The Turkish Citizenship by investment program has been introduced by the government very recently on 12th January 2017. Within the scheme, Ankara will now grant citizenship to foreigners who buy real estate in Turkey worth at least $1 million under the condition that the property is not sold for at least 3 years.
According to Al Monitor, The Turkish citizenship by investment program launched in 2017 has had a disappointing outcome In the past several months, meanwhile, overall home sales in Turkey have been on the decline.
This led the government to consider lowering the $1 million bar as part of other measures designed to boost foreign realty purchases. The planned amendments, part of an omnibus bill expected to be submitted to parliament in May, expand the citizenship entitlement to properties that are worth at least $300,000, along with other proposals to simplify red tape on title deeds and licenses.
According to figures from the Turkish Statistical Institute (TUIK), foreigners bought more than 22,000 homes in Turkey in 2017, with Iraqis and Saudis topping the list. The latest TUIK data, released March 21, show that Iraqis remain on top of the list, buying 308 homes in February.
According to GYODER figures, Iraqis made the largest number of home purchases — 4,341 — last year, followed by Saudis with 2,351, Kuwaitis with 1,771, Russians with 1,686, Germans with 1,627, Afghans with 1,620 and Britons with 1,465. Nationals of other countries bought 9,824 more homes. The statistics, however, do not indicate how many of those homes were worth $1 million or more to make their buyers eligible for Turkish citizenship.
