Last Updated on 13/05/2022
Turkish Citizenship by real estate for 400,000$
We previously mentioned the decision of the Turkish government to adjust one of the most important conditions for getting Turkish Citizenship by real estate. In fact, one month before, the Turkish presidential cabinet announced the increase of the investment value to 400,000$. Yet, it mentioned that the new amendment application would start after the publication in the official gazette.
Turkish Citizenship by real estate investment value officially increased
The amendment of Turkish Citizenship by real estate was decided previously on April 12th, 2022, after the presidential cabinet meeting. However, the regulation’s entry into force was suspended until the official publication in the Turkish gazette.
On the evening of 12/05/2022, the Turkish presidency announced the amendment of Article 46 of the Turkish Citizenship Law No. 5901 in the official gazette by decree number 5554. The Decree includes the official decision to increase the investment value to get the Turkish Citizenship by real estate from 250,000$ to 400,000$.
Moreover, it declares that the reform will come into force one month later. To clarify, the regulation execution will start on 12/06/2022. This fact gave hope to foreign investors who haven’t applied yet for Turkish Citizenship by real estate. In other words, they can still apply until 12/06/2022, especially if the title deed is ready.
However, other investors wonder whether this regulation will involve only those who get the title deed after June 12th. Or it will also regard buyers who will apply for Turkish Citizenship after that date.
Furthermore, we should point out that the minimum investment amount changed previously from $1,000,000 to $250,000 in September 2018.
Turkish Citizenship by real estate: 3-year no-selling condition
This new regulation didn’t change the other requirements. In fact, we should remind that those who purchased a property worth at least USD 400,000 can obtain Turkish Citizenship under the condition of holding its ownership for 3 years.
Consequently, an annotation in the title deed will state the 3-year no selling condition. We should also remind that to get Turkish Citizenship by real estate; the property seller must be a Turkish citizen.
Moreover, we should also remind that Turkish acquisition includes different methods except for the real estate investment. You can have an idea in this article.
The Turkish citizenship program boosts the Turkish real estate market
The acquisition of Turkish Citizenship by real estate was an important incentive from the Turkish government to the foreign investors in Turkey. In fact, it helped to increase the number of foreign direct investments. Moreover, it contributed to the increase in house sales in recent years. Take a look at the house sale overview in March 2022.
An eventual amendment in the Residence permit by real estate
Recently, there have been some statements that there will be amendments to Turkish residence permit acquisition. Some experts predict that the Turkish government will set a minimum investment value to get a Residence permit through real estate. They estimate that this value will be 75,000 $ at least in cosmopolitan cities. However, they predict that it will be at least 50,00$ in small cities. Yet, the government has not declared anything regarding these predictions. To clarify, there is nothing official. İn other words, foreigners who buy a property in Turkey with any value are eligible to get a Turkish residence permit.
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