Turkey is raising the investment threshold for a residence permit and citizenship
Turkey has increased the amount that foreigners wishing to obtain citizenship in exchange for investments must invest in real estate. Previously, this amount was $ 250 thousand, and under the new law, the minimum threshold has risen to $ 400 thousand. Amendments will take effect on June 13.
Experts explain the increase in the minimum amount of investment by the surge in foreign interest in buying a home in Turkey. In the first quarter of this year, foreigners have already bought more than 14 thousand houses, which is 45% more than it was last year. For the last year, market prices rose by 100% and reached an 11-year record. Citizens of Iran, Iraq, Ukraine and Russia are interested in real estate. Turkish banks even began to open ruble accounts, which contributed to the sales of housing.
The law also provides a new opportunity to obtain citizenship - to join the Private Pension System with a contribution of at least $ 500 thousand and stay in the system for 3 years.
Innovations have also affected those who plan to obtain a residence permit by buying real estate. From April 26, foreigners who want to obtain a residence permit by buying real estate will have to invest at least $ 70 thousand in housing in large cities or $ 50 thousand in housing in towns and suburbs.
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