Greece Receives Record 9,289 Golden Visa Applications in 2024; Backlog Nears 50,000

Greece’s Golden Visa program experienced a record-breaking year in 2024, with 9,289 new applications from principal applicants, marking a 10% increase compared to 2023. From 2018 to 2024, the program maintained a robust compound annual growth rate (CAGR) of 25%.

However, the total backlog of applications, encompassing both new submissions and renewals from principal applicants and their dependents, surged to 49,301 by December 2024, a 76% rise from 27,964 in December 2023. Of these pending applications, 82% are initial submissions, while 18% are renewals. Specifically, over 12,000 principal applicants and 28,000 family members are awaiting processing.

Data indicates that while authorities have processed most applications from 2022, approximately half of the 2023 submissions and 82% of those from 2024 remain pending. These figures suggest an average processing time of about 18 months.

The significant increase in applications and the resulting backlog can be attributed to changes in the program’s minimum investment requirements. Despite the program’s continued strong appeal, the growing backlog presents challenges for authorities in enhancing processing efficiency and reducing wait times for investors.