By Justin Mays:
Prime Property Turkey guides you step by step to get a Turkish Citizenship. To know more about applying and the laws to get Turkish Citizenship by investment, keep reading.
In January 2022, foreigners who desired to buy real estate either for investment or for Turkish citizenship were required to start paying in USD. In the past buyers had a choice to either pay the Turkish Lira (TL) equivalent to the USD selling price. This was induced by the fluctuating TL rate against the USD.
Foreign buyers should take note of the new threshold of buying property for citizenship of 400.000 USD which is going to come into effect on the 13th of June 2022. Turkish President Recep Erdogan published this “Regulation on Amending the Regulation on the Implementation of Turkish Citizenship Law” in the Official Gazette of the Republic of Turkiye.
After one has applied for Turkish Citizenship, the total investment amount will be determined in USD. There are two ways to attain Citizenship as a foreigner in Turkey. Either one can deposit 500.000 USD in a Turkish bank and not use it for three years or purchase Real Estate amounting to a minimum of 400.000 USD. The property bought must not be sold for the next three years.
The equivalence of the investment amount was previously determined in both Foreign Currency and TL. Institutions responsible will determine whether investment conditions are met or not. The application principles for citizenship will be determined by the Central Bank. It should be noted, that the conditions of buying real estate and the prices will be directly affected by this amendment.
Before the transaction is made, the investment amount must be deposited in the central bank first. The amount received for purchase will be kept in TL deposits and the government debt instruments for at least 3 years.
President Tayyip Erdogan has seen to back interest rate cuts aggressively in 2021 in order to support his program that emphasizes credit and exports.
Homes that were sold to foreigners in November 2021 amounted to 7.363 which is the highest sales in a month since 2013. Iranians, Iraqis, and Russians were the top buyers that month. Property bought by foreigners had a 39.4% in the first 11 months of 2021.