There are critical changes in the Turkish Citizenship Investment program, which will affect investors especially interested in the Turkish Citizenship scheme.
The Turkish government has changed the conditions for foreigners to acquire Turkish Citizenship, and after the recent changes in Turkish citizenship investment minimum amount for real estate investment increased to $400,000. According to the new regulation issued in the Official Gazette, one must invest at least $500,000 or purchase real estate worth $400,000 or more to obtain Turkish Citizenship through investment. The regulation also mandated that the money must remain in the country for a minimum of three years.
According to the information received yesterday, in the Presidential Cabinet chaired by President Recep Tayyip Erdoğan, discussed increasing the real estate value that must be purchased for “Turkish citizenship via investment” was discussed.
At the Council of Ministers meeting, it was decided to increase the real estate value to be purchased for the minimum amount for Turkish citizenship applications from 250 thousand dollars to 400 thousand dollars. Within the scope of this decision, it is envisaged to amend the second paragraph of Article 20 of the Regulation on the Implementation of the Changes in Turkish Citizenship Investment law, which contains exceptional provisions regarding the acquisition of Turkish Citizenship.
With the entry into force of this change by being published in the Official Gazette in the following days, those who purchase immovables worth at least 400 thousand USD or equivalent in foreign currency, provided that an annotation is placed on the land registry records, will not be sold for 3 years and at least 400 thousand USD or equivalent in foreign currency.
The flash news has caused a massive debate about how this change will affect the current situation of the Turkish real estate market. Also, another discussion is going on for investors whose application process is still going on. The details will be announced on the official gazette in the following days.
The Turkish Investor Program is one of the most popular dual citizenship programs that empowers you to obtain a Turkish Passport. Investors of this program enjoy the freedom to live, work, and enjoy easy travel to the Schengen zone; by investing in real estate. Additionally, you can also have the right to work and establish a business with the program. In addition, you may have access to education and health care services in Turkey for you and your family. You can easily have a Turkish passport and become a citizen of the Turkish Republic with full rights. Moreover, you may become eligible for Turkish Citizenship when you purchase real estate worth at least $400,000 from any area of Turkey.
The most cost-effective option for investors to qualify for the Turkish citizenship program is to buy property in the country for a minimum value of $400,000. The property can be leased to provide rental income. After 3 years of acquiring Citizenship, investors can re-sell their property. Other alternative investment options include a business set-up as well as a cash deposit.
Contact our local experts for detailed information if you are interested in Turkish citizenship by real estate investment.