Turkish nationals are emerging as small but important investors in the Greece Golden Visa Program.
Dozens of properties in Greece have been sold to Turkish investors seeking a residency permit.
Political turmoil in Turkey, where President Recep Tayyip Erdogan recently won a referendum awarding him greater power, is proving to be a push factor for many concerned people.
Businesses are reporting overseas clients no longer want to visit Turkey to perform transactions, forcing them to look elsewhere for premises.
Investors in the Greece immigration program must spend €250,000 or more on a property to receive a five-year residency permit for themselves and family members. The permit is renewable provided the investment is maintained.
Greece Golden Visa Program: Investment Requirements
- Purchase real estate property in Greece with a minimum value of €250,000.
- Sign a 10-year lease with minimum €250,000 for hotel or other tourist residence.
- Have purchased a property before 2013 currently worth €250,000 or more.
- Own Greece real estate of minimum value €250,000 acquired through donation or parental concession.
- Purchase land with intent to build, provided value of land and construction contract is minimum €250,000.
Official statistics show 57 Turkish nationals have purchased houses, with 12 so far awarded residency permits.
The paperwork has been completed in 49 of the 57 cases, with 128 residency permits expected to be awarded to investors and their family members.
Key investments include the purchase of a former government electricity provider office by a Turkish national for €850,000.
Elsewhere, another Turkish investor is lining up a €1 million investment in a hotel, while a major Turkish manufacturer is looking for 4,000 spare-metre premises for a factory.
The Greek Economy and Development Ministry is now looking at ways of growing the Greece immigration program, which it hopes will provide crucial foreign direct investment for a struggling economy.
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