Golden Visa Boom: Why Turkey, Israel, Japan, and South Korea Are Flocking to Greece Now

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The Golden Visa scheme in Greece has seen a significant surge in interest from Turkish nationals in recent years. According to Greek media reports, applications for Greek residency permits from Turkish citizens have soared by 160 percent in the last year, with 3,291 successful applicants. This sharp increase has positioned Turkey as one of the top countries benefiting from Greece’s Golden Visa program, second only to China.

This surge in applications reflects a broader trend in which wealthy Turkish investors are looking beyond their borders for opportunities to safeguard their wealth and secure long-term benefits. Greece’s real estate market, which offers both robust rental yields and long-term capital appreciation, has become an attractive proposition for many investors from Turkey. However, the Golden Visa is not just about wealth preservation—there are also practical and personal factors at play, including the ability to travel freely within the Schengen Area and concerns over political and family security.

The Appeal of the Golden Visa Program

The Golden Visa program allows non-EU nationals to obtain residency in Greece through investments in real estate, with a minimum threshold of €250,000. This program, which was launched in 2013, has become one of the most successful residency-by-investment schemes in Europe, attracting wealthy individuals from around the globe. Turkey, with its proximity to Greece and its ongoing political and economic challenges, has emerged as a key source of applicants.

For Turkish nationals, the Golden Visa provides not just a pathway to Greek residency but also a wider set of benefits. The program allows them to travel freely within the Schengen Area, providing access to over 25 European countries without the need for a visa. This has become a significant draw for many Turkish citizens who wish to move freely within Europe for business, tourism, or education.

Economic and Political Factors Driving Demand

The main drivers behind this spike in applications appear to be economic instability and inflation in Turkey, with many affluent individuals seeking ways to preserve their wealth in a stable environment. High inflation and the volatility of the Turkish Lira have made property investments in countries like Greece, with its stable economy and growing real estate market, an attractive hedge against financial uncertainty.

Greek real estate, particularly in cities like Athens, Thessaloniki, and popular tourist destinations such as Crete and the Cyclades Islands, has become an increasingly popular investment opportunity for Turkish buyers. The Greek market offers both impressive capital appreciation and the opportunity to earn high rental yields from tourists visiting the country year-round. As a result, properties that were once considered luxury investments are now becoming practical, income-generating assets.

Moreover, political unrest in Turkey, including concerns over governance, security, and human rights, has prompted many Turkish families to look for safer options abroad. For them, obtaining Greek residency is not just about real estate or investment—it’s about securing their future and ensuring family safety.

The Impact on Tourism and Real Estate in Greece

The increase in Turkish applicants for the Golden Visa is a positive sign for Greece’s tourism and real estate markets. The influx of high-net-worth individuals is expected to boost both short-term and long-term tourism in Greece. Turkey has long been a key market for Greece’s tourism industry, and this new wave of investors is likely to increase demand for both luxury and vacation homes, especially in regions popular with Turkish travelers.

Many of the individuals securing residency through the Golden Visa program are expected to spend substantial time in Greece. This will likely boost local economies, particularly in tourist-heavy areas. The real estate market in Greece has already been benefitting from rising interest from international buyers, and the Golden Visa scheme has encouraged this demand, especially in locations close to the Turkish border or along the coastlines.

For tourism professionals, the growing number of Turkish investors who are now Greek residents could lead to an increased number of Turkish tourists visiting Greece, strengthening an already thriving market.

The Role of the Real Estate Sector

Greece’s real estate sector is undoubtedly one of the biggest beneficiaries of the Golden Visa program. With many Turkish nationals seeking second homes or investment properties, the demand for properties in key areas like Athens, Thessaloniki, and the islands of Santorini and Mykonos has soared.

For local developers, this surge in demand presents new opportunities to cater to affluent buyers looking for properties that offer both luxury and high rental yields. The Greek government’s focus on urban renewal and the improvement of infrastructure in key tourist areas has further enhanced the appeal of these destinations for international investors, especially from nearby countries like Turkey.

What This Means for Future Travel Trends

Looking ahead, the continuing popularity of the Golden Visa program in Greece is likely to further drive growth in both tourism and real estate. As more Turkish nationals secure Greek residency, their travel habits may evolve as well, with increasing visits to Greece for longer stays or residency, thus boosting tourism flows between the two nations.

In addition, Greece is likely to see more cross-border cooperation in tourism promotion, with both Greek and Turkish tourism operators possibly working together to create more integrated travel packages. The rise in Turkish interest in Greece also signals broader regional integration in Southern Europe, with tourism playing a key role in fostering ties between neighboring countries.

Conclusion: The Future of Greece’s Golden Visa Program

The Golden Visa scheme has proved to be an effective tool for attracting investment to Greece, and the increasing interest from Turkish nationals highlights its growing importance as a strategic program for the country. As the demand for visa-free travel and property investments grows, Greece is well-positioned to leverage its cultural and historical appeal, providing both affluent investors and ordinary tourists with an unforgettable experience.

With Turkey remaining one of the top sources of applicants for Greece’s Golden Visa, the ties between these two countries are expected to strengthen, benefiting both their tourism and real estate sectors for years to come.