- September 25, 2017
- Posted by: CIP Journal
- Category: Citizenship
Turkey currently offers citizenship to foreign investors who buy real estate for $1,000,000 or more and hold it for three years without selling. Turkey introduced citizenship by investment program in Jan 2017.
According to Daily sabah, representatives of real estate sector urged a figure of around $500,000 would attract more investors to Turkey and discussions on the issue have begun.
Environment and Urbanization Minister Mehmet Özhaseki, who visited Turkish stands at Cityscape in Dubai, stated that since the year the reciprocity law was enacted in 2012, the number of foreign citizens who bought real estate in Turkey reached around 160,000 and that they have bought around 77,750 houses, workplaces and land. Özhaseki said that 32,300 people from Gulf countries purchased 16,000 immovable properties and indicated that there is an increase in applications for Turkish citizenship by buying real estate.
According to Invest in Turkey, amendments in Jan, 2017 eases Turkish citizenship to foreign investors:
Foreigners who meet any of the following conditions would be eligible to acquire citizenship under the new regulations.
- Capital investment: Proven by the Ministry of Economy to have made a minimum of USD 2,000,000 of fixed capital investment
- Immovable Property: Proven by the Ministry of Environment and Urbanization to have acquired an immovable property worth a minimum of USD 1,000,000 with a title deed restriction of not to sell for at least three years
- Creating Jobs: Proven by the Ministry of Labor and Social Security to have created jobs for at least 100 people
- Bank Deposit: Proven by the Banking Regulation and Supervision Agency to have deposited at least USD 3,000,000 in banks operating in Turkey with the condition of not to withdraw for at least three years
- Government bonds: Proven by the Turkish Treasury to have bought at least USD 3,000,000 worth of government bonds and provided they are not sold over the course of three years