Is Greece's Golden Visa still the best EU citizenship pathway for Canadians in 2026?

For Canadians seeking EU residency and eventual EU citizenship through a property investment, Greece is currently the best available option. Portugal's property Golden Visa closed in October 2023 (the fund route remains). Spain cancelled its Golden Visa in April 2025. Malta's CBI program is available but expensive (€750,000+ donation component) and less straightforward for property buyers. Greece's property Golden Visa thresholds range from €250,000 in qualifying areas to €800,000 in premium zones — with the €400,000 tier covering most non-Athens destinations including Crete, Rhodes, Corfu, and mainland non-premium zones. The 5-year renewable residency, EU freedom of movement, and 7-year citizenship pathway (requiring physical residence) make this the most accessible EU citizenship pathway through property investment available to Canadians today. For the full analysis, see our Greece Golden Visa zones guide.

Does Turkish citizenship allow Canadians to travel to Europe without a visa?

No — and this is the most common misunderstanding about Turkish CBI. Turkey is not an EU member and is not part of the Schengen Area. A Turkish passport does not provide visa-free access to EU countries or the Schengen Zone. Turkish passport holders require a Schengen visa (short-stay C-visa) to enter most EU countries. The Turkish passport provides genuine visa-free access to approximately 110 countries (2026) including Japan, South Korea, various Latin American countries, and several other markets — but the EU/Schengen access that most Canadian investors associate with European citizenship does not apply to Turkey. Canadian citizens already have Schengen visa-free access for 90 days within 180 days, so the Turkish passport adds relatively little for European travel access for Canadians specifically.

How serious is the earthquake risk for property buyers in Turkey vs Greece?

Turkey's earthquake risk is among the most serious of any major property market globally. The 2023 Kahramanmaraş earthquake (7.8 magnitude) killed over 50,000 people and destroyed hundreds of thousands of buildings — making it one of the 21st century's most destructive natural disasters. Istanbul sits on the North Anatolian Fault — geological consensus considers a major Istanbul earthquake (M6.5–7.5+) a significant risk within the next 50 years. Bodrum, Izmir, and western Turkey's Aegean coast are also in high-seismicity zones. Due diligence for any Turkish property purchase must include: verifying construction year (pre- vs post-2000 Turkish building code); verifying DBYBHY (Deprem Bölgelerinde Yapılacak Binalar Hakkında Yönetmelik) 2007 code compliance for newer buildings; earthquake insurance (DASK — compulsory in Turkey); and a structural engineer's assessment for older buildings. Greece's seismic risk is real but generally lower: the 2020 Samos earthquake (7.0) and smaller frequent events are the norm. Greek building codes since 2001 incorporate seismic design requirements. The specific property and location within Greece matters significantly — Ionian Islands and parts of the Cyclades carry higher risk than Crete or the Peloponnese.

How does Turkish Lira depreciation affect the investment calculation for Canadians?

Turkish Lira depreciation has two simultaneous effects for Canadian buyers: (1) Entry value advantage: a Canadian converting CAD to TRY for a property purchase today benefits from extraordinary purchasing power relative to 2018–2020 levels. Istanbul luxury apartments and Bodrum villas that would have cost $200,000–$400,000 CAD equivalent in 2018 are available for $40,000–$100,000 CAD equivalent today if priced in Turkish Lira at current exchange rates. (2) Exit value risk: the same depreciation means your Turkish asset's CAD value has declined dramatically from a 2018 base. If you bought at $200,000 CAD equivalent in Turkish Lira in 2018, that same property in Turkish Lira is worth approximately $30,000–$50,000 CAD equivalent today — an 80%+ CAD loss. For new buyers entering at 2026 prices: you are buying at the bottom of the lira cycle (or near it) — the upside case is lira stabilization and recovery plus property appreciation. The risk: lira can depreciate further. Model both scenarios explicitly. Only invest capital you can hold for 10+ years with currency recovery risk fully priced in.

What is the Greek AFM tax number and how does a Canadian get one?

The AFM (Αριθμός Φορολογικού Μητρώου — Greek Tax Registry Number) is Greece's equivalent of Canada's SIN for tax identification purposes. It is required before any property transaction, opening a Greek bank account, or engaging with Greek tax authorities. For Canadians: the AFM is obtained through a Greek tax lawyer or accountant acting as fiscal representative. The process: (1) Appoint a Greek lawyer with fiscal representation authority. (2) The lawyer submits your identification documents (passport, Canadian address confirmation, reason for AFM application) to the Greek tax authority (AADE). (3) AFM is assigned — process takes approximately 1–2 weeks. Cost: €150–€400 including fiscal representative setup. The AFM must be obtained before any property offer is accepted or deposit paid — start the process as soon as you decide to proceed with a Greek purchase. For the complete process, see our guide to the Greek AFM for Canadians.

Can I rent out my Greek or Turkish property as a short-term rental?

Greece: Short-term rental (Airbnb/VRBO) is legal and common in Greece, operating under the myDATA digital rental registration system. Rental income from Greek property is taxable in Greece at progressive rates (15–45%) for resident landlords; at 15% flat for non-residents up to €12,000, rising to 35–45% for higher rental income. An AFM is required for rental registration. Greek islands — particularly Crete, Corfu, Rhodes, Mykonos, and Santorini — have established international tourist rental markets with good occupancy rates. Turkey: short-term rental is permitted and Airbnb operates in Turkey. Istanbul and Bodrum have active rental markets. However, Turkey introduced new regulations in 2023 requiring tourist rental registrations with TUROB (Turkish hotel association), creating a licensing process for STR properties. Verify current registration requirements for the specific property and municipality. Tax: Turkish rental income for non-residents is taxed after standard deductions at progressive income tax rates. Turkey's STR market is more domestically focused than Greece's internationally dominated market.

Is Greece or Turkey cheaper overall for Canadian property buyers?

Turkey is dramatically cheaper in Canadian dollar terms due to lira depreciation. In Istanbul's premium Bosphorus districts (Bebek, Emirgân, Arnavutköy), quality 2-bedroom apartments are available for $80,000–$200,000 CAD equivalent. In Bodrum's premium areas, comparable units are $60,000–$150,000 CAD. In Greece, comparable-quality apartments in Athens start at approximately €200,000–€350,000 ($290,000–$510,000 CAD); on the islands from €300,000+; Golden Visa-qualifying properties from €250,000 ($363,000 CAD+). The Greek Golden Visa minimum (€250,000 / ~$363,000 CAD) is approximately 2–4× the price of comparable quality Turkish property. The price gap reflects currency devaluation risk, geopolitical risk, and the absence of EU access in Turkey — not a comparative quality advantage. For buyers who want EU residency and eventually EU citizenship: Greece is the only option between the two, regardless of price.

What are the best areas to buy property in Greece for a Canadian investor?

The best Greek areas for Canadian investors depend on the objective: Golden Visa (€400K zone): Crete (Heraklion, Chania, Rethymno), Rhodes, Corfu, and mainland non-premium zones. The €400,000 threshold applies in these areas, making them the most accessible Golden Visa markets. Golden Visa (€800K zone, premium): Athens (Glyfada, Kifisia, Kolonaki), Mykonos, Santorini. Higher investment but deeper rental markets and stronger appreciation prospects. Rental yield focus: Crete (5–8% gross), Corfu (4–6%), Rhodes (4–6%). Pure lifestyle without Golden Visa: the Peloponnese (mainland, authentic, cheaper), Halkidiki (northern mainland, three-fingered peninsula, less touristy), smaller Cyclades islands (Paros, Naxos — more affordable than Mykonos/Santorini). For the full island-by-island breakdown, see our guide to Greece island property for Canadians.

Greece vs Turkey for Canadian Property Buyers 2026: Golden Visa vs CBI | Compass Abroad

Reviewed on March 2026 by the Compass Abroad editorial team

Greece wins for Canadians who want EU residency, EU citizenship (7 years), suspended capital gains tax, and a Canada tax treaty. It is Europe's only remaining property Golden Visa. Turkey wins on entry price (lira depreciation creates CAD value), CBI citizenship at $400K, and lower purchase costs — but provides no EU access and carries higher earthquake risk and no Canada treaty. These are fundamentally different investment theses: Greece is an EU integration play; Turkey is a value and second-citizenship play.

Critical distinctions: Turkish CBI passport does NOT provide EU/Schengen access (Turkey is not EU). Greek Golden Visa thresholds: €800K in Athens/Mykonos/Santorini; €400K in other areas including Crete, Rhodes, Corfu; €250K for heritage conversions. Both countries have serious seismic risk — verify building codes before any purchase.

Key Takeaways

Greece and Turkey represent fundamentally different investment theses for Canadian property buyers. Greece is an EU Golden Visa play — buying a Greek property means buying into the European Union's legal and economic framework, a path to EU residency and ultimately EU citizenship, and a property market that is recovering from historical lows with support from global Golden Visa demand. Turkey is a value and CBI play — buying Turkish property means gaining a second citizenship at a fraction of the cost of EU programs, accessing extraordinary value created by lira depreciation, but accepting non-EU status and all the geopolitical and currency risk that entails.
Greece's Golden Visa remains Europe's only major active property-based EU residency program after Portugal (closed October 2023) and Spain (cancelled April 2025). This structural scarcity has concentrated Golden Visa demand into Greece, supporting property prices in the qualifying markets. The €800,000 threshold in premium zones (Athens, Thessaloniki, Mykonos, Santorini) is high but achievable. The €250,000 threshold in qualifying heritage conversion properties and specific lower-demand areas is one of the most accessible EU citizenship pathways in the world.
Turkey's Citizenship by Investment at $400,000 USD (maintained for 3 years) is the most affordable citizenship-by-property program among major economies. The Turkish passport provides visa-free access to approximately 110 countries — genuinely useful for Canadians who want a second passport for travel flexibility, business access to Turkey's neighborhood (Middle East, Central Asia, Eastern Europe), or as a hedge against Canadian passport restrictions. However: EU/Schengen access is not included. The single most common Canadian question about Turkish CBI is 'Does it give EU access?' — the answer is definitively no.
The Turkish Lira's extraordinary depreciation (approximately 85% against the CAD over 2018–2026) creates genuine entry value for Canadian buyers who have time to wait for potential stabilization and lira recovery. The argument: Istanbul's Bosphorus-view apartments and Bodrum's luxury villas at lira-denominated prices translate to CAD valuations 70–80% below what equivalent properties in comparable European markets would cost. The counter-argument: the same depreciation means your Turkish property's value in CAD terms has already collapsed from a 2018 baseline — you need lira recovery AND asset appreciation to make positive total returns from today's entry.
Earthquake risk is the most underweighted risk in both markets from a Canadian buyer perspective. Turkey's seismic risk is severe and documented by recent catastrophic events (2023 Kahramanmaraş, 7.8 magnitude, 50,000+ deaths). Istanbul's geologists and the North Anatolian Fault system are a matter of scientific consensus. For property in Istanbul or western Turkey: seismic resilience of the specific building (construction year, post-2000 DBYBHY compliance, insurance coverage) must be verified before any purchase. Greek seismic risk is real but generally lower outside specific zones (Ionian Islands, parts of the Cyclades) and Greek building codes since 2001 have been substantially improved.
The capital gains tax suspension in Greece is a meaningful investment advantage that does not exist in Turkey. Since 2013, Greece has renewed legislation that effectively suspends capital gains tax on individual property sales. A Canadian who buys at €400,000 and sells at €600,000 owes no Greek property gains tax — only Canadian capital gains tax (50% inclusion at marginal rates). In Turkey, properties held less than 5 years are subject to Turkish income tax on gains at rates up to 40%; at 5+ years, gains are exempt. The 5-year hold requirement for Turkish CGT exemption aligns with the 3-year CBI holding requirement, creating a practical minimum hold of 5 years for full Turkish tax efficiency.
Both countries require professional legal representation — and the specific expertise required differs significantly. For Greece: a Greek lawyer with experience in Golden Visa applications, the Ktimatologio land registry, and unauthorized construction issues (extremely common in Greek properties) is essential. For Turkey: a Turkish lawyer with experience in foreign buyer military clearance, title deed verification, and the CBI application process. In neither case should a buyer rely on the seller's or developer's recommended lawyer. Independent legal representation is the single most important due diligence step.
Canada's tax treaty with Greece but not Turkey has practical implications that accumulate over a holding period. Each year, Greek rental income is taxed under the treaty framework with standardized rates and credit mechanisms. Turkish rental income requires direct FTC calculation without a treaty framework — still creditable in Canada, but requiring a more complex annual tax return for a Canadian accountant. Over a 10–20-year holding period, this administrative difference adds up in accounting costs and complexity. Factor it into your total cost of ownership model.

Greece vs Turkey: Key Facts for Canadian Property Buyers

Greece Golden Visa: EU residency from €250K–€800K: Greece's Golden Visa program (Investor Residence Permit) is Europe's only major remaining property-based Golden Visa program after Portugal's closure in October 2023 and Spain's cancellation in April 2025. Current thresholds (2026): €800,000 minimum in high-demand zones (Attica/Athens, Thessaloniki, Mykonos, Santorini, and specific high-demand islands). €400,000 in medium-demand zones. €250,000 in certain low-demand areas and for qualifying heritage property conversions. The Golden Visa provides 5-year renewable residency with full EU freedom of movement and EU citizenship eligibility after 7 years of qualifying physical residence.
Turkey CBI: citizenship at $400K USD — no EU access: Turkey's Citizenship by Investment program requires a minimum property investment of $400,000 USD (or equivalent in Turkish Lira at the Central Bank rate). The investment must be maintained for 3 years. The Turkish passport provides visa-free or visa-on-arrival access to approximately 110 countries (2026) — including Japan, South Korea, and many Latin American countries — but not to the EU/Schengen Area (Turkey is not an EU member and accession negotiations are effectively frozen). Turkey's CBI is the most affordable citizenship-by-property program among major economies. However: Turkish citizenship does not provide EU access — this is the critical distinction from Greece's Golden Visa.
Capital gains tax: Greece suspended, Turkey standard: Greece: individual capital gains tax on the sale of real estate has been effectively suspended by successive legislative acts since 2013. As of 2026, individual sellers do not pay capital gains tax in Greece on property sales. This is a significant investment advantage. Turkey: standard capital gains taxation applies. Properties held for fewer than 5 years are subject to income tax on gains (Turkish progressive income tax rates up to 40%). Properties held for 5+ years are exempt from Turkish capital gains tax. Canada: property sales in both countries trigger Canadian capital gains tax for Canadian-resident sellers — the local tax (or its absence) reduces but does not eliminate Canadian obligations.
Turkish Lira depreciation — the value argument: The Turkish Lira (TRY) has depreciated dramatically against the Canadian Dollar (CAD): from approximately 1 CAD = 5 TRY in 2018 to 1 CAD = 30–35 TRY in 2026. This depreciation means Canadian buyers' purchasing power in Turkey has increased by 6–7× over eight years. A property that cost $200,000 CAD equivalent in 2018 can now be acquired for approximately $30,000–$50,000 CAD if priced in Turkish Lira. Istanbul's prestigious Bosphorus-view apartments and Bodrum's luxury villas are available at CAD valuations that would be impossible in any Western European market. However: the same lira depreciation means Turkish property values measured in CAD terms have declined sharply from a 2018 base. Lira risk cuts both ways — it creates entry value and complicates exit calculations.
Earthquake risk: both countries, different profiles: Both Greece and Turkey sit on major tectonic fault systems. Turkey: the 1999 İzmit earthquake (17,000+ deaths), the 2023 Kahramanmaraş earthquake (50,000+ deaths), and numerous historical major earthquakes establish Turkey as one of the world's highest earthquake-risk countries. Istanbul sits on the North Anatolian Fault — seismologists consider a major Istanbul earthquake (M7.0+) a significant risk within the 21st century. Bodrum (Aegean coast) also carries high seismic risk. Greece: the 2017 Kos earthquake, the 2020 Samos earthquake, and frequent smaller events throughout the country. Athens has experienced major earthquakes (1999 Athens earthquake). Greek building codes have been tightened significantly since 2001. The Cyclades islands (Santorini, Mykonos) sit in a high seismicity zone. For investment buyers: verify building construction date and adherence to post-2001 seismic codes in Greece; verify post-2000 DBYBHY construction in Turkey.
Canada-Greece Tax Treaty: active, Canada-Turkey: none: Canada and Greece have a comprehensive tax treaty (Canada-Greece Convention for the Avoidance of Double Taxation). Key rates: dividends 5–15%, interest 10%, pensions/CPP/OAS — taxable in the country of residence (generally Canada). Canada and Turkey do not have a bilateral comprehensive tax treaty. This is a meaningful administrative disadvantage for Canadians owning Turkish property — income from Turkish sources (rental, dividends, interest) does not benefit from standardized withholding rates or formal double-taxation prevention mechanisms. Canada's Foreign Tax Credit still applies but the calculation is more complex.
AFM / Tax Number requirements (Greece): All Greek property transactions require an AFM (Αριθμός Φορολογικού Μητρώου — Greek Tax Identification Number). Canadians obtain the AFM before purchase, through a registered Greek tax lawyer or accountant acting as fiscal representative. The AFM is also needed to open a Greek bank account (required for property purchase funds). Processing time: 1–2 weeks. This is analogous to Portugal's NIF or Spain's NIE — a mandatory prerequisite. See our guide to getting a Greek AFM tax number as a Canadian.
Property purchase process: Greece vs Turkey: Greece: property purchase requires AFM, Greek bank account, independent lawyer (strongly recommended), notary (symboleografos), and registration at the Land Registry (Ktimatologio). Transfer taxes: ENFIA (annual property tax) + FPA (VAT on new construction, 24%) or FMA (transfer tax on resale, 3.09%). Turkey: property purchase requires Turkish tax number (Vergi Kimlik Numarası), military clearance (required for foreign purchases — verifies property is not near military zones, takes 1–4 weeks), Turkish bank account, and registration with the Land Registry (Tapu Sicil Müdürlüğü). Transfer tax: 4% of declared value (split between buyer and seller or negotiated). Both countries require buyers to physically attend or provide notarized power of attorney for a local representative.
Rental market: Greek islands vs Turkish coast: Greece's Aegean islands (Mykonos, Santorini, Crete, Corfu) and Cyclades have robust short-term rental markets — Airbnb and VRBO are widely used by tourists from across Europe. Gross yields in established rental properties: 5–8% in Crete, 4–6% in Athens. Turkish Aegean coast (Bodrum, Cesme, Datca) and Istanbul have developed STR markets, though tourism is more domestic/regional and international STR demand is lower than Greek islands. Turkey's visa-on-arrival accessibility for many source markets (vs Greece's Schengen membership) has some effect on tourist composition.
Geopolitical considerations: Greece is an EU and NATO member — a stable Western European democracy with EU institutional framework protecting property rights. Turkey is a NATO member but not EU — an independent republic with its own legal system and regulatory framework. Political risk in Turkey has risen since 2016 (failed coup attempt, presidential system change, strained EU/US relations at various points). For Canadian investors: Greek property sits within EU legal protections and judicial oversight frameworks; Turkish property is governed by Turkish law without EU institutional backstop. This is a material risk difference for a long-term investment.

Greece vs Turkey: Full Comparison Table for Canadians

Greece vs Turkey property comparison — 15 factors for Canadian investors
Factor	Greece	Turkey
Investment visa / residency	Golden Visa — €250K–€800K (property-based)	No investment residency — CBI for citizenship only
Citizenship by investment	EU citizenship at 7 years physical residence	Turkish citizenship at $400K (3-year hold)
EU access	Yes — full EU/Schengen access	No — Turkey is not EU/Schengen
Capital gains tax (individual)	Suspended (effectively zero, since 2013)	Zero after 5-year hold; up to 40% under 5 years
Canada tax treaty	Yes — Canada-Greece Tax Treaty	No — no bilateral treaty
Property transfer tax	3.09% (resale); 24% VAT (new)	4% (split buyer/seller by negotiation)
Annual property tax	ENFIA — based on property value	Emlak Vergisi — 0.1–0.6% of declared value
Currency	Euro (EUR) — stable	Turkish Lira (TRY) — highly volatile
Entry price (quality 2-bed)	€250K–€800K (Golden Visa zone dependent)	USD $50K–$400K+ (huge range, lira-dependent)
Earthquake risk	Moderate to high (island and mainland zones)	High to very high (especially Istanbul, western coast)
Military clearance required	No	Yes — 1–4 weeks for foreign buyers
Rental market (tourism)	Strong — major European tourist destination	Moderate for international; stronger for domestic
Legal framework	EU law + Greek law	Turkish law — no EU institutional backstop
Flight from Toronto	No direct — via London/Frankfurt (~14h)	No direct — via Istanbul/European hub (~14h)
CBI citizenship passport strength	EU passport — ~185 visa-free countries	~110 visa-free countries

Greece's Golden Visa: Europe's Last Major Property Program

When Portugal closed its property Golden Visa in October 2023 and Spain cancelled theirs entirely in April 2025, Greece absorbed the displaced demand. The concentration of EU Golden Visa seekers into a single remaining country has had a measurable effect on Greek property prices in Golden Visa qualifying zones — particularly Athens, where prices have risen sharply since 2023 as the global capital of EU residency-by-investment.

For Canadian buyers who had been evaluating Portugal vs Greece, the choice has been resolved by Portugal's closure. For the full analysis of what remains available in the EU Golden Visa market, see our guide to Golden Visa alternatives after Portugal and Spain and our Portugal vs Greece Golden Visa 2026 comparison.

Turkey's CBI: What You Actually Get

Turkey's Citizenship by Investment program has been running since 2018 and has attracted significant investment from nationals of countries with less powerful passports than Canada's. For Canadians, the Turkish CBI's most legitimate use cases are: business access to Turkey's regional sphere (Canada-Turkey dual citizenship allows easier access to Turkey, Central Asia, and some Middle Eastern markets); a backup citizenship as a hedge against future Canadian restrictions; and access to Turkey's property market at post-lira-collapse valuations.

For a Canadian who already holds one of the world's strongest passports, the Turkish CBI's travel document advantages are marginal. The investment case rests primarily on the property value argument and the geopolitical hedge — neither of which is straightforward. See our detailed Turkey citizenship by investment guide for Canadians for the full analysis of the CBI program mechanics.

The Greece AFM and Turkey Tax Number: First Steps

In both countries, a tax identification number is the mandatory first step before any property transaction. In Greece, this is the AFM (Αριθμός Φορολογικού Μητρώου). In Turkey, this is the Vergi Kimlik Numarası (Tax Identification Number). Both are obtained through a local lawyer or accountant. In Greece, the AFM process takes 1–2 weeks via a fiscal representative; in Turkey, the tax number can often be obtained at a local tax office (Vergi Dairesi) in a single day for applicants physically present in the country.

For Greece specifically, see our guide to the Greece AFM tax number for Canadians.

Greece or Turkey — Find a Specialist Who Knows Both

Compass Abroad connects Canadian buyers with vetted specialists in both markets. Whether you are pursuing a Greek Golden Visa, exploring Turkish property value, or trying to decide between the two, we connect you with the right local expertise.

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Greece vs Turkey for Canadian Property Buyers