New applications for Greece’s Golden Visa fell sharply in 2026, while the program’s backlog shrank dramatically and processing times accelerated.
Application volume
- First seven months of 2026: 3,086 new filings (‑39 % vs. 5,028 in the same period of 2025).
- Monthly average: 440 applications (range 392‑497), projecting just over 5,000 for the full year.
- Full‑year 2025: 7,021 applications (‑25 % from the 2024 record of 9,372).
Backlog and processing speed
- The backlog of pending files (investors + family members) dropped from >52,000 at the start of 2025 to 29,273 by the end of July 2026.
- Since spring 2025, monthly decisions have consistently exceeded monthly filings.
- Law 5275/2026 (effective February 2026) automatically routes each new file to the regional office with the shortest queue, further easing the bottleneck.
- The five‑year residence permit now starts on the date the residence card is issued, rather than being back‑dated to the filing date, preventing processing delays from eroding the permit period.
Legislative changes and investment tiers
- In March 2024 the government introduced four investment tiers ranging from €250,000 to €800,000.
- The €250,000 commercial‑to‑residential conversion tier has become the dominant entry point, overtaking the traditional residential‑property tiers.
- The €400,000 and €800,000 tiers retain a 120 m² minimum‑size requirement, which the conversion tier does not.
Market shift to the conversion route
- The conversion route allows developers to purchase commercial buildings, convert them, and sell units priced at €250,000 each. The price already includes acquisition, construction, and conversion costs.
- Typical properties are small apartments created from former offices or commercial spaces, appealing mainly to investors whose primary goal is residency rather than family housing.
- Additional expenses for applicants are limited to standard transaction costs: transfer tax, notarial and land‑registry fees, legal fees, and the government fee for the residence permit.
Pipeline of pending demand
- Law requires the change‑of‑use to be completed before filing, so many investors have already reserved or begun acquiring conversion projects that are still under construction.
- This creates a lag between investment intent and actual Golden Visa submissions, meaning the 2026 filing drop may understate underlying demand.
Active permits
- 34,278 active investor permits were recorded at the end of July 2026, up from 22,001 in June 2025.
- Chinese nationals hold just over 50 % of all active permits.
Proposed portfolio‑based visa category
- The National Housing Policy Strategy 2026‑2035 (published 17 August 2026) proposes a new Golden Visa option that would let investors meet the qualifying amount across multiple properties, provided all are placed on the long‑term rental market.
- The proposal is not yet law; details such as minimum total investment, maximum number of properties, and lease‑term requirements remain to be defined.
- If implemented, the portfolio route could attract investors seeking diversification, higher yields, and lower per‑property capital outlay compared with the current €800,000 single‑property threshold.
Overall, the 2026 data reflect a restructuring of demand rather than a collapse in interest: higher investment thresholds have redirected applicants toward the €250,000 conversion tier, while administrative reforms have halved the backlog and shortened processing times.
Source article: www.imidaily.com
