The New Turkish Citizenship by Investment Announcement
In an official statement via the Resmi Gazette, Turkey announced that it had raised the minimum entry threshold for its citizenship by real estate investment scheme from 250,000 USD to 400,000 USD. The changes will take effect from the 13th of June 2022, but real estate industry experts predict that it will not lower the number of applicants since Turkey already has one of the cheapest golden visa schemes in the world.
When Turkey initially launched the real estate by investment scheme, the entry level was 1 million USD. In the years to follow, they reduced it to 250,000 USD to encourage investment for a set period. Expectations have been around for several years, with industry experts citing that Turkey will raise the amount in the future. That time is now.
Requirements of the New Citizenship by Investment Scheme
Besides paying 400,000 USD to become eligible for the scheme, investors must also pledge to keep the property for at least three years. Ideally, the other unofficial option is to keep it for five years to avoid capital gains tax. Furthermore, applicants must state at the time of buying that the reasons are for the citizenship by investment scheme, and additionally, the property must be government approved for the project. This is because Turkey wants to drive the investment scheme to modernise the real estate market of Istanbul, where most of the government-approved properties are. Within the application, investors can also include their spouse and dependents.
Process for the Scheme
After the property buying process is complete, we suggest several lawyers who will oversee the application from start to finish with an expected period of 6 months. In addition, we also work with the official surveyors who will check the property purchased and the relevant paperwork. When the application has been accepted, a hold is placed on the property preventing the buyer from selling it for three years. At the end of three years, the charge is lifted.
Find Out More
If you are interested in the Turkish citizenship by investment program, see further information here or contact us today and speak with a local agent who will answer all your questions. Alternatively, let us know your email address, and we will send a portfolio of government-approved properties for the citizenship scheme.