He invested in a neighbor who couldn't get Schengen

Belce ÖRÜ ERCİN

Country Greece, which has recently become a prominent holiday destination thanks to its low prices for many products and services, from food and beverages to plane tickets, compared to the rest of the world, and its physical proximity to Türkiye, was visited by 800,000 Turks in 2023 and 1.5 million Turks in 2024. This number is expected to approach 2 million this year.

SPREAD TO THE MIDDLE CLASS

Greece hasn't just been flooded with Turkish tourists; Turkish investments in the country have also increased. Turkish investments in Greece reached €485 million in 2024. Vesta Global Founding Partner Teuta Narazan noted that they anticipate investments will exceed €500 million this year, explaining that the increase stems from real estate purchases funded by the Golden Visa. She continued: “Those who can't overcome visa issues are applying for the Golden Visa to travel freely within the Schengen area in exchange for real estate investments starting at €250,000 (11.7 million TL). Meanwhile, people also want a Plan B due to high inflation, political uncertainty, or the climate of war in the Middle East.”

Teuta Narazan noted that while she used to cater to a more niche audience, she now has middle-income clients. "We're seeing increasing interest in this visa type from people from many different professions, from businesspeople to doctors and pharmacists," she said.

It needs to be renewed every 5 years

The Greek government issues Greece Golden Visa cards, valid for five years at a time, to eligible applicants. The Golden Visa is available to the applicant's spouse, children under 21, and parents. The residence permit must be renewed every five years. The permit is renewed for life, provided the property is not sold and the necessary documentation is provided.