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Rich Turks Buy EU Resident Rights by Purchasing Property in Greece

Many prosperous Turkish citizens acquire free movement in Europe, by purchasing real estate property in Greece; an act that gives them full EU resident rights, according to Deutsche Welle.

The “golden visa” that the Greek government offers to foreigners who buy real estate property upwards of 250,000 euros, has lured many non-EU nationals to seek this pathway into Europe.

The residence permit for the buyer and their immediate family is for five years, and is renewable. The “golden visa” gives the buyer the right to work in Greece and move freely around EU member states.

“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,” the German report says, noting that since the failed coup in Turkey in July 2016, more and more Turks want to leave the country.

“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,” the report continues.

Through November, a total of 170 residence permits were given to investors from Turkey, and their families.

In 2016, there were 30 such cases.