” You have until June 3 to deposit $ 250,000 and apply for Turkish citizenship. Get a Turkish passport and citizenship as part of one of Istanbul’s proudest projects, ”the government said in a statement.
The rise in house prices in the country has had a significant impact on Turkish citizens and has drawn widespread criticism. Following this, the government increased the amount that foreigners must invest in property to qualify for citizenship.
According to the new notification, any foreign national who buys real estate assets worth at least $ 400,000 will receive Turkish citizenship. Previously this amount was $ 250,000. The money should be deposited in a Turkish bank. Do not sell the house for three years. Foreign nationals, their wives and children under the age of 18 can obtain Turkish passports if they meet this requirement.
Foreigners buying homes are expected to ease Turkey’s growing financial crisis and support the real estate sector and construction companies.
In April, Turkey’s budget deficit tripled compared to the previous year. The economic gap widened to 50.2 billion lira ($ 3.23 billion). The current account deficit was $ 5.5 billion.
The government has also announced that foreign nationals who join a foreign pension scheme of at least $ 500,000 and remain in it for three years are also eligible for Turkish citizenship. In addition, foreign entrepreneurs employing up to 50 people in Turkey and those who invest $ 500,000 in Turkish banks for three years without withdrawing will receive Turkish citizenship.
The Turkish government has said the new law will take effect on June 13.
Currently, Russians, Ukrainians and Gulf nationals are the leaders in Turkish real estate. They also buy property in resort towns and Istanbul in the south. According to official figures, the number of homes sold to foreign nationals in Turkey has increased by 58 percent each year. The Russians topped the list with 1,152 homes bought. Iranians and Iraqis are behind them.
Summary: Foreign citizenship investment in Turkey to go up from the month of June
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