More Than 7,200 Foreigners From 93 Countries Granted Turkish Citizenship for Investment in Real Estate Since September 2018
Some 7,242 foreigners have become Turkish citizens since September 2018 by investing in property in the country, Turkish media outlets have reported.
“Turkey started a citizenship program in 2017. In 2017-2018, any foreigner investing $1 million in Turkey can apply for citizenship. Since Sept. 18, 2018, the limit was lowered to $250,000, in that time.
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According to the data presented to Turkey’s parliament by the Interior Ministry, in 2017-18, 70 foreigners applied for Turkish citizenship by investing $1 million each. These investors included 26 Iranians, six Yemenis, five Iraqis, four Palestinians, three Chinese nationals, as well as a few Azeris and Afghans. Some individuals from the UK, the US and Canada also were granted Turkish citizenship during this period.
After the decision to lower the investment quota for citizenship eligibility, the applications skyrocketed.
Foreign buyers became Turkish citizens
Foreign residential sales showed a rapid increase in the last two years due to the high exchange rate and legislative amendments that eased the minimum requirements for acquiring Turkish citizenship, which has led investors from all over the world to benefit from this opportunity and acquire residential property in the country.
Under regulations introduced on Sept. 19, 2018, foreigners who own real estate in Turkey worth a minimum of $250,000 – down from $1 million – are eligible for Turkish citizenship. Yet this amount has been changed to $400,000 about two years later.
According to the Interior Ministry's General Directorate of Population and Citizenship Affairs, after September 2018, some 7,242 foreigners from 93 countries made property investments in the country, each investing $250,000.
In the second investors group, 1,690 Iranians lead the list. Some 994 Afghans, 920 Iraqis and 786 Yemenis follow suit.
According to the data, three Germans, 71 US citizens, two Argentines, 10 Australians, five Brazilians, 17 Britons, 10 French citizens and 31 Canadians invested in property before applying for citizenship.
There have also been applications from smaller and more remote countries, including 20 from St Kitts and Nevis, 10 each from Antigua and Barbuda, individuals each from Belize, Djibouti, Comoros, Mauritania, Tuvalu and Vanuatu.
There are also two stateless people that got the Turkish citizenship.
It is worth mentioning that in the first ten months this year, foreigners bought more than 31,400 houses in Turkey , according to the Turkey’s statistical office (Turksat).
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Based on Hurriyet Daily News and Milliyet
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