Greece's Golden Visa Reaches Record Growth in 2024

Greece’s golden visa program has reached another record-breaking year. In 2024, Greek authorities received 9,289 new applications from primary applicants, reflecting a 10% increase over the previous year.

Between 2018 and 2024, the program has grown at an average annual rate of 25%, underscoring its steady expansion.

While the program’s popularity continues to soar, the total application backlog, which includes both new submissions and renewals for main applicants and their dependents, has reached 49,301 as of December 2024.

This marks a 76% rise from the backlog of 27,964 applications in December 2023. Most pending cases, 82%, are initial applications, and the remaining 18% involve renewals.

The average processing time has hovered around 18 months over the past two years. However, officials aim to reduce that figure to three months in 2025.

The final quarter of 2024 saw a notable upswing in submissions, reaching 1,048 per month compared to 683 in earlier quarters. December 2024 recorded the highest monthly volume in two years.

Processing Delays and New Measures

Greek authorities have finalized nearly all applications from 2022, yet about half of those from 2023 and 82% of those filed in 2024 remain in progress.

Although 4,536 applications were processed in 2024, slightly more than the 4,441 finalized in 2023, it did not keep pace with a 10% increase in new submissions.

On average, officials handled 378 applications per month while receiving 774 new ones during the year.

Applicant Profile and Regional Trends

Chinese nationals remain the main participants, holding 56% of both initial visas and renewals.

Turkish investors follow with 8% of initial visas and 5% of renewals, while Lebanese investors hold steady at 5% in both categories.

Russian nationals account for 4% of valid permits but remain limited to renewals due to a suspension of new applications in 2022.

Among the 15,420 main applicants awaiting initial or renewed permits:

• 82% applied in Attica
• 5% in Central and Eastern Macedonia and Thrace
• 5% across the Peloponnese, Western Greece, and the Ionian Islands

To bring down waiting times, authorities have begun directing new filings to regional offices. This adjustment has shortened processing periods for some, although renewals must still be completed at the original application location.

Attica’s share of overall submissions has fallen from 90% to 82% in the past six months, indicating that distributing caseloads outside the capital is having an impact.

Since processing times vary by region, guidance from established advisors, such as Savory & Partners, can be crucial in navigating these differences and making informed decisions.