The 9,289 applications submitted in 2024 for residence permits under the “Golden Visa” investment migration program correspond to real estate investments worth at least €2.32 billion, marking a new all-time high. This surge follows another record-breaking year in 2023, when 8,477 applications were submitted. It is attributed to the new investment threshold that took effect on September 1, 2024 (€800,000 for the entire Attica region, Thessaloniki, and islands with a minimum permanent population of 3,100 residents).
Notably, in December alone, according to official data from the Ministry of Migration Policy, a total of 1,137 residence permit applications were submitted—almost as many as the 1,485 applications recorded throughout 2020, a year significantly impacted by the pandemic. According to an analysis by Astons, a substantial portion of the demand for residence permits in Greece comes from investors in the United States. Among them are many Greek-Americans, often second- or even third-generation, who have never visited Greece. “Astons estimates that Greece receives at least 50% of all ‘Golden Visa’ applications from U.S. citizens due to the attractive framework of the program, which offers a five-year permit for applicants and their family members. Additionally, the Greek real estate market is booming and offers significant returns,” the British firm stated. Astons is one of the world’s largest providers of investment migration services.
At the same time, it should be noted that this sharp increase in applications has also had its “side effects,” as the relevant authorities are struggling to keep up with the overwhelming volume. As a result, a total of 12,087 initial investor residence permit applications are currently pending—almost three times the annual approval rate. For instance, in 2024, 4,536 permits were granted, compared to 4,231 in 2023. Once this backlog is processed, the “demographics” of investors may shift, as there appears to be a decline in the number of Chinese investors and an increase in those from Turkey, Lebanon, the U.S., and the U.K.
According to Astons, despite regulatory changes that will undoubtedly limit new applications, strong investment interest remains, even in Attica. Many investors are now focusing on repurposed properties—such as offices, industrial buildings, and warehouses—where the minimum investment threshold remains at €250,000 instead of €800,000. Another reason why, according to Astons, investment demand in Greece is expected to persist is that Spain is preparing to terminate its own Golden Visa program for real estate investments. This is likely to redirect Spain’s investor market toward Greece, which offers a similar lifestyle and more affordable properties.