Turkish citizenship for 400K USD, what has changed?

As considered Turkish citizenship in return for buying a property One of the most remarkable investment programs in the world after 2018, as it attracted more than 20,000 foreigners within 3 years due to the decrease in the amount to 250 thousand US dollars instead of one million dollars, but the Turkish Council of Ministers headed by President Recep Tayyip Erdogan in April 2022 I decided to raise the value of the amount allocated for Turkish citizenship to 400,000 US dollars, provided that the decision enters into force on June 13, 2022, according to the text of the decision received by the company. Europ Homes Real Estate A copy of it was published in the Official Gazette.

Article details

• What does the new “Turkish citizenship acquisition “law stipulates?
• Why acquiring Turkish citizenship for 400k USD?
• What are the reasons behind raising the real estate value needed to acquire the Turkish citizenship?
• What are the anticipations about the interest in citizenship program after the law application?

What does the new “Turkish citizenship acquisition “law stipulates?

According to the law text that has been published in the official gazette on the 13th of May 2022, and to be effective after exactly one month, the main intrinsic change is raising the value of the purchased real estate, or the value of a group of real estates dedicated to acquire the Turkish citizenship to 400k USD instead of 250k USD.

While the new law will maintain the condition of not allowing to sell the real estate for 3 years, as well as the necessity of selling the hard currency dedicated to purchase the real estate to acquire the citizenship to the Turkish central bank.

Also, the countries prohibited of owning real estate will remain the same; consisting of: Syria, Armenia, Cuba, North Korea, and Greek Cyprus. while the rest of the countries shall be treated according to the law number 2012 that cancels the reciprocity clause principle with the exception of the countries mentioned above.

And in turn, the stages of acquiring the citizenship and the required documents will remain the same of the stages that has been applied since September 2018.

 Why acquiring Turkish citizenship for 400k USD?

Many are wondering why did the Turkish government raise the amount required to acquire the Turkish citizenship to 400k USD exactly and not less or more of this amount?

The answer is that the Turkish government have chosen this amount to again keep Turkish citizenship acquisition against of real estate purchase the lowest among all the investment programs, since the bank deposits for example starts from 500k USD.

Also, because most of the real estate deals to acquire the Turkish passport were almost reaching 400k USD and sometimes exceeding it.

What are the reasons behind raising the real estate value required to acquire the Turkish citizenship?

Many reasons combined made the government think of raising the amount required to acquire the Turkish citizenship from 200k to 400k USD, most importantly:

• Repercussions of the Covid-19 pandemic that affected the prices of construction materials which in its turn raised the real estate prices in Turkey.
• The increased demand of real estate for sale with the aim of acquiring the Turkish citizenship.
• The effects of the Russian war on Ukraine, that led many Russians broadly to head to Turkey which did not impose any economic sanctions on Russian investors and businessmen.
• Price increases wave and the raise of life expenses since the beginning of 2022.
• The high demand for real estate in Istanbul and other major Turkish cities from foreigners which led the authorities to reframe the foreigners diversity ratio among the Turkish cities.
• The Turkish orientation toward a new political and economic era during 2023 and the 100th anniversary of the founding of the Turkish republic.

What are the anticipations about the interest in citizenship program after the law application?

The demand for Turkish real estate is not expected to stop after the application of the new “citizenship for 400k USD” law, since Turkey still at the forefront of investment-attractive countries, leading among the most real estate selling countries in Europe during 2021.

On the other hand, 400k USD is not considered a very high amount of money, since as we mentioned before most of the real estate deals did exceed 350k USD.

And if we take into consideration that of Turkish citizenship acquisition rates against real estate will decrease; the ownership rates will not see any major decreases because Turkey is considered a big investment destination, as it has recorded a big increase in the real estate investment value during one year 2021-2022, equivalent to 116%.

Furthermore, a large number of families and retirees would like to live and settle down in Turkey, which grants the real estate residence permit after a real estate purchase valued in 75k USD in Istanbul and the major cities, or 50k in the rest of the small Turkish cities.

Europ Homes real estate helps you buy the real estate, reside, invest, and apply for the residence permit as well as the Turkish citizenship for you and your family.

If you are interested in the correct real estate investment in Turkey, as well as more services that meets your needs and fulfil your goals, contact us.