Greece’s Golden Visa applications drop sharply in April 2025 amid policy shifts

Greece recorded a significant 28.5% drop in Golden Visa applications in April 2025 compared to the same period last year, according to new data from the Ministry of Migration. A total of 564 new residency applications were submitted, down from 790 in April 2024.

This downturn marks a shift after years of consistent growth, fueled by international interest and investor-driven real estate booms.

Policy tightening and pre-reform surge distorted the market

As reported by Kathimerini, the drop is directly tied to recent reforms announced by Prime Minister Kyriakos Mitsotakis, including:

increasing the minimum investment threshold to €500,000 in key areas;

restricting investment types, such as phasing out startup-linked entry options;

and narrowing geographic eligibility zones.

“The sudden spike in applications in late 2024, followed by this drop, has disrupted the market,” said Dimitris Biniaris, president of the Hellenic Federation of Real Estate Brokers.

2024 saw record numbers before the decline

According to IMI Daily, Greece received 9,289 golden visa applications in 2024, a 10% increase from 2023. From 2018 to 2024, the program expanded by 25%, making it one of Europe’s top residency-by-investment schemes.

Who’s applying? China remains dominant
Greece’s Ministry of Migration and Asylum reported that:

Chinese nationals received 6,398 visas

Turkish nationals – 1,367

Lebanese nationals – 775

Iranians – 556

The program continues to attract high-net-worth individuals from Asia and the Middle East, even amid stricter eligibility conditions.

Outlook: Cautious optimism with structural shifts

While April saw a dip, experts believe the program may rebound later in 2025 as the market adjusts to the new rules. Stakeholders are calling for greater regulatory clarity and policy predictability to maintain international investor confidence.