New regulations published on September 19th now mean that it´s much easier for foreigners to acquire Turkish Citizenship, and with the property sector responsible for nearly $10 billion sales to foreigners annually already, experts such as Fezyullah Yetkin, who is the head of the Real Estate Investment Partnership Association, predicts this to further increase with the new regulation, which could bring an estimated $20 billion of sales annually in the mid-term.
The new law includes fixed capital investments, foreigners buying second homes or holiday homes, those wishing or needing to deposit money in Turkish Banks and those who own a business in Turkey which can generate jobs for a minimum of 50 workers.
Signed by President Recep Tayyip Erdogan, to qualify for Turkish Citizenship, the Capital Investment sum has been reduced to $500,000 rather than $2m, the minimum purchase amount for a foreigner now stands at $250,000 instead of $1m, and the deposit requirement in a bank has now been reduced to $500,000 from $3m.
It also stipulates that any foreign investors should also hold the properties or continue the minimum financial limit investment for at least 3 years to meet the criteria for Turkish Citizenship.
This is great news across the board for those wishing to invest here, and Turkish Connextions are here to help you understand the new rules, give advice on applying for Citizenship, help you find the right property that meets yours & the new requirements and offer an un-rivalled after sales service that can help to look after your property when you aren’t around.