The Government of Turkey has made a decision to increase the minimum real estate investment to qualify for citizenship to USD 400,000 from the previous USD 250,000 requirement. The decision was taken at a presidential meeting and soon will be published in gazette. No changes were made in minimum USD 500,000 deposits in banks, state bonds or in companies.
Turkey openly welcomed russians investing in the country. The Property investments soared in Turkey from Russian, Ukraine investors fleeing the war. Turkey is also extremely popular with many middle east investors from Iraq, Iran, Afghanistan with a competitive market.
According to Daily Sabah, close to 7000 foreign investors have taken advantage of the Turkish CBI program with nearly 50% increase in home sales. The foreign investment in real estate was $5.7 billion in 2021. In March 2022 alone, House sales to foreigners had 4.1% share of all house sales in March. İstanbul ranked first with 2 thousand 245 sales to foreigners (Turkstat reported).
Top countries for house sales (March 2022)
- Iran – 784
- Iraq – 741
- Russia – 547
- Germany – 244
- Kazakhstan – 241
- Afghanistan – 214
- Ukraine – 168
The New CIP regulation acquired a property worth a minimum of USD 400,000 or equivalent foreign currency or Turkish lira with a title deed restriction on its resale for at least three years, as attested by the Ministry of Environment and Urbanization.
The Turkey Citizenship by investment (CBI) was introduced in 2017 since then it went on to become one of the biggest investment programs in Europe. After the citizenship decision is approved by the presidential office in 3-4 months, investors can apply for Turkish passports for them and all family members.