Comparison of Greece Golden Visa Program to Turkey Investment Residency Program

Investing in a foreign country with the aim of gaining residency can be a complex decision, requiring a careful evaluation of various factors including costs, benefits, and regulations. Two countries that have been increasingly popular for their residency by investment programs are Greece and Turkey. Both nations offer attractive packages, but they differ in a number of critical aspects. This article seeks to provide a comparative analysis of the Golden Visa programs offered by Greece and Turkey, focusing on key aspects such as fees, approval time, benefits, and more.

Schengen Membership

One of the primary benefits of the Greek Golden Visa program is that Greece is a Schengen member. This membership allows Golden Visa holders the freedom to travel visa-free to 26 Schengen countries in Europe. Turkey, on the other hand, is not a Schengen member. Therefore, investment in Turkey’s residency program does not grant visa-free access to the Schengen area.

Financial Considerations for Investment Opportunities

Investment Fee Structure in Greece:

In Greece, the investment fees for acquiring a Golden Visa are generally divided based on the geographical location of the property.

• Outside of Major Tourist Hubs: For areas outside the bustling cities and popular tourist destinations of Athens, Thessaloniki, Mykonos, and Santorini, the minimum investment required for real estate is €250,000. This could be in residential or commercial property.
• Within Major Tourist Hubs: For property acquisitions in Athens, Thessaloniki, Mykonos, and Santorini, the investment threshold is higher, standing at €500,000. Here too, the investment can be in any type of real estate property—be it residential, commercial, or a mix-use asset.

Investment Fee Structure in Turkey:

Turkey's investment pathways for its own version of a Golden Visa program are more varied and provide multiple options tailored to different investment strategies and objectives.

• Option 1 / Property Investment: With a minimum investment of $400,000, you can purchase either residential or commercial property. Importantly, you aren't restricted to just one property, offering the flexibility of diversifying your portfolio. Investors have the freedom to re-sell these assets after a holding period of 3 years.
• Option 2 / Cash or Fixed-Asset Investment: The second option requires a cash investment of $500,000, which can either be placed as a deposit in a Turkish bank for a minimum of 3 years or allocated towards a fixed-asset investment that is confirmed by Turkey's Ministry of Industry and Technology. Government bonds also qualify for this category, and they come with the added benefit of earning interest during the investment period. For all these avenues, the investment is to be held for a minimum of 3 years.
• Option 3 / Business Establishment: If you're looking to establish a commercial footprint in Turkey, the third option allows you to set up a business venture. However, this business must create employment for at least 50 Turkish citizens. This needs to be verified and confirmed by the Turkish Ministry of Labor and Social Security.

Greece’s Golden Visa program is centered around real estate investment, offering straightforward and tiered investment levels that vary based on location, making it adaptable to diverse investor needs. This focus on real estate, coupled with the strategic geographic and economic positioning of Greece in Europe, potentially offers investors a gateway to a broader range of benefits and opportunities within the European Union.

In contrast, Turkey presents a variety of investment options, encompassing a multi-faceted approach. While the most economical property investment in Turkey begins at $400,000 with an option to sell after 3 years, Greece’s program offers a differentiated and potentially advantageous pathway for those looking to invest in real estate and access the European market.

Tax Benefits

Greece offers a favorable tax regime for investors, making it an enticing option for those looking to optimize their tax liabilities. Turkey does not offer any such tax advantages as part of its residency program.

Money Back Guarantee

Greece offers a money-back guarantee under specific conditions, adding an extra layer of security to your investment. This feature is absent in Turkey’s program.

Duration and Approval Time

Golden Visa Length: A Comparative Overview

• Greece: Offers a Golden Visa with a validity of 5 years, featuring the convenience of automatic renewal. A standout advantage of opting for Greece’s program is the opportunity it presents for obtaining permanent residency in Europe, which can be notably beneficial for those seeking access to a multitude of European countries.
• Turkey: Provides a Golden Visa that grants permanent residency exclusively in Turkey.

This distinction highlights that while Turkey’s program offers immediate permanent residency within its borders, Greece’s Golden Visa serves as a gateway to permanent European residency, offering a broader range of long-term options and benefits for applicants.

Approval Time

• Greece: 90 days
• Turkey: 60-90 days

The approval time for both programs is relatively similar, ranging from 60 to 90 days.

Minimum Stay Requirement

Both Greece and Turkey have zero minimum stay requirements. This flexibility allows investors to maintain their primary residence in another country while still enjoying the benefits of the Golden Visa.

Citizenship Opportunity

Greece offers an opportunity for European citizenship, subject to meeting certain conditions and waiting periods. Turkey, while providing a Turkish passport, does not offer EU citizenship as it is not an EU member.

Real Estate in Turkey and Greece with Expert Guidance

Navigating Risks in Turkey

Investing in a foreign country necessitates a thoughtful consideration of the associated risks and opportunities. In Turkey, as in any dynamic market, it is essential to be well-informed and cautious, particularly in the fields of real estate and immigration. Awareness and vigilance are key to avoiding potential pitfalls and ensuring a secure investment.

To navigate the investment landscape safely, prospective investors are encouraged to conduct comprehensive research and seek information from reputable sources. Various online forums and official government websites provide valuable insights into making informed decisions and identifying reliable investment avenues.

Safety and Expert Guidance in Greece

In contrast to other regions, Greece boasts a stable economic environment, offering a secure landscape for foreign investments. While conducting due diligence is a universal recommendation for any international venture, Greece’s robust regulatory framework and the availability of certified real estate agents make the process more secure and transparent.

These professionals in Greece are well-acquainted with the intricacies of property transactions and residency programs, ready to guide investors through the nuanced processes. They assist in navigating paperwork, performing property valuations, and ensuring that investments comply with all Greek laws and regulations, thus contributing to a smoother and safer investment journey.

By engaging with qualified real estate experts like iLand in Greece, investors are not only placing capital in property but also investing in peace of mind. This professional guidance is particularly beneficial for those unfamiliar with the legal and financial landscape of Greece, ensuring a careful and informed approach to investment decisions.

Conclusion

In conclusion, Greece and Turkey each present unique opportunities for real estate investment and residency programs. Greece offers a stable economic environment and well-regulated real estate market, providing investors with a sense of security and transparency. Turkey, on the other hand, offers a broader array of investment opportunities, but with this comes higher inherent risks, particularly in the real estate sector due to the current economic climate. The choice between the Greek Golden Visa Program and the Turkish Investment Residency Program will therefore depend on individual priorities, including financial considerations, travel freedom, safety, and the availability of expert guidance.