It is reported that the government authorities of the Republic of Turkey plan to raise the investment threshold for citizenship by investment program. According to the analysts, the established investment amount may reach 600,000 USD (instead of the threshold of 400,000 USD currently in effect).
What you need to know about Turkish citizenship by investment
At the moment, the Turkish authorities have not yet published the relevant bill. However, immigration experts expect the publication of information on the proposed changes in January 2024.
Last year, when the investment threshold went up by 150,000 USD (from 250,000 USD to 400,000 USD), the government established a one-month transition period. Experts suggest that in 2024 the situation will be similar: first, an announcement will be published on changes to the rules for obtaining citizenship by investment in Turkey, and then a transition period will be determined, after which the provisions on raising the threshold will come into force.
It is important to note that after the announcement of the threshold increase last year, the property market responded, and prices for properties that met the criteria soared by more than 15%. As for the new changes, prices have not started to rise yet. Therefore, experts note that now is the best time to initiate the process of obtaining citizenship in Turkey by investment for the following reasons:
- the old conditions still apply;
- the investment threshold has not yet risen;
- real estate prices for obtaining Turkish citizenship by investment remain at the same level.
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Changes in the rules for obtaining a residence permit in Turkey
In addition to the proposed increases in the thresholds for citizenship by investment program, regulations have already been adopted that change the rules for obtaining an economic residence permit in Turkey.
Effective October 16, 2023, Turkey has significantly increased the minimum required investment in real estate used as a requirement for issuing residence permits. In the past, this type of permit required an investment in the following amounts:
- 50,000 USD in small towns;
- 75,000 USD in large cities.
Today, a non-resident needs to make a 200,000 USD investment in a city, regardless of its size and region.
This rule applies to people who have confirmed ownership of real estate since October 16, 2023. Thus, persons who purchased property before this date can apply for a residence permit in Turkey under the previous regulation.
Considering the density of foreigners in various regions of Turkey, the Ministry of Interior has closed more than 1,200 neighborhoods in some provinces to obtain residence permits and change the province of residence of foreigners registered under temporary protection. Accordingly, purchasing real estate in those areas to participate in the Turkish residence permit program for investment will not be possible.
From October 16, 2023, the rule applies that the minimum investment in residential property for a Turkish residence permit has to be 200,000 USD or more in any type of city in Turkey. It is important that on the day of purchasing the property, the price in the property document in lira, calculated at the central bank rate, equals two hundred thousand US dollars.
In this case, the property must be residential and suitable for living. Real estate under construction or pre-sale preparation is not included in the residence permit program. The ownership document must belong to one person. If you have a multi-partner agreement, it will be impossible to get a residence permit, even on condition you own a share in the apartment worth 200,000 USD.
Read more on the topic here: Guide on dual and second citizenship: key features, advantages, and procedures.
The Turkish government’s decision to increase the minimum real estate investment required to obtain a residence permit is based on several areas of interest. One of them is connected with economic growth and a desire to attract more substantial investment. That is why the likelihood that the amount of investment for obtaining citizenship in the Republic of Turkey will also rise soon is very high.
If you are considering obtaining Turkish citizenship through investment in real estate, you need to make a decision soon. You should take advantage of the opportunity to purchase real estate with more favorable conditions and flexible rules regarding the required investment amount.
The most promising projects for obtaining citizenship by investment in the Republic of Turkey
We have prepared five options for you that can be considered as an investment for the citizenship program.
Apartments overlooking the Golden Horn
These are modern apartments overlooking the Golden Horn – a picturesque harbor and river valley that flows southwest and into the Bosphorus.
The project offers 45 apartments with 1+1 layouts, ranging from 83.57 to 114 m2. The apartments feature panoramic windows, a smart home system, and heated floors. They provide all the necessary amenities for a comfortable stay.
Residents of the complex have access to a balcony and covered parking. Just 450 meters away is the seaport of Halic. The lively Sultan Ahmet Meydani is 9 minutes away by car.
Key features:
- cost – from 275,000 USD;
- commissioning – December 2024;
- location – Istanbul.
Apartments in Istanbul near the park
The project includes several 15-story apartment buildings next to a park in the Çekmeköy district. You can choose from 738 apartments with different layouts, such as 1+1 or 4+1. The area of the apartments varies from 80 to 267 m2. The housing is equipped with a built-in kitchen. The ceilings are 2.8 meters high. A high level of protection is ensured because the complex is guarded around the clock.
The premises include the following infrastructure:
- children’s playgrounds;
- basketball court;
- 211 stores;
- private parking;
- sauna;
- gym;
- open pool;
- 39 elevators
The metro is a 16-minute walk, the nearest hospital – a 12-minute drive, the Metrogarden AVM shopping center – a 14-minute walk.
Key features:
- price — from 290,000 USD;
- commissioning — September 2023;
- location — Istanbul.
Boutique residences in Sisli
Elite boutique residences with 180 apartments and 7 commercial premises with a guaranteed return of 5% can be an excellent option for the citizenship by investment program.
The project offers 1–4-bedroom apartments. The infrastructure on the premises includes:
- private fitness room;
- steam bath;
- sauna;
- Pilates room;
- cinema hall;
- room for receiving guests;
- conference hall.
Boutique residences have a particularly attractive location. Torun Center and Point Hotel are one minute’s walk away, and Bosphorus Bridge is ten minutes away. Taksim Square is a 20-minute leisurely walk, and the distance to Mecidiyeköy metro station is only 300 meters.
Features:
- price — from 403,000 USD;
- commissioning — December 2023;
- location — Istanbul.
Apartments in the Zeytinburnu district
You may also consider purchasing property in a residential complex of 17 buildings in the Zeytinburnu district.
The project offers 1,600 apartments with layouts from 1+1 to 5+1, ranging from 68 to 267 m2. The apartments feature spacious balconies, 3-meter-high ceilings, and heated floors. Notably, the project includes a shopping center with 178 stores.
Residents of the complex can enjoy the following amenities:
- Olympic-size swimming pool;
- sports club;
- spa club;
- aerobics and yoga rooms;
- library;
- children’s club and various game rooms;
- charging stations for electric vehicles.
The premises include four different gardens and parks that are great for walks and picnics:
- a jungle garden;
- a garden with flowers and aromatic plants;
- a picnic park with games and sandy splash pads for children;
- an orchard.
Key features:
- price — from 439,000 USD;
- commissioning — December 2023;
- location — Istanbul.
Apartments in the Beyoglu district
Purchasing a property in a residential complex with spacious balconies and terraces in the Beyoglu area will also provide an opportunity to obtain citizenship in Turkey.
This project offers apartments with 1+1, 2+1, and 3+1 layouts, ranging from 73 to 129 m2. Apartments feature underfloor heating, white goods, high ceilings, and stylish kitchens. A 24-hour security service is available on the premises.
The following amenities are offered on the premises of the complex:
- patio;
- children’s playgrounds;
- charging stations for electric vehicles;
- personal storage rooms;
- sizable parking, etc.
Internal infrastructure includes:
- 2500 m2 sports center with areas for fitness, swimming, and Pilates;
- saunas;
- steam bath;
- vitamin bar.
It is also possible to rent office space in the complex.
Project features:
- price — from 448,820 USD;
- commissioning — December 2025;
- location — Istanbul.
Click the link to read about the best real estate to buy in Turkey.
Conclusion
The main aim of the expected price increase of two hundred thousand dollars is adjusting the investment threshold and ensuring that those interested in obtaining citizenship make a greater financial commitment to the Turkish economy.
Turkish citizenship by investment has become a popular choice among global investors due to its relatively relaxed requirements and equal proximity to Europe and the Middle East.
Experts in this field note that in this way, the local government achieves a balance between attracting foreign investors and harmonizing economic benefits with the privileges provided through citizenship.
With the changes expected to take effect in just a few months, potential investors considering Turkish citizenship should begin their investment plans immediately. To learn more about the procedures for obtaining citizenship by investment in Turkey and getting access to the properties described above, contact us now. To do this, you can fill out a short form for a quick response.
