GREECE GOLDEN VISA PROGRAM
Entrance
Over the past decade, programs granting residence permits or citizenship in exchange for investment have rapidly become widespread in European Union countries. These systems, known as "Golden Visa" schemes, are investment models offered by governments to foreign investors in exchange for residency rights, with the aim of promoting economic development. In this context Greecehas one of the most popular Golden Visa programs, thanks to its low investment threshold and the advantage of free movement within the Schengen area.
This article will provide a detailed assessment of the legal basis of the Greek Golden Visa program , application requirements , updates as of 2024 , the application status of Turkish citizens , its relationship with EU law, and criticisms of the program
1. Legal Basis and Legal Framework
The Greek Golden Visa program was introduced in 2013 Law No. 4146/2013 . Under this law, third-country nationals (non-EU) can obtain a 5-year residence permit in Greece in exchange for making a certain amount of investment.
The program's basic legal framework is based on the following legislation:
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Law 4251/2014 (Greek Immigration Law)
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Presidential Decree 106/2007
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Ministerial Decisions on Golden Visa implementation
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European Union directives (in particular 2003/109/EC)
2. Program's Aim and Underlying Principles
Greece with this program:
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To revitalize the stagnant real estate sector,
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To increase foreign currency inflow into the country,
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To attract foreign investors permanently,
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It aims to create economic advantages through entry into the Schengen system.
This system is based on sovereign power and includes flexible practices such as granting visas without requiring social integration or assimilation from investors
3. Golden Visa Application Requirements
a) Investment Requirement
As of 2024, to be eligible to apply for a Golden Visa, you need to make investments in the following ways:
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Real Estate Purchase:
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Acquisition of one or more properties worth at least €250,000 (€500,000 in some regions)
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With the 2023 reform, the minimum limit was raised to €500,000 in regions such as Athens, Mykonos, Santorini, and Thessaloniki .
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Rental-Based Real Estate Investment:
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A 10-year lease agreement for a hotel or tourist accommodation.
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Participation in a Real Estate Development Partnership:
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An investment of €250,000 in a construction or renovation project.
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Alternative Investment Options (under newer regulations):
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Purchase of government bonds, stocks or mutual funds (minimum €400,000)
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b) Applicant Requirements
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Being over 18 years old
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No criminal record
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Getting health insurance
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Applications can be made by proxy without needing to be physically present in Greece
4. Characteristics of the Residence Permit
The features of the residence permit granted with the Golden Visa are as follows:
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It is valid for 5 years and can be extended indefinitely as long as the investment continues .
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Greece does not grant work permits, but it is possible to set up or manage a company.
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The applicant's spouse, children (up to 21 years of age), and parents may be included in the program.
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A residence permit the right to free movement within the Schengen area .
5. Process and Application Steps
a) Process Summary
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Making a real estate or other investment
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Notary procedures and land registration
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Preparing application documents
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Handed over to the Greek Immigration Office
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Residence permit issuance (usually 2-3 months)
b) Required Documents
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Passport
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Investment documents (deed, contract, etc.)
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health insurance policy
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Rap sheet
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Photograph and biometric data
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If applying through a representative, a notarized power of attorney is required
6. Evaluation from the Perspective of Turkish Citizens
a) Turkish Applications for the Greek Golden Visa
Greece ranks among the top three countries receiving the most Golden Visa applications from Turkey . Turkish investors particularly prefer the Aegean and Western Macedonia regions, which have climates similar to Istanbul.
b) Dual Citizenship
The Greek Golden Visa does not automatically grant citizenship. However;
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After 7 years of legal residency (provided there is actual living requirement), an application for Greek citizenship can be submitted.
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Since Türkiye recognizes dual citizenship, this transfer is possible.
7. Criticisms and their Relationship with EU Law
a) Criticisms from the European Union
The EU Commission, Golden Visa programs:
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It increases the risk of money laundering
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Citizenship and Schengen rights are used as bargaining chips,
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Security controls were weak
Formal warnings have been sent to members on this ground . In particular, infringement procedures have been initiated against the Malta and Bulgaria programs
Greece, within this framework, has occasionally restricted investment options and closed off avenues such as direct citizenship
b) Greece's Response
Greece justified its position by citing the program's economic contribution:
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Increasing controls,
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Providing greater transparency in property transactions,
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Introducing strict controls on bank transfers
It has gone its own way.
8. 2023–2024 Updates
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The investment threshold has been raised to €500,000 in Athens and tourist areas.
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The right to exceed the €250,000 limit with multiple properties is restricted only to low-density areas.
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The investment be made via bank transfer, not in cash .
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A sales ban has been imposed for a period of 3 years (on certain types of investments)
9. Permanent Residency and Citizenship Rights for Golden Visa Holders
Golden Visa holders:
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If the investment continues after the 5-year period expires, the session can be extended indefinitely.
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Those who have actually resided in Greece for 7 years can apply for citizenship.
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Language proficiency, history, and integration tests are administered for citizenship applications.
10. Conclusion
The Greek Golden Visa program is one of the most accessible systems offering investors residency and mobility within the EU. For Turkish investors, it stands out due to both its low entry costs and fast processing time. However, with changes made as of 2024, applications now require more rigorous document verification and a regional investment strategy.
Individuals wishing to benefit from this system need to conduct a comprehensive assessment not only from an economic perspective, but also from legal, financial, and citizenship policy perspectives. In particular, it is crucial to strike a good balance between the freedom offered by the Schengen system and the pressure of oversight at the EU level.
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