Golden Visa Programs

It’s no surprise that a growing number of Turkish citizens are reacting to the country’s escalating political instability by investing in a safer, more stable future through business immigration. Over the last year, Turkey has experienced a wave of setbacks including a failed coup, rising authoritarianism, and civilian attacks that have led many of the country’s professionals to pack their bags for Europe.

Gokhan Gokceoglu, a Turkish national and business manager of a British financial consultation firm stated, “There is an increase in demand from white-collar and well-educated people in recent times to live in Britain and get citizenship.” Indeed, Turkish professionals are following in Gokceoglu’s footsteps by seeking employment and business immigration solutions through citizenship and residency programs offered by European countries, including the United Kingdom, Greece, Portugal, and Cyprus.

Although many professionals such as engineers, lawyers, and bankers, are attempting to secure employment at European universities and firms, an increasing amount of wealthy Turkish nationals are opening their pocketbooks to purchase European property overseas.

One of the more popular avenues for high net worth individuals seeking entry to Europe is Residency by Investment Programs that offer real estate purchasing options. These programs are typically known as “Golden Visa Residency Programs,” or simply “Golden Visas,” which allow foreign nationals to make a substantial capital investment into a country’s economy, such as real estate.

With uncertain futures at stake, it’s no wonder Golden Visa schemes are popping up throughout Turkey’s professional and business sectors. Tolga Gurses, a local education consultant, is one of many professionals exploring Residency by Investment Programs in Europe. Following a presentation in Istanbul that promoted Portugal’s Golden Visa scheme, Gurges noted “There were approximately 200 participants…there is great interest in the option to live abroad.”
While there is certainly growing interest in immigration to Europe through business investment, requirements vary from program to program, with investment amounts ranging from EUR 250,000 to EUR 600,000, depending on the desired location.

Despite Turkey’s political history with Greece, there has been a noticeable boost in interest from Turkish nationals, with dozens of investors traveling to the country to view properties over the last several months alone. One of the more appealing features of Greece’s Golden Visa program is its affordability by comparison to other Golden Visa options in Europe. Through Greece’s Golden Visa program, foreign investors can purchase a real estate property for as little as EUR 250,000 to obtain a Greek 5-year residency permit (renewable indefinitely) for themselves and their immediate family.

Benefits for Greece’s Golden Visa Residency Program are certainly becoming more and more attractive to foreign investors and professionals. These benefits include:

• Spouses, children up to 21 years of age, and parents of the applicant (or spouse) can be included in a single application;
• Greek residents are granted visa-free travel throughout Schengen zone;
• Successful applicants and family are not obligated to physically live in Greece to maintain residence status;
• Residents can live, work, and study anywhere in Greece;
• Residents can apply for Greek citizenship after 7 years of residency;
• Greece offers the cheapest Golden Visa through the country’s real estate investment option;
• Application processing for residency is completed within 2 months.

To date, investors in Greece’s Golden Visa Residency Program are largely from China, Russia, Egypt, and Lebanon, among other nationalities across the world. Due to mounting socio-political turmoil across the MENA region, property purchases in Greece will likely see a spike over the course of the year as Turkish nationals seek immigration solutions through investment to secure a safer future abroad.

For more information about Greece’s Residency by Investment Program, please click here.

For more information on Portugal’s Golden Resident Permit Program, please click here.

To see our Golden Visa Residency Comparison Table, please click here.

To view our Real Estate Investment Comparison Table, please click here.

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