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Turkish Nationals Buy Houses in Greece to Get Residence Visa

Dozens of Turkish citizens have bought houses in Greece in the past few months in order to take advantage of the “Golden Visa” program for aliens who invest 250,000 euros or more.

According to “Greece My Residence: Golden Visa Program”, foreign nationals who buy real estate property worth 250,000 euros or more get a renewable five-year residence permit for themselves and their immediate family.

So far, 57 houses have been sold to Turkish nationals and 12 of them already have the residence permits in their hands. The remaining buyers are in the process of receiving their own.

Official figures say that on February 1st, the sale paperwork of 49 properties was completed and 128 residence permits were given to their Turkish owners.

As part of the program Turkish investors have bought a building that used to house a department of the Public Power Company for 850,000 euros. Another investor is looking to buy a hotel for 1,000,000 euros, while a Turkish manufacturer is seeking a 4,000 sq.m. space to house his plant, claiming that his clients no longer wish to visit Turkey.

The Economy and Development Ministry seeks to examine the idea of improving and expanding the visa program.

Source: greece.greekreporter.com