Greece’s Golden Visa Program Continues to Gain Popularity Amid Regional Instability

Athens, Greece. Photo source: Athens Municipality

Over the past twelve months, Greece’s Golden Visa program has seen a surge in popularity, especially as instability in the Middle East grows.

As one of the most sought-after residency programs globally, Greece’s Golden Visa grants five-year residency rights to non-EU nationals who invest in Greek real estate.

Updated minimum investment requirements for 2024

As of September 1, new regulations for obtaining the visa were introduced by the Geek government.

The minimum real estate investment threshold is now set at 400,000 euros, up from the previous 250,000 euros. However, for properties on Evia, Mykonos, Santorini, and other Greek islands with populations exceeding 3,100 residents, the minimum investment requirement has increased to 800,000 euros.

Surging demand for Greek Golden Visas

Data from the Greek Ministry of Migration and Asylum highlights a sharp increase in Golden Visa applications, which have risen by 212 percent in the last year. For example, applications from Iranian nationals reached 1,068 as of August 2024, a significant jump from 342 in August 2023.

Interest from Lebanese investors has also grown, with applications rising to 1,483 this August—up 164 percent from 561 a year earlier. Turkish investors, now the second-largest group after Chinese nationals, filed 1,875 applications in August, reflecting a 162 percent year-over-year increase.

While much of the increase in Golden Visa applications can be attributed to applicants from conflict-prone countries, other investors are also seeking to safeguard their capital from economic issues like inflation — a key driver for Turkish investors, who are increasingly investing in Greek real estate and applying for Golden Visas.

Chinese nationals remain the largest group applying for Golden Visas in Greece, with 6,937 applications in August, accounting for nearly 55 percent of total applications.

Other nationalities represented in Greece’s Golden Visa program include Egyptians and Israelis. Additionally, the Greek holiday home real estate market is attracting American and British investors, with the latter group particularly interested in obtaining Golden Visas to regain the EU mobility they lost post-Brexit.

Golden Visa approval delays

From August 2023 to August 2024, according to data, Greek authorities received 8,898 Golden Visa applications, yet by mid-October 2024, only 1,446 applications had been approved.

According to industry experts, a potential acceleration in processing times could result in a significant increase in visa issuances, further boosting demand for Greek real estate and potentially contributing to rising housing prices in the country.