Greece, offering comparable lifestyle advantages and more affordable properties.