The official Turkish citizenship program made some adjustments as the Turkish government recently agreed to increase this amount to $400,000. In May 2022, the rules were released in the official gazette. After a month, the modifications took effect. Luckily, applications received before that time will not be charged the higher rate.
The Turkish government raised the amount of minimum investment in the country. An amendment was made in clause B, Paragraph 2, Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law.
Real estate sales have increased recently as war refugees from Russia and Ukraine flew to Turkey to join family members already there, while others chose to rent or buy homes.
Russian investment in Turkey was warmly welcomed. But as investors from Russia and Ukraine fled the conflict, real estate investments also increased in Turkey. Turkey is also very well-liked by numerous Middle Eastern investors from Afghanistan, Iran, and Iraq due to its vibrant market.
With a roughly 50% rise in home sales, the Turkey Citizenship by Investment (CBI) program has attracted close to 7,000 foreign investors. In 2021, foreign real estate investment totaled $5.7 billion. The percentage of homes sold to foreign buyers in March 2022 was 4.1 percent of all home sales in the month. Istanbul came in first place with 2,245 sales to overseas customers.
A local bank will sell the foreign cash to the central bank on behalf of the government in accordance with the new regulation, which will then exchange it into Turkish lira.
Changes in the Turkish citizenship program
At least USD 400,000 is now required to be invested for non-Turkish citizens applying for Turkish citizenship through CBI or real estate acquisition starting on June 13. By granting a month-long grace period, meaning from May 13 to June 13 this year, during which transactions that were already in the works at the time of publication can be finished, the revisions seek to avoid any potential complaints. However, the minimum requirement of USD 400,000 will apply to any additional real estate purchases made after June 13, 2022.
Officials in the industry believe that the sale of homes to foreigners, which reached a record 58,576 units in 2021, a 43.5 percent rise year over year, contributed $10 billion to the economy. With 45,483 units, 2019 broke the previous annual record.
Foreigners buying homes are anticipated to reduce Turkey’s growing current account deficit and help the real estate and construction industries.
Working with a qualified and trustworthy partner like Orience would enable you to make an informed decision regarding Turkish citizenship by investment, make a legally protected investment, and obtain Turkish citizenship in a reasonable amount of time right away.
What’s a Turkey Golden Visa?
A golden opportunity for an investment program in Turkey came in 2016 with the Turkish CBI or Turkey Golden Visa. Within three to six months, it enables international investors to get a Turkish passport. A major investment program in Europe has grown with the introduction of the Turkey CBI in 2017.
Investors can apply for Turkish passports for themselves and every member of their family if the presidential office approves the citizenship decision in three to four months.
Originally, upon purchasing real estate worth USD 250,000 or more, natural persons of foreign origin are eligible to apply for Turkish citizenship through special measures. Foreigners must invest in real estate worth at least USD 250,000 for this reason.
Turkey Golden Visa became a global buzzword for investors ever since. It has drawn more than 35,000 applicants from 2018 to 2020 after lowering its minimum real estate investment requirement from US$500,000 to US$250,000 in 2018.
The program nonetheless received over 14,000 accepted applicants in 2020 despite the Covid-19 outbreak, more than any other citizenship by investment scheme globally.
The Middle East, particularly in nations like Iraq, Iran, and Afghanistan where candidates must overcome severe restrictions and sanctions from other citizens through investment programs, is where Turkey’s program is most well-known.
A total of 125 nations and territories worldwide accept Turkish passport holders without a visa. It does not, however, gain anything from visa-free travel to Schengen regions.
With the US, Turkey has an E-2 visa agreement. This indicates that the applicant may use the E-2 visa program to petition for US residency after obtaining Turkish citizenship. For the Turkish national, this is a considerably faster and more affordable route.
The Turkish Businessperson Visa is another agreement between Turkey and the UK that enables holders of Turkish passports who wish to work or start a business in the UK to do so by requesting a special business visa from the UK and beginning the application process for British citizenship.
Dual citizenship is permitted in Turkey. Turkish passports are available to applicants’ spouses, minor children, and parents who are also their dependents. In addition, staying in Turkey is not required plus, mastering their language professionally is also optional.