Greece Golden Visa: Approval Numbers Decline

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Greece has reduced the backlog in its Golden Visa program by nearly 10% within three months. However, July 2025 also saw a decline in the number of approvals, even though approvals still exceeded new applications. Processing times have dropped sharply from up to 18 months in 2024 to just a few weeks in mid-2025, IMI Daily reports.

At the start of 2025, the waiting list had reached 52,521 applications, climbing to a record 52,821 in April before falling to 47,909 in July. In that single month, authorities cleared 2,772 cases — the largest monthly reduction in the program’s history.

In July, 511 new applications were submitted (up 4% month-on-month), breaking a three-month decline streak. At the same time, approvals fell 15% to 734. From January to July 2025, 5,011 new applications were filed, while 5,044 were processed — meaning all fresh submissions are handled without delays while the backlog is also shrinking.

Processing times have improved dramatically: in June, ten cases were approved within the same month, while in July two were finalized in less than 30 days.

Authorities continue to prioritize older cases. By the end of July, 26% of January 2025 applications had been processed, along with 22% from February and 17% from March. Overall, 42% of 2024 submissions and 15% of 2025 submissions have been completed. Extensions are being processed the fastest — 6,890 cases so far.

China remains the leading source country with 8,179 visas (47% of the total). Turkey recorded the sharpest growth, from 1,529 to 2,499 in a year, including 338 approvals in July alone — the highest monthly increase. Regionally, most applications are concentrated in Attica (~11,500), followed by Central and Eastern Macedonia and Thrace (~1,000), Peloponnese, Western Greece, and the Ionian Islands (just over 800).

The Ministry of Migration earlier noted a significant decline in new applications: in April 2024, there were 790 filings compared to just 564 in April 2025. In total, 9,289 applications were recorded in 2024 (+10% vs. 2023). From 2018 to 2024, the program expanded by 25%.

Experts attribute the slowdown to higher investment thresholds. Since September 1, 2025, in Thessaloniki, Mykonos, Santorini, and islands with over 3,100 residents, the minimum property investment has risen from €500,000 to €800,000. In other regions, the threshold increased to €400,000 from €250,000. Properties must also be single units with a minimum area of 120 sq. m.

The €250,000 minimum still applies to listed non-residential buildings requiring restoration. Fractional startup investments have been abolished, with investments limited to “priority” municipalities.

Analysts expect demand to stabilize in the second half of 2025, supported by interest in startups and alternatives to real estate. However, industry experts warn that more government clarifications are needed to reduce regulatory risks and uncertainty.