Turkish Investors Lead Greece's Golden Visa Program

Turkish investors are firmly in the lead in Greece’s Golden Visa program, with their activity in the Greek real estate market growing significantly. According to the latest figures from the Ministry of Migration, the number of initial permanent residence permits issued to Turkish citizens reached 2,449 by the end of July this year, representing an impressive 152% increase compared to the previous period, when the number did not exceed 970.

This surge is due to several factors, including changes to the program’s conditions, which prompted buyers to act quickly to avoid an increase in the investment threshold to 800,000 euros in key regions, as well as the difficult economic situation in Turkey itself. In parallel, significant investment growth has also been observed from other countries: the number of permits for investors from Israel increased by 96%, reaching 510, which is directly related to the war in Gaza and the instability it has caused. US and UK investors also showed strong year-on-year growth of 52% (518 permits) and 50.8% (706 permits), respectively, with further increases expected, especially given the political changes in the US from mid-2024.

At the same time, while Chinese investors still make up the largest group in terms of total permits (8,179), their growth rate has slowed to 14.7%. The overall upward trend continues, as evidenced by the 11,887 applications pending.

Since its launch, the Greek Golden Visa program has demonstrated significant success in attracting investors from all over the world to the country. To date, 23,221 investors have benefited from the program, highlighting its attractiveness. Importantly, in the first five years of the program, 17,254 initial residence permits and 5,967 extensions were issued, indicating long-term interest and stability in participation. With applications pending, the total number of investors receiving residency through the program is expected to reach 35,000. These investments are primarily aimed at purchasing real estate in Greece, with the total amount of investments expected to exceed €8.5 billion, which has a significant impact on the country's economy.