Turkish Citizenship 500.000 USD ?
The Turkish government is heading soon towards implementing a new amendment in the law on obtaining Turkish citizenship. They want to raise the property prices to 500,000 US dollars instead of 250,000 dollars to get the Turkish Passport. So is it the right time for buying a Turkish property before the new legislative clause is approved? and why does the government want to change the law related to Turkish citizenship by investment?
Get the Turkish citizenship for 250 thousand dollars before amending the law soon!
In Turkey, real estate investment had known a leap in law since 1012. The Turkish authorities decided to cancel reciprocity, allowing citizens of many countries to own real estate in Istanbul and Turkey without conditions restrictions.
However, the year 2018 was a milestone in the history of legal legislation, as the Turkish legislator reduced the value of ownership in the law to obtain Turkish citizenship in exchange for buying a property to 250,000 US dollars instead of one million dollars in a precedent of its kind in the country's history.
Since 2018, more than 10 thousand foreigners have bought real estate in Turkey, intending to obtain Turkish citizenship.
There is news that the Turkish nationality law will be amended by raising the amount to 500 thousand dollars instead of 250 thousand dollars. What are the Turkish government's motives for amending the nationality law in exchange for owning a property in 2021?
When is the time to amend the Turkish citizenship law?
Nothing is certain so far, but it is estimated that the amendment to the Turkish citizenship law will be within mid-2021, until the end of this year at the latest.
Regarding the expected amount, our reliable sources indicate that it will increase by half to reach 500 thousand US dollars instead of the current amount estimated at 250 thousand US dollars.
Reasons for amendments to Turkish citizenship through real estate ownership
Among the most important of these motives we find:
- Real estate pricing in Turkey is in the Turkish lira, which made the value of real estate decline due to the decline of the Turkish lira against the dollar.
- The effects of the volatility of the Turkish lira against foreign currencies due to pressures from Turkey's international stances towards the regional situation and just issues.
- The Turkish opposition, "personalities and parties," used the issue of granting a Turkish passport for only 250 thousand US dollars as a card to pressure the street and recruit it against Turkish President Recep Tayyip Erdogan in the 2023 elections.
- Resale of the property after 3 years of purchasing it for record amounts
- The period of real estate ownership in Turkey is short compared to European countries. In the rest of the European countries that apply for citizenship by real estate investment programs, at least seven years are required, not only three years.
- The amount of buying a property in Turkey for 250 thousand dollars is low compared to the legal benefits that a foreigner gets
For more information about real estate investment, please contact our consultants at Al Huda. We'll give you all the information you need in a free online consultation.