More than 5,000 foreign investors have been granted Turkish citizenship in two years
The decrease in the minimum investment required to obtain a country’s passport has led to a boom in the Turkish real estate market, writes Daily Sabah.
According to the Turkish interior Ministry, 5,111 foreign investors have received the country’s passport since the citizenship-by-investment program fell four times in price. Almost 9,000 more applications are still under review, says interior Minister Suleyman Soylu. In addition, another 1,382 investors have completed the process, but have not yet received the documents, he added.
Investors who received Turkish citizenship added $ 1.7 billion to the country’s budget. The authorities expect that the Treasury will receive another 407 million dollars, when passports will also receive 1 382 foreigners. And taking into account those who are waiting for a decision, the total amount of revenue will reach $ 2.7 billion.
On September 19, 2018, Turkey lowered the requirements for investors wishing to obtain citizenship. The minimum entry threshold for participating in the program for real estate investments fell from 1 million to 250 thousand dollars. And in the case of investments in business or production in the country-from 2 million to 500 thousand dollars. The Deposit requirement in Turkish banks was also reduced from 3 million to 500 thousand dollars. A similar easing affected investments in government bonds — $ 500,000 instead of $ 3 million previously.
The new rules have led to an increase in demand for Turkish real estate across the country. According to the Turkish statistics Institute Turkstat, almost 1.35 million homes and apartments were sold in the country in 2019, of which 45,500 were purchased by foreigners. This is 14.7 % more than in the previous year.