In the latest amendments on the Turkish Citizenship law published in 19 September 2018, the Turkish government has reduced the minimum investment required for foreigners to obtain the Turkish citizenship.
Under these amendments, the marginal values of the different types of investments required to obtain citizenship decreased to one-fourth or one-sixth of the previous minimum.
It is important here to remind those wishing to take advantage of the available opportunities in the light of the recent amendments that they need to start new investments. This means that any investment took place before 19 September 2018 does not fall under the scope of the recent law. According to that:
Almost five months after the amendments of the law of 19 September, minor amendments were added explaining the procedural details of granting citizenship through investment applications.
In grace of these developments – the foreign investors’ concerns have been wiped away, and some of the mysterious sides of these rules have been erased. And thus, at the end of 2018- the state of waiting and anticipation that prevailed among foreign investors in the first phase has changed (until December 2019).
Statistics and the need for foreign investment in the real estate sector and other investment instruments all indicate a steady growth in this regard.
The increase of foreign request average on the real estates in Turkey: the above mentioned amendments have been made in the context of increasing needs of Turkey for foreign capital inflows, which resulted in a very positive trend among local authorities and decision makers with regard to investment applications.
Certainly, this approach will not be enough to erase the procedural and bureaucratic obstacles that foreign investors face; rather it will make the process of completing their transactions goes smoothly and quickly.
At the present time, the decision is taken every week about dozens of applications for the Turkish citizenship through investment. The total number of the submitted applications so far has exceeded the one thousand.
According to data reported by the Turkish Statistical Institute, the real estate sales for foreign investors have increased 78.30% in 2018 compared to 2017. There is no doubt that the main factor behind this dramatic increase is the recent turnout to obtain the Turkish citizenship through investment laws.
Foreign investor bought about 15,000 homes only in Istanbul – the preferred destination for foreign investors. Cities such as Antalya, Bursa, Ankara and Yalova, followed Istanbul in the list of top ranked destinations for real estate investment. For example, real estate sales in Yalova exceeded 90%.
and the big section of foreign investors from the Middle East slopes (like Qatar, Iraq, Egypt, Iran, Saudi Arabia, Yemen & Kuwait); and the foreigners are also interested in other big countries too. like Russians who bought more than three thousand houses in 2018
Why invest in Turkey? There are several reasons for the increasing demand for Turkish citizenship through investment opportunities. We will try to summarize these motives in the following points:
It seems that the recent step taken by the Turkish government to facilitate the conditions required from foreign investors wishing to obtain its citizenship has raised the interest of investors, especially Arab ones.
This interest shows that Turkey still represents the “safe haven” for many investors. Current statistics – about Turkish citizenship applications through investment and real estate sales – are promising. So we may see a boom in the sale of real estate to foreigners in 2019.