Turkish Citizenship
TURKISH AUTHORITIES RAISE THE MINIMUM PRICE OF REAL ESTATE FOR CITIZENSHIP
The Turkish government has decided to increase the minimum cost of buying real estate for foreign nationals to obtain citizenship. If some time ago they could buy a house or apartment for $250,000, now only investors who purchase real estate for $400,000 will become citizens of the country. The authorities also remind that this property cannot be sold or managed within 3 years from the date of purchase.
The last decision about foreign investors acquiring the right to Turkish citizenship was made in 2018. According to this, the process has been further facilitated by reducing the amount of investment that foreign investors must make in order to gain citizenship from $400,000. Foreigners who bought real estate worth $400,000 in Turkey have the right to apply for Turkish citizenship. This right not only applies to the investor but also to their legally married spouse and children under 18.
Turkish Citizenship by Investment
Benifits
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Being a Turkish citizen brings many benefits both for investors and their families in terms of social life, financial opportunities and easy travel. Turkey guarantees the welfare and future of them with free healthcare and education services provided to its citizens.
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The program also provides shortcuts for relocation in the UK and the USA under special visa categories suitable for Turkish citizens. Foreign investors may begin the process of becoming British citizens by relocating to the UK as a beneficial extension of the agreements between the two countries. Besides, there is the possibility to live in the USA by having an E-2 investment visa.
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Foreign investors can buy real estate as residential property or as a prospective asset with the possibility of a high return on investment (ROI) and outstanding capital appreciation growth. Turkey has an extensive selection of comfortable residences, Serviced apartments, hotel suites, family houses, and luxury seaside villas at appropriate costs for all budgets. Foreign investors may also gain rental income from their real estate investments or sell them after the 3-year restriction period.
REQUIREMENTS
- There are different options and requirements to get Turkish citizenship.
- The easiest and fastest option is to become a Turkish citizen by purchasing a property worth $400,000.
- Those who have purchased a minimum of $400,000 worth of housing, workplace, estate or similar properties can initiate their application process by proceeding to The General Directorate of Land Registry and Cadastre.
- The documents requested by the government institutions should be prepared in accordance with the legislation.
- After the application to The General Directorate of Land Registry and Cadastre, real estate appraisers check if the purchased property is worth $400,000 or not.
- The applicant must hold the property for a minimum of 3 years.
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Over the past number of years, Turkey and the European Union have been holding talks which may in the future culminate in Turkey joining the EU and the Schengen Area. This would grant Turkish passport holders visa-free access to a host of new countries within Europe and beyond.
Earlier this year, Turkey announced it would grant visa-free entry to citizens of six European nations, including Austria, Belgium, the Netherlands, Spain, Poland and Great Britain. No doubt, the Turkish government is thus boosting the tourism industry while also hoping that European partners may reciprocate.
