With the last developments, Turkey started to remove the barriers for foreign investors to gain Turkish citizenship by investment. Moreover, by encouraging foreign investors, putting out applications to invest in Turkey, it attracts the interest of foreigners. One of the most important of these encouraging practices emerges as providing foreigners with the right to acquire Turkish citizenship through investment. In this way, foreign investors suddenly decide to make the investment to gain Turkish citizenship in Turkey. Today Covid-19 pandemic elicited a severe public health problem in all countries of the world, Turkey has demonstrated a successful struggle with a strong health infrastructure and applications over the decision-making mechanisms. In this case, that make it more attractive to live in Turkey, foreigners have further increased their interest in the Turkish citizenship.
According to the latest data in Turkey in the last 3 years, more than 7.000 foreigners have obtained Turkish citizenship with more than 2 billion USD investment. As is known, Turkey, in particular to stimulate the real estate sector and to pave the way for foreign investment by launching at least 1 million USD worth of real estate to purchase the application for granting citizenship to foreigners in 2017 had helped foreign investors more feet to press Turkey. Later, this limit value was found to be high and the legislation was changed to 250 thousand dollars since September 2018, and this decision resulted in the intense demand of foreign investors. However, in April 2022, this amount was increased to $ 400,000. With the regulation made in the Turkish Citizenship Law numbered 5901, foreign investors have been allowed to acquire Turkish citizenship as an exception. Following the relevant regulation change, the interest of foreign investors caused an increase in the demand for real estate across the country in addition to other investments.
400.000 USD Investment is Enough
We’ve mentioned that the foreigners who make at least 400.000 USD investment to Turkey can obtain Turkish citizenship before. When we look at the details of this application, foreigners are expected to meet or fulfill some conditions in return for the right to Turkish citizenship. Investment way in the case of the acquisition of Turkish citizenship to foreign investors the right to permanent residence, an unlimited right to work and investment opportunities in Turkey, visa-free travel to many countries, a simple evaluation process for applying for a visa to many countries and given to Turkish citizens in bilateral or multilateral agreements, including the Ankara Agreement to all It also has the right to benefit from international incentives.
Applicants from foreign investors to a minimum period of residence in Turkey, Turkish speeches, citizenship applications and does not need to take any special donation to the investment process or practice in Turkey. Foreign investors are only asked not to sell the real estate they have purchased in their citizenship applications through investment for at least 3 years. In addition, in determining that the purchased real estate is worth 400.000 USD, the relevant consultancy firms must be granted Real Estate Appraisal Authority by the Capital Markets Board (CMB).
More Than 7000 Investors Obtained Turkish Citizenship
We know that there were only 70 investors obtained Turkish citizenship by 1 million USD investment from 2017 to September 2018. In this period, among the 70 foreign investors who received citizenship, Iranians were in the first place with 26 people, followed by Yemenis with six and Iraqis with five. It is seen that four investors from Palestine and three investors each from China, Azerbaijan and Afghanistan are Turkish citizens by purchasing real estate. Other country citizens who acquired citizenship during this period include the USA, UK and Canadians.
Since September 2018, the limit of real estate investment for citizenship has been determined as 400.000 USD, and it is seen that the number of foreigners who receive Turkish citizenship by this way has increased. After the new regulation, more than 7 thousand foreigners from 93 countries gained Turkish citizenship by investing in real estate of about $ 2 billion. In this process, Iranians took the first place with 1690 people who received citizenship. The Iranians are followed by Afghanistan with 994, Iraq with 920 and Yemenis with 786. In the last two years, 3 from Germany, 71 from USA, 2 from Argentina, 10 from Australia, 5 from Brazil, 17 from England, 10 from France, 2 from Netherlands, 31 from Canada and 76 people from Russia obtained Turkish citizenship.