For years, Greece’s scheme has been among the most accessible in the EU, with a minimum property investment of €250,000. Greece’s Golden Visa program, officially known as the Greek Residence Permit by Investment, is a residency-by-investment scheme launched in 2013 amid the country’s severe debt crisis. Designed to attract foreign capital and stimulate economic recovery, it allows non-EU/EEA nationals to obtain a renewable five-year residence permit by making a qualifying investment, primarily in real estate.
According to Turkish media reports, the number of Turkish nationals who obtained residency permits by purchasing property in Greece has reached 2,698, marking a 153% increase from 1,067 the previous year.
Chinese investors still dominate the list, with around 8,792 residence permits, or nearly 29% of the total. Yet, as the same reports note, the real explosion has come from Turkey, reflecting “the pervasive sense of political and economic uncertainty” across the Aegean.
Behind Turkish investors are Israeli citizens, whose numbers have also grown sharply – by 84% according to the same sources, placing them third overall. They are followed by investors from the United Kingdom, the United States, and Lebanon, confirming Greece’s growing status as a refuge for citizens from regions marked by geopolitical volatility and domestic instability.
The rising concentration of investment demand has deeply affected the Greek property market. Mass purchases of apartments and buildings – primarily in Athens, Thessaloniki, and popular islands, have contributed to surging real estate prices and to the boom in short-term rentals. The knock-on effect has been felt most acutely by middle- and low-income households struggling to find affordable housing.
Facing this dynamic, Greek authorities appear to be pressing the brakes. Turkish outlets report that around 13,000 Golden Visa applications remain pending, a sign that Athens is seeking to recalibrate the programme’s terms – both in terms of financial criteria and social impact.
For years, Greece’s scheme has been among the most accessible in the European Union, with a minimum property investment of €250,000. This threshold made the Greek Golden Visa particularly attractive to third-country nationals looking for a secure investment outlet and visa-free travel within the Schengen area.
That low entry point, however, also encouraged speculative buying in high-demand neighbourhoods, pushing local residents out of the market. In response, the government has introduced a sharp increase in the required investment thresholds: in Athens, Thessaloniki, and major islands, the minimum now rises to as high as €800,000. The move sends a clear message – Greece wants larger-scale, long-term investment rather than mass purchases of small flats made purely for residency purposes.
Still, the Golden Visa remains one of the most advantageous in Europe. The residence permit granted to investors lasts five years and can be renewed indefinitely, provided the investment is maintained. The biggest draw remains the freedom of movement within the Schengen zone, a decisive factor for many Turkish, Israeli, and Lebanese applicants who see Greece not only as a second-home destination but also as a gateway to the Schengen space.
The dramatic increase in Turkish demand cannot be separated from the broader political and economic turmoil in Turkey itself. Persistent inflation, the continuing fall of the lira, periodic political tension, and a perceived erosion of institutional stability are driving members of the country’s middle and upper classes to seek what they view as a safe exit route.
For many, buying property in Greece serves as both a financial refuge and a contingency plan – a way to secure residency rights for themselves or their children in a nearby, culturally familiar EU state. Greece’s proximity, shared Mediterranean culture, and EU membership make it an ideal destination for those looking to hedge against uncertainty at home.
While the European Commission has ramped up criticism of residency-for-investment schemes, labeling them as enablers of money laundering, tax evasion, corruption, and housing inflation, Greece has adeptly balanced compliance with economic imperatives, ensuring the program’s survival and even expansion in 2025.
For Athens, the Golden Visa remains a policy of double-edged value. It has injected much-needed liquidity into real estate, revived neglected buildings, and boosted the construction sector. Yet the overheating housing market and the EU’s growing scrutiny of “golden visa” schemes are creating mounting pressure for reform.