Why Invest Now in Turkey ( Citizenship, Advantages, and Investment )

Around 7,000 foreign individuals seized the opportunity to obtain Turkish citizenship through property acquisitions from 2017 to 2020. Effective January 6, 2022, the Turkish government has implemented slight revisions to its regulations governing the conferral of citizenship to foreigners in exchange for specific investments in real estate.

Foreign investors delving into real estate in Turkey with a minimum property value of USD 400,000 will unlock the avenue to Turkish citizenship. The stipulation involves a commitment to retain ownership of the property for a period of three years. Additionally, the benefits extend to the spouses and children below the age of 18, who will also be eligible to acquire Turkish passports through this investment pathway.

Under the recent regulatory changes, proceeds from the sale of properties to foreign buyers are now mandated to be converted into Turkish Lira through a local bank and sold to the central bank. This marks a departure from the previous practice, wherein investors had the flexibility to engage in transactions with either foreign currency or its Turkish Lira equivalent.

The recently introduced requirement is designed to fortify the Turkish Lira by curbing and reversing the trend of dollarization within the country. It's important to note that while this regulation adds a new dimension to the process, the monetary value of real estate investments remains unaffected. Anticipations suggest that the revised regulation will not impede or create disruptions in real estate transactions, ensuring a seamless continuity in the market.

In November of the past year, foreign property acquisitions achieved an unprecedented peak, witnessing a remarkable 48.4% year-over-year surge, totaling 7,363 units sold. According to data from the Central Bank, these real estate transactions translated into a substantial investment volume of USD 5.7 billion. Notably, the sales to foreigners surpassed the annual milestone of 50,000 units for the first time in 2021.

Minimum Value for property Worth Residence Permit 

Previously, the minimum investment amount required for obtaining a Turkish Residence Permit through property investment was $75,000. However, As of October 2023, the government has raised this threshold significantly. Now, foreign investors and individuals interested in Turkish residency through property investment are required to make a minimum investment of $200,000. This change reflects a substantial increase in the financial requirement for acquiring a Turkish Residence Permit in this manner.

The roster of 30 cities administered by metropolitan municipalities includes Adana, Ankara, Antalya, Aydin, Balikesir, Bursa, Denizli, Diyarbakir, Erzurum, Eskisehir, Gaziantep, Hatay, Istanbul, Izmir, Kahramanmaras, Kayseri, Kocaeli, Konya, Malatya, Manisa, Mardin, Mersin, Mugla, Ordu, Sakarya, Samsun, Sanliurfa, Tekirdag, Trabzon, and Van.

Under this program, family members of foreign nationals have the opportunity to apply for a residence permit if they jointly own the residence. This provision extends to the applicant's spouse, children below the age of 18, and dependent adult child, offering them the benefits associated with the arrangement.