When it comes to Greece’s Golden Visa Program, Türkiye ranks second among the top countries benefiting the most from the scheme.
In 2024 alone, Greece experienced a significant increase in demand from Turkish nationals for the Golden Visa’s real estate investment option, in particular, Schengen.News reports.
The Hellenic Republic received a total of 9,289 golden visa applications in 2024. Of them, 1,356 came from Turkish citizens.
By obtaining residency in Greece through this program, Turkish nationals also receive the opportunity to travel freely within the EU’s Schengen Area.
However, concerns are raised that, in some cases, Turkish nationals benefiting from this scheme could also be spies or criminals buying properties in the Hellenic Republic.
According to a report from Deutsche Welle, Greece’s intelligence services have been taking a closer look at some recent foreign real estate purchases.
The report from DW also notes that, according to observers, the majority of the new Turkish property owners in Greece through the real estate investment option of the Golden Visa Program are rich, non-religious persons who were either required to leave Türkiye, want to enjoy their vacation in the neighbouring country that is more secular and less political or just want to invest in the Hellenic Republic because it is stable and affordable.
At the same time, a large number of those choosing to buy properties in Greece, in places like Thrace, are Turkish-born European Union nationals who tend to have worked for larger periods in Germany, Belgium, or the United States.
They want to enjoy their retirement in the European Union instead of being subject to a repressive political and religious atmosphere in Türkiye.
Increasing Concerns About Real Estate Investments in Greece’s Evros
The figures from the Central Bank of Türkiye (CBRT) revealed that in 2024 alone, Turkish nationals’ overseas investments, particularly through the real estate investment options of the countries offering Golden Visa programs increased significantly.
According to the statistics from CBRT, the total amount of Turkish nationals’ foreign investments in real estate increased by 20 per cent in 2024, reaching €2.336 billion ($2.513 billion), with the UAE and Greece remaining as the top destinations.
Greece’s Golden Visa Program offers wealthy non-EU nationals the opportunity to obtain residency, by choosing one of the offered options to invest financially.
The most famous option of this program is the real estate investment route. It offers residency in exchange for purchases of properties worth €250,000 in some parts of the country.
However, the increasing number of Turkish nationals benefiting from Greece’s Golden Visa Program through the real estate investment option has sparked concerns among some Greek authorities.
In March this year, the Mayor of Alexandroupolis, Giannis Zouboukis expressed his concerns related to the reasons behind the increase in the number of Turkish nationals buying real estate and land in territories across the Evros region.
A report from Action 24 TV, previously revealed that Greece’s intelligence service, EYP, started an investigation amid fears that these real estate investments may be connected to efforts to colonize parts of the Hellenic Republic’s eastern border region with Türkiye.