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Turkey Raises It's Citizenship By Real Estate Investment to $400,000 USD

By Candice Smith


On April 14th, the Turkish government announced that it would be increasing its minimum citizenship by real estate investment amount from $250,000 USD to $400,000 USD. This news came as a shock to many foreign real estate investors that were hoping to take advantage of Turkey's considerably low CBI real estate program of $250,000 USD as a path to holding a second passport.


This decision has left many questions unanswered and it is still not clear as to when this newly amended law will go into effect or how many pending real estate deals it will affect. This real estate law affecting foreigners comes at a time when the Turkish government is also cracking down on immigration. Limiting the number of long term tourist visas and residency permits that are approved to no more than 25% (foreigners) in certain districts.


Many are speculating on why the recent changes are being made. With some saying the most likely reason being that Turkey's natural beauty and hospitable culture, along with favorable currency conversions for many foreigners earning USD and EUR, attracted an influx of foreigners that purchased property, driving prices so high that the average Turkish citizen has been unable to purchase real estate.


Those that were wanting an easy and less expensive path to Turkish citizenship are wondering if there are any alternatives now that the price has almost doubled. Property Turkey, an independent Turkish investment consultant firm, with a strong YouTube presence has recommended that those still interested in purchasing property in Turkey, but cannot afford the hefty $400,000 USD price tag for citizenship should focus on buying properties under $250,000 USD. In doing so, property owners would still qualify for residency, be able to rent their properties out, and eventually qualify for citizenship in 5 years time.


It will be interesting to see how this all plays out, as well as what types of investors this move will draw to Turkey. It will also be interesting to see how this will eventually benefit local Turkish citizens and help to boost the economy.


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