Strong interest from Turkey in the Greece Golden Visa is clear. Many Turkish investors see Greece as a gateway into Europe. This article offers clear, Turkey-specific guidance: currency transfer, investment thresholds, legal constraints. Whether you’re in Istanbul, Ankara or elsewhere in Turkey, this guide gives you a step-by-step path. It also highlights what Turkish nationals must watch out for when investing in Greece.
1. Are Turkish Citizens Eligible for Greece’s Golden Visa?
Yes — Turkish citizens are eligible for the Greek Golden Visa under the same rules as other non-EU nationals. According to analysis, there is no nationality exclusion for citizens of Turkey. Totsi+2Global Citizen Solutions+2 Indeed, Turkey is listed among the top applicant nationalities. SchengenVisaInfo+1
For applicants from Turkey this means:
- You don’t need special additional nationality-based permission to apply.
- You’ll follow the same investment and documentation rules as other third-country nationals.
- Turkish citizens benefit from rising interest in Greece’s programme (which may strengthen negotiation positions). SchengenVisaInfo+1
Given this, if you are from Turkey and considering the Greek Golden Visa, you can be confident you qualify so long as you meet the standard criteria.
Transitioning into investment thresholds, you’ll want to know the up-to-date details that affect investors from Turkey.
2. Investment Thresholds & Options for Turkish Applicants
For a Turkish applicant (indeed anyone non-EU) the minimum investment thresholds for Greece’s Golden Visa changed recently. metroland.gr+2Global Residence Index+2 Specifically:
- One residential property investment of €800,000 in premium areas (eg. Athens/Attica, Thessaloniki, Mykonos, Santorini, islands with over 3,100 residents). Golden Visa Greece+1
- One residential property investment of €400,000 in other regions of Greece. Totsi+1
- A special category: €250,000 investment for a property that is: a commercial-to-residential conversion, or a restoration of a listed building. This applies across Greece regardless of region. Global Residence Index+2Astons+2
For Turkish citizens these thresholds are extremely relevant: - If you invest from Turkey you must pick the region carefully if you want the lower threshold of €400k (or the special €250k) rather than €800k.
- Because the property must be a single investment of stated minimum value (for example one property not multiple split ones) this matters. Astons
- Also note: some transitional deadlines applied for older lower thresholds. Turkish investors should check whether they can benefit from any transitional regime. fragomen.com+1
Thus, Turkish investors must align region + property type + timing to maximise value and eligibility.
3. Real Estate vs Alternative Investment Routes
When you are from Turkey and aiming for the Greece Golden Visa, you’ll evaluate investment routes. Two main paths: real estate and alternative routes.
Real estate investment (most common)
Pros:
- Straightforward: buy one approved property, register it, then apply.
- Clear thresholds (as above) for those from Turkey.
- Strong appeal: you gain asset in a euro-zone country, which can be a hedge if currency in Turkey has volatility. (Many Turkish investors see this value) Totsi
Cons: - Property market risk: location matters, and price appreciation is not guaranteed.
- In high-demand areas you pay the €800k threshold and may face competition.
- Additional costs: taxes, legal, translation, transfers from Turkey.
Alternative investment routes - Conversion of commercial property to residential (minimum €250,000) offers lower entry barrier. Global Citizen Solutions
- Restoration of listed / heritage buildings (also from €250k) across Greece. Totsi
For Turkish investors, these alternative routes may offer better value but can involve extra complexity (restoration contracts, approvals, compliance).
Tailored advice for Turkey nationals: - Prioritise clear legal title and due diligence (from Turkey you should verify Greek property law, translation).
- Consider the currency risk: transferring large amounts from Turkey to Greece means you must check Turkish outbound controls and Greek inbound compliance.
- Seek local Greek advisers experienced with Turkish investors—they will know the practical challenges.
In sum, real estate remains the default for Turkish applicants but explore alternative routes when threshold matters.
4. Cross-Border Money Transfer & Banking from Turkey
For Turkish nationals investing in Greece, transferring funds and setting up bank accounts introduce unique steps.
Fund transfer considerations for applicants from Turkey:
- Turkey has foreign exchange controls and regulations when large sums leave the country. While Turkish citizens can legally move capital, detailed documentation and reasons will be required.
- Greek authorities and banks will undertake anti-money-laundering (AML) checks on incoming funds. Investment funds must be clean, from verifiable sources, with full documentation.
- Turkish investors should gather documents establishing ownership of funds in Turkey, tax compliance, and convert to euros (since Greek investment is in euro).
Banking and account set-up in Greece: - As Turkish national you’ll need to open a Greek bank account in your name (or a Greek-resident account) prior to final property settlement. Many property contracts require payment through a Greek bank.
- Obtain your Greek tax identification number (AFM) early — this is required for banking, property purchase and Golden Visa application. Astons
- Ensure clear path for fees, transfer costs, currency conversion: this is especially relevant for Turkish investors who may have to convert TRY to EUR, then transfer to Greek bank.
Tips for Turkey-based applicants: - Use a reputable Turkish bank with experience in outbound investment transfers to EU.
- Ensure you have formal receipt of transfer, currency conversion and the source of funds.
- Engage a Greek notary / lawyer who understands transfers from Turkey and Greek property purchase workflows.
With these steps, Turkish citizens can streamline the money transfer and banking part of their Greek Golden Visa journey.
5. Application Process Steps: For Turkish Nationals
Here is a tailored step-by-step for Turkish citizens applying for the Greek Golden Visa:
- Initial visit / entry visa: If you are from Turkey you may need to enter Greece on a Schengen visa (unless exempt) to conduct property viewings or sign documents. Starting early helps.
- Select property or eligible investment: From Turkey you should shortlist property, negotiate price, sign preliminary agreement (often with 10% deposit). Astons
- Obtain Greek tax number (AFM): As applicant from Turkey you must get your AFM before the final purchase.
- Open Greek bank account: As above, ensure funds can transfer from Turkey, be cleared and settled in the Greek account.
- Final sale agreement & property transfer: After payment, notarised contract, registration of property in Greece.
- Submit Golden Visa application: Once investment is completed (ownership registered), prepare documents (passport, proof of investment, bank account, AFM, insurance, no criminal record) and submit to the Hellenic Ministry of Migration and Asylum (or via Greek immigration authorities). Astons+1
- Biometric appointment: As Turkish national you will need to attend a biometric appointment either in Greece or via Greek consulate.
- Issuance of residence permit: Once approved you receive the five-year residence permit (renewable) linked to your investment in Greece.
Challenges specific to Turkish applicants:
- Language or translation issues: Documents in Turkey must be translated and apostilled for Greek authorities.
- Delays in fund transfer: Turkish currency volatility or foreign exchange restrictions may slow payment, which could delay closing.
- Understanding Greek contracts and law: A Turkish investor should ensure local legal counsel to avoid surprises on property rights, fees, and leasing restrictions (see next section).
By following these steps, an applicant from Turkey can navigate the process confidently.
6. Citizenship, Residency, & Dual Nationality
When you are a Turkish citizen and you hold the Greek Golden Visa, here is what you need to know about residency, eventual citizenship, and dual nationality.
Residency with the Greek Golden Visa:
- The Golden Visa grants a Greek residence permit for 5 years, renewable as long as the investment (for example the property) is maintained. Global Citizen Solutions+1
- There is no minimum stay requirement in Greece (i.e., you do not need to live full-time in Greece). This is a key benefit for investors from Turkey who may wish flexibility. Totsi+1
Path to Greek citizenship: - Greece does not offer citizenship by investment immediately. Citizenship comes via naturalisation after fulfilling residence requirements. Global Citizen Solutions+1
- Typically, you would need to reside in Greece for at least seven years, meet language and cultural integration requirements, and maintain good record. Global Citizen Solutions
Dual nationality considerations for Turkish citizens: - As a citizen of Turkey you can hold dual citizenship, provided that Turkey’s law allows it. Turkey allows dual citizenship.
- Greece also allows dual nationality. Thus you can keep your Turkish passport and nationality while eventually acquiring Greek citizenship — provided you fulfil Greek naturalisation rules.
- Therefore a Turkish investor does not necessarily have to renounce Turkish nationality when obtaining Greek citizenship. This is especially important for Turkish nationals considering these moves.
Hence, for applicants from Turkey, the Greek Golden Visa offers a real path to long-term residency, and potentially to citizenship — without losing your Turkish nationality.
7. Key Pitfalls & Local Realities
For Turkish investors applying to the Greek Golden Visa, be aware of common pitfalls and local market realities.
Currency and economic risk:
- The Turkish lira is volatile; transferring large sums into euros can lead to timing risk.
- If a Turkish investor delays funds transfer, property prices in Greece may rise or threshold rules may change (which they have).
Banking and regulatory constraints: - Turkish outbound capital controls may slow the approval of large payments to Greek accounts.
- Greek AML and due diligence for non-EU nationals may require more documentation if funds originate from Turkey.
Legal, translation, bureaucratic issues: - Documents from Turkey may require translation, notarisation, apostille for Greek authorities.
- Contracts in Greek law may contain clauses unfamiliar to Turkish investors; obtaining trusted Greek legal counsel is critical.
Property market and investment risks: - In high-demand zones (e.g., Athens, Mykonos) you face higher thresholds (€800k) and higher prices. If you are from Turkey, you may find better value in other regions.
- Leasing restrictions: Greece now limits certain short-term rental uses (e.g., Airbnb) for Golden Visa properties. Russian analysis says you must use property for personal residence or long-term rental. Global Residence Index+1
Timing and regulatory changes: - Greece updated its Golden Visa law effective 31 Aug 2024 with new thresholds and rules. Golden Visa Greece+1
- Turkish investors must act timely because threshold changes may disadvantage those who delay.
In sum, while the Greek Golden Visa is attractive for Turkish nationals, failing to plan for these local realities may lead to delays, higher costs or compliance risk.
FAQs
Do Turkish citizens need a visa to enter Greece before applying?
Yes, if you are a citizen of Turkey you may need a Schengen visa to enter Greece to view property, sign contracts, open a bank account, unless you already hold another visa or are exempt. It is wise to check the latest Greek entry rules for Turkish nationals.
Can Turkish nationals resell the property later and keep the visa?
You must maintain the qualifying investment (for example ownership of the Greek property) during the 5-year permit period and renewals. If you sell the property too soon you may risk the residence permit. Always structure with long-term intent.
Can I keep my Turkish passport if I get Greek citizenship?
Yes! Turkey allows dual citizenship. Greece allows dual nationality as well. Once you naturalise in Greece you may keep your Turkish passport and nationality — provided you comply with both countries’ rules.