The Turkish government has increased the investment amount for Turkish citizenship to $400.000, according to a recent oral declaration. In 2022, there will be a second modification to the law governing real estate investment.
Has the investment amount for Turkish citizenship changed?
At the Presidential Cabinet meeting on April 12, 2022, President Erdogan decided to alter this sum after four years. The real estate value threshold for Turkish citizenship applications will rise from $250.000 to $400.000 on April 13, 2022, claims the Interior Ministry.
The 20th item of the Regulation on the Implementation of the Turkish Citizenship Law, paragraph 2, clause B, which contains special provisions for the acquisition of Turkish citizenship, is what the Turkish government intends to change with this decision. The updated guidelines for Turkish citizenship by investment were published in the Official Newspaper as of May 13, 2012.
The Turkish citizenship will be available for foreign investors who have purchased a property worth at least $400.000 or the equivalent in foreign currency, as determined by the Ministry of Environment, Urbanization, and Climate Change, as long as an annotation is made in the land registry stating that it won’t be sold for three years. The new law will go into force on June 13, 2022.
The Turkish government also unveiled a fourth route to Turkish citizenship with this rule. This states that in order to obtain Turkish citizenship, an individual must contribute at least $50,000 or the equivalent in foreign currency to a private pension system, provided that the money stays in the system for three years.
Before this change, I purchased real estate. What happens now that the legislation has changed?
Please take note that, until June 13, 2022, neither this circumstance nor those who have previously applied will have any impact on individuals who are considering purchasing real estate in exchange for citizenship (the date that the law will be effective). Increased buyers will be required to pay the new amount, which is $400.000, once the law becomes operative in the Official Newspaper
However, you can benefit from purchasing property and obtaining Turkish citizenship for $250,000 before the law changes if you are considering buying real estate in Turkey but are unsure.
You can get in touch with us whenever you want, and our investment advisers will assist you in choosing the best investment for you. With our help, plan your future move and invest before the law changes.
Is the criteria for obtaining a residence permit changing?
Absolutely not; nothing will change. The procedures for getting a residence permit or the regulations governing purchasing real estate will not be impacted by the modifications to the Turkish citizenship program.
Contact us at any moment if you have any additional inquiries about the Turkish Citizenship Investment Law!
