In the initial quarter of the year, there has been a slight dip in new applications for residence permits via Greece’s Golden Visa program, according to data from the Department of Immigration.
The figures reveal that 1,964 fresh applications were lodged from January to March, marking a decrease of 51 compared to the same period last year when 2,015 applications were recorded. The market conditions during both periods were akin, with announcements of program changes made, allowing a brief window before implementation.
However, the impact of these new measures is noticeable, as they foster a sense of urgency, consequently amplifying investment interest. Last year’s Q1 saw 11,038 initial permanent investor permits granted, with an additional 4,842 permits pending approval, bringing the total to 16,035. Fast forward a year, and this figure has surged by 52%. If the pending applications (8,422) receive approval, the total number of residence permit holders will soar to 24,397.
“This entails a minimum investment of over 6 billion euros in the nearly 10 years the Golden Visa program has been in place,” stated an official. “However, never in the past, even before the pandemic, have the relevant numbers been this high, as typically 1,500-2,000 new licenses were approved per year.”
The Golden Visa program, which grants residence permits in exchange for investments in Greek real estate, has attracted significant attention from foreign investors. However, fluctuations in application numbers suggest a nuanced response to policy changes and market dynamics.
