Application conditions of Turkish citizenship by property investment have been changed. The minimum property purchase requirement has been increased with the amendment made to the Regulation on the Implementation of the Turkish Citizenship Law.
Foreigners who desire to get citizenship through real estate investment now must make a property purchase that is worth at least 400.000 USD or an equal amount of foreign currency. The decision to raise the minimum purchase requirement from 250.000 USD to 400.000 USD was taken at the Presidential Cabinet meeting held on April 12, 2022.
The modification of citizenship application conditions has been confirmed with the annunciation in the Official Gazette on May 13, 2022. According to the annunciation made in the Official Gazette, the new conditions will go into effect a month after the annunciation; which would be June 13, 2022.
Other application conditions for citizenship through real estate investment remain unchanged. However, with the new terms going into effect after June 13, 2022, the acquisition of Turkish citizenship by property purchase is going to be more difficult, as it’s going to be harder to find properties that are suitable for citizenship applications.
As a result of this, it’s expected that this annunciation will lead the sales of properties in Istanbul to skyrocket in the following month. As more and more people hurry to travel to İstanbul to buy citizenship-approved properties before the options narrow down, people who won’t be able to travel in time due to a hectic schedule look for ways to buy properties remotely.
If one of the chic houses in Istanbul on our website caught your eye but won’t be suitable for citizenship applications after the revision goes into effect, you can buy it remotely with the help of our TeleProperty ® service in time.
For further information, contact us without hesitation!
Source:Official Gazette
