Turkish Citizenship by Investment
Due to a number of factors and circumstances, Turkish real estate experts are expected to make a decision by the Turkish government to increase the amount used to purchase properties belonging to Turkish citizens from US$250,000 to US$400,000. Since September 2018, 20,000 foreigners have benefited from Turkey’s previous citizenship system, including her 16,968 who obtained Turkish citizenship between June 2021. Iranians, Afghans, Iraqis, Yemenis, Chinese and Palestinians were the first to obtain citizenship among Turkish owners. When it comes to Palestinian citizenship, the inland Arab has been one of the most powerful Turkish nationals in the last five years, and is among the top 10 most popular ethnic groups across Turkey. Before delving into the motivations of Turkish authorities to increase the value of Turkish passports, we need to look at the conditions for obtaining Turkish citizenship in exchange for real estate investments. What are the conditions for obtaining Turkish citizenship in exchange for property? Turkish Legal Requirements for Turkish Citizenship: Buying a property or group of properties for $400,000 under a new law that must be promulgated to take effect. You cannot sell your property within 3 years because of your nationality. These qualities apply when applying for Turkish citizenship without legal issues, mortgages, etc. Turkish citizenship requirements are very straightforward compared to some naturalization programs around the world, and as a result thousands of people have applied in recent years. Motivation to raise the value of Turkish citizenship to $400,000 Recently, a combination of factors has led Turkish authorities to increase the value of real estate where foreigners can apply for Turkish citizenship. Post-pandemic surges in building materials and costs have forced builders and developers to push property prices higher while urging the Turkish government to approve plans to increase Turkish citizenship. As most projects are denominated in local currency, the negative impact of the devaluation of the Turkish lira on real estate prices makes the value of apartments for sale very low compared to the exchange rate. Turkey’s vision for 2023 is coming closer and, especially in the area of international trade, Turkey is heading into a new era by liberating Turkey from the Lausanne Treaty, which Turkish officials say is unfortunate. . The impact of Russia’s invasion of Ukraine on Turkey’s economy and the high prices of many products and daily necessities have led to a high cost of living, driving up real estate rents and sales. Will the decommissioning decision affect the Turkish real estate market? The new value of Turkish citizenship for real estate is expected to slightly reduce the number of applications for Turkish citizenship. This is because not all investors can benefit from the program as easily as his September 2018 amendment. However, an increase in decisions does not mean a decrease in demand for Turkish real estate. For example, going back to 2021, there is clear evidence that Turkish owners, citizenship, and also residency and investment purposes play a major role in paying for foreigners to own real estate in Turkey. there is. The decision to cancel could be another sign that the Turkish citizenship program may be scrapped in exchange for buying or procuring real estate in Turkey.