8 mainly factors push the government raise the value of Turkish citizenship by investment to 400 thousand dollars
In a decision expected by real estate experts in Turkey due to several factors and circumstances, the Turkish government raised the amount allocated for the purchase of properties destined for Turkish citizenship to US$400,000 instead of $250,000.
Twenty thousand foreigners benefit from the previous Turkish citizenship rule, including 16,968 people who obtained Turkish Citizenship between September 2018 and June 2021.
Iranians, Afghans, Iraqis, Yemenis, Chinese, and Palestinians came first in Turkey's number of owners to obtain citizenship.
Focusing on Palestinian citizenship, Arabs in the interior have been among the most heavily Turkish nationals and generally one of Turkey's top 10 most popular real estate nationalities in the last five years.
Before delving into the Turkish authorities' motives for raising the value of the Turkish passport, the conditions for obtaining Turkish citizenship in exchange for a real estate investment should be recalled.
What are the conditions for obtaining Turkish citizenship in exchange for a property?
Turkish law for Turkish citizenship requires:
Purchase of a property or real estate group for $400,000 according to the text of the new law to be issued in the Official Gazette to take effect.
Do not sell the property for nationality for 3 years.
That the properties be valid to apply for Turkish citizenship without any legal problems or mortgages and others..
The requirements for Turkish citizenship are very simple compared to some naturalization programs in the world, which has led thousands to apply for them in recent years.
Motives for raising the value of Turkish citizenship to $400,000
Several factors have met during the last period, all of which have contributed to the turkish authorities' trend towards increasing the value of real estate through which a foreigner can apply for Turkish citizenship, including:
The high prices of building materials and costs after the pandemic, which led construction companies and real estate developers to raise real estate prices while asking the Turkish government to approve the increase in the Turkish citizenship program.
The negative repercussions of the depreciation of the Turkish lira on the prices of real estate fixed at most projects in local currency, which made the value of the apartments for sale very low compared to the exchange rate in foreign currency.
Turkey's vision for 2023 is approaching, and Turkey is moving towards a new era, especially in the field of international trade, freeing it from the Treaty of Lausanne, which the Turkish authorities call the ill-fated agreement.
The effects of the Russian invasion of Ukraine on the Turkish economy, and the high prices of many products and basic goods resulting in the high cost of living and the rise in the rent and sale of real estate .
Will the lifting decision affect the real estate market in Turkey?
The new value of Turkish citizenship for a property is expected to slightly reduce naturalization applications in Turkey, as not all investors can benefit from the program as easily as in the September 2018 amendment, which requires only US$250,000.
However, the decision to raise does not mean a decline in demand for Turkish real estate, and with our return to 2021, for example, Turkey registered nearly 59,000 foreign buyers of real estate on its territory, including 12,000 properties allocated by its owners to obtain Turkish citizenship, in clear evidence that residential and investment targets also have a large share in paying foreigners to own in Turkey.
The lifting decision, in turn, could be a new indication that the Turkish citizenship program could be cancelled in exchange for buying or raising a property in Turkey , of which $400,000 could be considered another window of opportunity for those wishing to marry Turkey as soon as possible.
What law applies to foreigners who bought before the decision was issued?
As is known in Turkish legislation, the right to apply the new law falls on the above, as the new resolution cannot apply to landlords who purchased their immovable property before the decision was issued in the Turkish Official Gazette.
For those who purchased property for half the amount of citizenship before the law was applied, to complete the rest of the amount later, they are obliged to pay the remaining amounts and obtain the transfer link before the date of the new amendment.