Foreign real estate sales which are in the range of 4-5 billion dollars in Turkey currently are expected to reach 10 billion dollars next year.
Experts comment that “Citizenship for foreigners who buy Real Estate in Turkey” practice will explode property sales in Turkey. They estimate that foreign sales, which are around $ 4-5 billion at present, will reach about $ 10 billion next year. Substantial demand is expected to come from Gulf countries and others such as Syria, Egypt, Iran, Palestine and Iraq, in particular. This new application put into practice by the administration is expected to direct the flow of foreign capital to Turkey.
Experts say, "The expectation is that The Gulf states will show greater interest in this arrangement and the most important benefit for Turkey will be that this practice will create an important source for the country's economy. Thus, while a serious foreign exchange inflow is obtained, new capital resources will also be attracted to Turkey. Experts in the sector believe this application will be very useful for Turkey’s economy.
With an amendment to the regulation on the implementation of the Turkish Citizenship Law, the opportunity of Turkish citizenship for foreigners who have invested a certain amount in Turkey and created employment or hold deposits was introduced. According to this, the requirements to be fulfilled by foreigners wanting to become Turkish citizens are as follows:
- Capital investment of minimum $ 2 million in Turkey
- Purchase of immovable property of minimum $ 1 million worth
- Creating employment for 100 people
- Holding minimum 3 million deposits for 3 years
- Having bought TL 3 million worth of government stocks (for 3 years)
Foreigners who fulfill these conditions will be entitled to become a Turkish citizen under the new law.