ISTANBUL, Turkey – Pursuant to an amendment passed in October 2018, the minimum amount required for Turkish citizenship by investment was dropped from $1 million to $250 thousand.
Bayram Tekçe, the chairman of Antalya Homes, Turkey’s leading real estate company, said, “Turkey sees serious demand from more than 100 countries but the minimum amount for citizenship by investment is well below the limits that other countries impose through similar programs like Golden Visa in Spain, also known as Investor Visa. We predict that this situation is about to change with plans to raise the minimum amount to $500 thousand.”
Tekçe further compared Turkey’s conditions to those of other European countries: “Spain requires you to invest at least €500 thousand in real estate and then wait for ten years before you can take an exam and apply for citizenship. On the other hand, Greece only grants a 5-year residence permit when you buy a property for €250 thousand and above.”
“Compared to these countries, Turkey offers an important opportunity, granting citizenship to foreign nationals, their spouses and underage children when they invest $250 thousand in real estate. All citizenship procedures can be carried out through power of attorney and completed in as little as six months. Turkish authorities are aware of the rise in demand, and we expect them to raise the minimum real estate investment amount to $500 thousand by 2020. I recommend individuals who wish to take advantage of citizenship by investment to hurry up.”
According to Turkish Statistical Institute data, sales of residential properties reached 45,483 units in 2019 with the influence of the amended citizenship by investment program. Sales expectations for year-end 2020 is $9 billion in revenues. The ministry of environment and urbanization, responsible for residential sales procedures for foreign nationals, announced that land registry offices will be opened in 12 countries to expedite the transactions.
