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Average Processing Time for Greece Golden Visa Now Exceeds 18 Months · IMI Podcasts

• 0:00
  SPEAKER_00: Statistics released this week show demand for the Greek Golden Visa remains buoyant, and that twenty twenty four could rival or exceed the all-time highs set last year.
• 0:13
  SPEAKER_00: In the first four months of the year, Greece's decentralized authorities received 2,664 golden visa applications, not counting renewals, from main applicants, a slight 1.2% increase on the same period last year.
• 0:31
  SPEAKER_00: In the same four months, Greece has approved 1,437 applications.
• 0:37
  SPEAKER_00: The rush to invest in the program before prices increase is undoubtedly playing a critical role in the sustained and elevated demand.
• 0:46
  SPEAKER_00: The government instated a transition period following the wide-ranging changes to investment criteria on April 1, which will allow investors to qualify under the former thresholds as long as they pay a 10% investment deposit before September 30th and complete the investment by New Year's Eve, 2024.
• 1:07
  SPEAKER_00: Until the end of March this year, the minimum investment threshold for real estate had been€250,000 in most of the country and 500,000 euros in 36 high demand municipalities.
• 1:21
  SPEAKER_00: Now, however, the nationwide minimum is€400,000, while the threshold is 800,000 in a number of high demand regions.
• 1:31
  SPEAKER_00: Two crucial exceptions apply.
• 1:33
  SPEAKER_00: The minimum remains EUR€250,000 for properties that are converted from commercial to residential or historical buildings designated for renovation.
• 1:45
  SPEAKER_00: Moreover, golden visa investors may not place their properties on the short-term Airbnb rental market.
• 1:52
  SPEAKER_00: Portugal's two three-year golden visa processing times and its removal of the property investment option, which also appears to be on the cards for Spain, have also helped bolster demand for Greek golden visas.
• 2:06
  SPEAKER_00: While Greek immigration bureaus have scaled up processing capacity, this expansion has not been commensurate with the rise in demand, which has seen the backlog of unprocessed applications more than quadruple in just 18 months.
• 2:21
  SPEAKER_00: All told, more than 31,000 applications for initial golden visas or renewals from main applicants or dependents are now pending approval.
• 2:31
  SPEAKER_00: In April, however, the backlog declined for the first time in seven months, offering a glimmer of hope that the government might reign in a wait list that has been spiraling out of control.
• 2:42
  SPEAKER_00: Of the 10,221 pending applications for initial or renewed golden visas from main applicants, 90% pertain to Attica, the capital region.
• 2:54
  SPEAKER_00: At a distant second, 327 applications are pending in Peloponnese.
• 3:00
  SPEAKER_00: Authorities continue to generally process applications in order of receipt.
• 3:05
  SPEAKER_00: While they have dealt with practically all applications filed up to the end of 2021, 8% of applications filed in 2022 and fully 67% of those filed last year remain pending.
• 3:19
  SPEAKER_00: Only 6% of applications filed this year have received an answer so far.
• 3:25
  SPEAKER_00: A more granular view shows that most applicants should expect processing times of around 18 months.
• 3:32
  SPEAKER_00: While Chinese applicants continue to dominate the cumulative nationality rankings of golden visa holders, 59% of initial golden visas and 50% of renewed ones, their lead is not quite as pronounced among recent arrivals.
• 3:48
  SPEAKER_00: So far this year, Chinese nationals have accounted for a net growth of 191 initial golden visas, compared to 152 for Turks, 51 for Lebanese, and 45 for British investors.
• 4:03
  SPEAKER_00: While authorities approved 1,437 applications for initial golden visas in the first four months of 2024, the number of active golden visas for main applicants, initial and renewed, has grown by a net of only 1,266, indicating 171 golden visa holders could not or would not renew.
• 4:27
  SPEAKER_00: This episode first appeared as an article by Christian Henrik Neschim on IMIDAily.com.
• 4:34
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• 4:41
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