Latest / IMI Podcasts / Greece Receives Record 9,289 Golden Visa Applications in 2024, Backlog Nears 50,000

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Greece Receives Record 9,289 Golden Visa Applications in 2024, Backlog Nears 50,000 · IMI Podcasts

• 0:00
  SPEAKER_00: Greece's Golden Visa program has registered another record-breaking year in 2024, receiving 9,289 new applications from main applicants, marking a 10% increase from 2023's figures.
• 0:15
  SPEAKER_00: The program's growth trajectory remains strong, exhibiting a compound annual growth rate of 25% between 2018 and 2024.
• 0:26
  SPEAKER_00: However, the total application backlog, encompassing both new applications and renewals for main applicants and dependents, continued to grow and reached 49,301 by December 2024, representing a 76% increase from December 2023's backlog of 27,964 applications.
• 0:50
  SPEAKER_00: Initial applications constitute 82% of the pending cases, while renewal applications make up the remaining 18%.
• 0:59
  SPEAKER_00: Of the initial applications in the pipeline, over 12,000 main applicants and 28,000 family members await processing.
• 1:08
  SPEAKER_00: The data show that while authorities have now processed practically all applications, from 2022 roughly half of applications filed in 2023 and 82% of those filed in 2024 still await processing.
• 1:24
  SPEAKER_00: These data suggest an average processing time of 18 months.
• 1:29
  SPEAKER_00: The final quarter of 2024 saw an unprecedented surge in applications, which directly impacted processing capabilities.
• 1:39
  SPEAKER_00: While the first three quarters of 2024 saw an average of 683 applications a month, the figure rose to 1,048 in the final quarter.
• 1:50
  SPEAKER_00: December 2024 stood out particularly, recording the highest monthly application volume in two years.
• 1:57
  SPEAKER_00: The program maintains a low rejection rate of approximately 2%.
• 2:02
  SPEAKER_00: The processing data illustrate an expanding gap between applications and approvals throughout 2024.
• 2:09
  SPEAKER_00: Authorities processed 4,536 applications during the year marginally higher than the 4,441 processed in 2023 while receiving 10% more applications.
• 2:24
  SPEAKER_00: On average, authorities processed 378 applications monthly while receiving 774 new ones.
• 2:34
  SPEAKER_00: Monthly processing volumes fluctuated between 246 and 537 applications, never matching the pace of incoming applications which ranged from 550 to 1,137 per month.
• 2:52
  SPEAKER_00: The predominant share of applications processed in 2024 originated from submissions made in previous years due to the program's extensive backlog.
• 3:03
  SPEAKER_00: Greek authorities extended the deadline for property purchases under the old rule framework to February 28th, 2025, aiming to safeguard approximately 750 million in investments already in the pipeline.
• 3:19
  SPEAKER_00: Currently, 16,307 valid golden visas circulate among main applicants, comprising 12,729 initial visas and 3,578 renewals.
• 3:34
  SPEAKER_00: Chinese investors continue to dominate the program, holding 56% of both initial visas and renewals.
• 3:42
  SPEAKER_00: Turkish investors rank second, accounting for 8% of initial visas and 5% of renewals, followed by Lebanese investors at 5% for both categories.
• 3:53
  SPEAKER_00: Russian investors maintain their position with 4% of all valid golden visas, but are limited to renewals since Greece suspended Russian applications in 2022.
• 4:05
  SPEAKER_00: The majority of the 15,420 main applicants awaiting initial golden visas or renewals applied in Attica, followed by 5% in central and eastern Macedonia and Thrace, and 5% across Peloponnese, Western Greece, and the Ionian Islands.
• 4:25
  SPEAKER_00: According to Caterina Saranti of MIBS Group, Greece is trying to reduce its golden visa processing time to three months by decentralizing applications from Athens to regional authorities, though investors must renew permits at their original application location.
• 4:44
  SPEAKER_00: The data supports Saranti's claims as only six months ago, 90% of applications were in Attica.
• 4:51
  SPEAKER_00: The drop in percentage suggests that the government is offloading case volume to other regions.
• 4:57
  SPEAKER_00: This episode first appeared as an article by Ahmad Abbas on IMIDaily.com.
• 5:04
  SPEAKER_00: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry, and upgrade your membership to IMI Pro to get access to our exclusive professional community, citizenship catalogue, investment migration company Rolodex, private briefings, and more members only content.