Greece’s Golden Visa Sees Record Demand in 2024: Over 9,200 Applications Filed, Mostly by Chinese Investors

In 2024, Greece received 9,289 Golden Visa applications — a 10% increase from 2023 — marking one of the program’s most active years since inception.

Demand Surge Meets Bureaucratic Bottlenecks

According to IMI Daily, the Golden Visa scheme has grown by an average of 25% annually since 2018. The final quarter of 2024 saw an unexpected spike, with monthly applications rising from an average of 683 to 1,048.

This surge has caused a significant backlog: out of the total 2024 applications, only 1,617 were approved, while 7,641 remained pending by year-end. The combined pending applications (including renewals) hit 49,301 — a 76% jump from December 2023.

Why Greece?

The Greek Golden Visa remains one of the most affordable in Europe, requiring as little as €250,000 in real estate investment. With Spain phasing out its similar scheme and Portugal eliminating the popular property investment route, Greece has become a key destination for non-EU investors seeking residency and mobility in Europe.

Besides access to the Schengen Area, applicants benefit from Greece’s strategic location, high quality of life, and simplified application process.

Who’s Applying?

Chinese nationals continue to dominate the applicant pool, representing the largest share of both initial and renewal applications. Turkish and Lebanese investors follow, with 8% and 5% shares respectively.

The motivations? Political and economic uncertainty at home, the desire for a “Plan B,” and long-term educational and travel advantages for their families.

Outlook for 2025

Despite the growing backlog, the Greek government is working to accelerate processing by enhancing staff and digitalizing systems. As other EU nations pull back their golden visa programs, Greece is poised to retain and grow its investor base.