The latest amendments to the Turkish citizenship laws have reduced the requirement for minimum investment requires.
According to the Nationality law published by the Turkish government, the minimum requirement for obtaining citizenship through investment in real estate includes the following:
Previously, the minimum requirement for obtaining citizenship through investment in real estate was $1 million USD. With the latest amendments, the requirement is now $250,000.
However, there are certain stipulations such as the investor will not transfer, withdraw, or convert the amount for a minimum of three years.
Other investments include a bank deposit of US $500,000 only provided the amount will not be withdrawn for a minimum of three years. Foreigners can also obtain citizenship by purchasing government bonds up to the value of US $500,000 or by employing at least 50 Turkish citizens in their company.
Boost in Demand for Turkish Real Estate
The effort of the Turkish government to ease the path to Turkish citizenship has increases the number of foreign property buyers significantly. In the first quarter of the year 2019, government data shows an 82% jump in foreign housing investments. Majority of the buyers have been drawn to the Turkish real estate from the Gulf region.
The drop in the value of Turkish Lira has opened up a world of opportunity for foreign buyers. With no place to go but up, the Turkish Lira is expected to bounce back within the year. This means a high percentage of return on investment for the foreign real estate buyers!
Quick and Easy Process
Gaining citizenship through investing in Turkish real estate is a relatively simple process. The process can be completed in a matter of weeks and in some cases, just a few days. The steps involved include:
- Assessing the fair market value of the property. This can be done after or before the property is purchased.
- Obtaining a certificate of compliance. This will require proof of the funds transferred, the title deed of the Turkish property, and the valuation report. This step usually takes a week to complete.
- Applying for the residence permit. The application is submitted along with the compliance certificate and other documents similar to a visa application.
- Registering the address of the property. The application is submitted along with all the other processed documents to FICO (Foreign Investor Citizenship Application Special Joint Office). Once the application is approved, you’ll receive a written confirmation from the office.
- Applying for citizenship. Once all the other steps are completed and all confirmations are received, you can submit the application for your Turkish citizenship. A background check will be conducted by the General Directorate of Population and Citizenship Affairs. Once approved by the Ministry of Interior Affairs, the General Directorate will issue the Turkish ID cards.
Become a Turkish Citizen Today!
Invest in Turkish real estate with Damas Turk to get started with your Turkish citizenship process today! We are a leading real estate firm in Turkey that helps foreigners buy property in Turkey. Get in touch with us at +90 554 186 90 03 to know more about your options.
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