The Government of Turkey has made amendments to to Exceptional Citizenship program . Starting 2024, Turkey citizenship by investment for real estate will be increased to $600,000 minimum for foreign investors. The decree submitted by Interior Ministry’s Directorate of Migration Management, will enter into force, beginning of 2024, according local news reports. The current minimum for property investment is $400,000, was set in 2022.
Investors who buy or bought properties for $400,000 still have time to apply for citizenship before the threshold kicks in 2024. Legal persons and companies can also buy properties in Turkey. Note that the increase will not affect to bank deposit or government securities which still remains at $500,000 minimum to become a citizen of Turkey.
The CIP Turkey went through tumultuous pricing changes over the years. Turkey first launched the exceptional citizenship by investment in 2017 for $1 million. To make the program attractive, in 2018, Presidents Office reduced the minimum investment to $250,000 in property sector. Later in 2022, the minimum increased to $400,000.
Natural persons of foreign origin are granted the right to acquire Turkish citizenship by means of exceptional procedures upon purchase of real estate worth USD 400,000 and more. Once the land registry procedures are complete, the foreign national may apply to the relevant administrations to claim the right of short term residence permit and later citizenship by submitting the certificate of eligibility to be issued for the owner.
Turkey is currently facing a housing decline, annual sales declined by 53%. In October 2023, housing sales to foreigners reached their lowest levels in the last 2.5 years