Foreigners have invested with nearly two billion dollars in Turkey to obtain Turkish citizenship
In the latest data published by the Turkish Ministry of Interior, more than 5 thousand foreign investors have obtained Turkish citizenship during the last two years, i.e. after the legal amendments applied to the conditions for obtaining Turkish citizenship through financial or real estate investment.
The Turkish Interior Ministry data indicated that the decision taken by the Turkish authorities during 2018 to reduce the value of real estate investment in obtaining the Turkish passport to 250 thousand dollars reflected positively on foreign investors, especially Arabs among them, and the Turkish economy alike.
Turkish Interior Minister Suleyman Soylu said during an interview with Turkish media that applications for obtaining Turkish citizenship through real estate investments know great growth in the last two years, as 5 thousand and 111 investors obtained Turkish citizenship until today, in addition to the presence of more than 9 thousand An application is still being processed at the moment and it is expected that its owners will soon obtain a Turkish passport.
The Turkish Interior Minister added that 1382 foreign investors have completed all procedures for obtaining Turkish citizenship and are just waiting for the step of approval of their applications in order to carry the Turkish passport.
How much are foreign investments with Turkish citizenship?
Foreign investors who obtained Turkish citizenship have made investments worth 1.7 billion dollars to Turkey, according to Turkish Interior Minister Suleyman Soylu, who confirmed that the amount will increase by 407 million dollars in the event that the 1382 investors receive the Turkish passport after agreeing to naturalization applications deposited with the competent authorities.
The Turkish Minister of the Interior also expected that after adding the investors who have not yet completed their request procedures, the total value of the investments will jump to 2.7 billion USD in a precedent of its kind in the history of Turkey and the entire world.
Obtaining Turkish citizenship through real estate investment ... a historic decision for a stronger economy
Once the Turkish authorities announced on September 19, 2018, legal amendments for investors wishing to naturalize until the great rush started from the first month to buy a property for the purpose of obtaining Turkish citizenship and benefiting from its advantages in one of the countries that know fast growth and compete with the strongest economies the world .
The 2018 amendments stated that foreigners who buy property in Turkey with a financial value of no less than $ 250,000 instead of $ 1 million can apply directly to the relevant authorities in order to obtain Turkish citizenship, and the amendment also provides for reducing financial investments that qualify to obtain Turkish citizenship from two million dollars to 500 thousand dollars only.
Also among the articles approved by the legal amendments is that the value of the deposits that foreigners are required to deposit in Turkish banks for the purpose of obtaining Turkish citizenship has been reduced from $ 3 million to $ 500,000, the state of government bonds that foreign citizens can purchase in order to be able to submit an application Obtaining Turkish citizenship, meaning they can also purchase $ 500,000 of bonds instead of $ 3 million.
The law amended two years ago regarding the job market, stipulated that investors wishing to provide employment opportunities within Turkey for the purpose of obtaining Turkish citizenship, can take advantage of the Turkish passport in exchange for employing 50 Turkish citizens instead of providing employment positions for the benefit of 100 citizens.
Historic measures that brought immediate results as they enabled a revolution in the Turkish real estate market, which has become the strongest and most profitable global market, as the latest statistics indicate that approximately 1.35 million housing units were sold in the year 2019 alone, and the share of foreigners in it was 45,500 housing units, an increase of 14.7 percent from the previous year.
All figures confirm, according to the largest studies centers in the world, that the real estate market in Turkey will witness greater prosperity during the coming years, given the size of the strong infrastructure that the Turkish state is working on building alongside huge housing projects, which makes the urban areas in Turkey fertile and promising land for foreign investors who wish In doubling their financial value in a country where tourists go from every side and pour millions and investors in the thousands annually.