- Golden Visa applications down 49% in October compared to 2024.
- Total January–October applications down 12% year-on-year.
- Over 10,946 pending initial permits are still awaiting processing.
- Approvals surged to 7,156, up 109% from last year.
- Total approved permits since program launch: 25,573.
- The estimated capital inflow is already €6.44 billion, and it is expected to exceed €9.17 billion with pending cases.
The most important figure of the new data is precise: Greece’s Golden Visa program recorded 49% fewer applications in October 2025, marking a decisive slowdown in investor interest compared to the same month last year.
From January to October, authorities logged 6,212 applications, a meaningful reduction from the 7,052 submitted during the same period in 2024. The drop is consistent and steady, suggesting that the frenetic rush of previous years has finally eased.
The Ministry of Migration and Asylum attributes this to a return to normal levels after the explosive spike in applications during 2023–2024 — a period defined by successive increases in minimum investment thresholds, especially in Attica, the program’s primary magnet for real estate-driven investments.
A Backlog That Will Take More Than a Year
Despite the drop in new submissions, the program is still weighed down by a massive backlog.
As of October, 10,946 initial investor permits remain pending, a volume large enough to take well over a year to process under current administrative capacity.
This lingering wave is the residue of the previous surge, showing that the program’s momentum continues to affect the system long after the policy changes took effect.
Approvals Surge as Old Files Clear
While applications decline, approvals are rising.
During the first 10 months of 2025, authorities issued 7,156 new initial permits, a 109% increase from the 3,414 approved during the same period in 2024. This spike reflects the clearing of older files rather than an increase in new demand — the system is finally catching up.
Since the start of the program, the total number of approved initial permits and renewals has reached 25,573, with another 12,910 pending. Once processed, the combined total is expected to exceed 39,000 permits, excluding family members.
Billions Already Flowed into the Real Estate Market
The financial footprint of the Golden Visa is now substantial and measurable.
According to the latest estimates, the program has already brought €6.44 billion in capital from abroad. If pending applications — representing a minimum of €2.73 billion — are included, the total impact is projected to exceed €9.17 billion. This money is already shaping liquidity in both the real estate market and among sellers across Greece, ranging from individual homeowners to large property professionals.
