Since the failed coup in Turkey in July 2016, more and more Turks want to leave the country. According to recent reports from Deutsche Welle, Germany’s public international broadcaster, many prosperous and affluent Turkish citizens are purchasing real estate property in Greece. Turkish nationals acquire free movement in Europe and thanks to the Golden Visa Programme, Greece (alongside other European and Commonwealth countries), offer foreign investors full EU (and non-EU) residency (and for some citizenship) rights when investing into property.
As each programme is unique and tailored to the country’s requirements, the Greece government via the golden visa programme offers access for non-EU nationals who are seeking a pathway in Europe to acquire such rights by investing €250,000 and upwards into real estate.
The residence permit is secure for five years from which it is then renewable from thereafter. For the foreign investor, this residence permit extends to their immediate family and gives them the right to work, live and study in Greece in addition to moving freely around EU member states.
The German report states that:
“Many Turks regard Greece as a safe haven from the uncertainty that prevails in their homeland. By paying the corresponding price, they can ensure a “fire exit” to the EU. The “golden visa” is their security for the worst circumstance,”
And continues with:
“Greece is not the only country to grant a “golden visa” into the EU, but it is the most inexpensive. Portugal, for example, has a similar program, but it foresees a minimum investment of 500,000 euros. Cyprus gives citizenship directly, but the investment must be 2 million euros,”
In 2016 there were such 30 cases reported of Turkish nationals applying for the Golden Visa Greece Programme, however, an astounding total of 170 residence permits were given in November 2017.