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Rise in application for Turkish citizenship through investment

3rd January 2019

Rise in applications for Turkish Citizenship through investment

Turkey has already received over 250 applications for citizenship through investment since the incentive was launched.  This is worth almost $100 million according to sources.

Applications for citizenship are predicted to rise significantly in 2019 as Turkey has made it easier to apply since September.

A large amount of foreigners visiting Turkey will benefit from the new laws, allowing them to gain citizenship relatively easily through investment.

The property sector reached $4.8 billion in sales to foreign clients in 2017. This is expected to climb to almost $10 billion by the end of this year.

This shows an all-time high in property investment throughout 2018 and exceeded double in November.

The housing sector sold over 35,000 units within the first 11 months of 2018.  The target of 40,000 is looking within reach and will be confirmed by the Turkish Statistical Institute.

The main clients are from Arab countries, Iran and the Turkic republics, with a heavy demand also from European countries.

"Tens of thousands of British, German and Russian people have houses in Turkey. Most of them decide to have dual-citizenship when they see the social opportunities in Turkey," Akın Atalay, the CEO of VIPTurkishPass stated.

He also mentioned foreigners are mostly interested in Istanbul, the Mediterranean resort city Antalya and the industrial city of Bursa.

The new legislation by the Turkish government has eased regulations on foreigners applying for Turkish citizenship through investment.

These  new regulations allow foreigners who purchase real estate in Turkey worth a minimum of $250,000, instead of a previous limit of $1 million, can now obtain Turkish citizenship.

The limit of fixed capital has now also been lowered from $2 million to $500,000.

Foreigners who generate jobs for 50 people (previously 100 jobs) and those that invest in government bonds worth at least $500,000, previously $3 million (that are not released for 3 years) are eligible.

"We want to bring people from all around the world to invest in our country and be a partner of our success story," Atalay said, adding that Turkey is aiming to attract investments from foreign countries through the citizenship regulation.

Atalay said the U.S. grants citizenship with an investment of $500,000 and a five-year wait; Germany with a 250,000 euro ($287,000) investment; Canada with an investment of $400,000 or $800,000 deposit; and Greece with a house purchase worth $250,000.

Turkey's conditions are easier; foreigners can acquire citizenship instantly by investing $250,000, he said.

For full information and complete details on Turkish citizenship through investment please read our YELLALI article on the link below.

YELLALI can assist you with your citizenship through investment, contact us today for further information.

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