Pursuant to an amendment passed in October 2018, the minimum amount required for the Turkish citizenship through investment was dropped from $1 million to $250 thousand. Mr. Bayram Tekçe, the Chairman of Antalya Homes, Turkey’s leading real estate company, said, “Turkey sees serious demand from more than 100 countries however the minimum amount for citizenship by investment is properly below the limits that different countries impose via similar programs like Golden Visa in Spain, also recognised as Investor Visa. We predict that this situation is about to change with plans to elevate the minimum amount to $500 thousand.”
Investors should seize the chances that Turkey offers.
Bayram Tekçe similarly compared Turkey’s stipulations to those of other European countries, “Spain requires you to make investments at least €500 thousand in real estate and then wait for 10 years earlier than you can take an examination and apply for citizenship. On the other hand, Greece only offers a 5-year dwelling permit when you buy a property for €250 thousand and above. Compared to these countries, Turkey affords a vital opportunity, granting citizenship to overseas nationals, their spouses and underage kids when they make investments $250 thousand in real estate. All citizenship strategies can be carried out through strength of attorney and carried out in as little as six months. Turkish authorities are cautious of the rise in demand, and we anticipate them to elevate the minimal real estate investment amount to $500 thousand by 2020. I suggest people who desire to take benefit of citizenship by investment to hurry up.”
Turkey expects records in property sales to foreign nationals.
According to Turkish Statistical Institute data, sales of residential properties reached 45,483 units in 2019 with the impact of the amended citizenship by investment program. Sales expectations for year-end 2020 are $9 billion in revenues. The Ministry of Environment and Urbanization, accountable for residential sales procedures for foreign nationals, declared that land registry offices will be opened in 12 countries to expedite the transactions.