New Rules for the Turkish Citizenship by Investment Program
Published at: 08/01/2024 11:07 am
The president restricted the qualifying real estate and the investment amount. Read here the new details of the Turkey Citizenship by Investment Program!
Recep Tayyip Erdogan, the president of Turkey, issued a decree on 12 December to restrict the qualifying investments of the passport scheme, according to the official gazette.
The new amendment replaced the "real estate" expression in the law with "building/flat ownership". It means empty plots and fields are excluded from the program; these real estates do not qualify as investments in exchange for Turkish citizenship.
The Turkish Citizenship by Investment Program acquires a property investment in exchange for the passports. Moreover, the owners can't sell their real estate for at least three years.
The naturalisation program became quickly popular in 2023, and until October, foreigners bought 30,599 properties in the country. The investors are mainly purchasing in Antalya, but Istanbul and the Mediterranean Mersin provinces are also in demand.
What are the advantages of the Turkey Citizenship by Investment Program in 2023 and 2024?
- The Turkish passport allows you to enter 129 countries without a visa or by picking up a visa upon arrival. You can visit visa-free Hong Kong, Thailand, Brazil, Japan and many more substantial business or tourism destinations.
- Not only the investors but also the family members qualify for naturalisation.
- The investment is pure; there are no additional government fees.
- Turkey introduced several industrial and commercial zones, where reduced taxes and other benefits are waiting to attract investors.
There are four options in the citizenship by investment program in Turkey:
- Real Estate purchase for at least 400,000 USD
- Investing in Turkey (manufacturing or business) at least half a million dollars
- Deposit at least 500,000 USD in a local bank
- Create at least 50 jobs.
Our colleagues at our office in Turkey are experienced professionals. They can help you to choose the best investment and give you all the necessary information. Contact us today!