Turkey has setup a special citizenship by investment office to deal with soaring number of CBI applications. Last year reduced the minimum investment from $1m to $250,000 property investment in order to qualify for citizenship through investment in Turkey
According to Financial Times reporter Laura Pitel, Turkey has setup special new office to handle citizenship applications.
Hi Pinar, everyone told me there had been a big spike in interest. The İTO has even set up a special new office for citizenship by investment, which was v busy when I visited. I think we can say there has been a surge in demand even if we don’t have exact figures.
— Laura Pitel (@laurapitel) January 28, 2019
The Turkish security service runs checks on those buying citizenship, and applicants must be “respectable people”, the deputy finance minster Nureddin Nebati has said.
Turkey has received over 250 applications for citizenship through investment worth nearly $100 million as of the end of 2018, according to the head of a mediation firm
The Government is expected to make an official announcement on the numbers for 2019.
According to Invest Turkey Office which officially announced the opening of Turkish citizenship program in 2018
As per the new regulations published in the Official Gazette on September 18, 2018, foreigners who meet any of the following conditions may be eligible for Turkish citizenship, subject to the decision of the President of the Republic of Turkey:
- Proven by the Ministry of Industry and Technology to have made a minimum fixed capital investment of USD 500,000 or equivalent foreign currency or Turkish lira.
- Proven by the Ministry of Environment and Urbanization to have acquired a real estate worth a minimum of USD 250,000 or equivalent foreign currency or Turkish lira with a title deed restriction on its resale for at least three years.
- Proven by the Ministry of Family, Labor and Social Services to have created jobs for at least 50 people.
- Proven by the Banking Regulation and Supervision Agency to have deposited at least USD 500,000 or equivalent foreign currency or Turkish lira in banks operating in Turkey with the condition of not to withdraw for at least three years.
- Proven by the Ministry of Treasury and Finance to have bought at least USD 500,000 or equivalent foreign currency or Turkish lira worth of government bonds with the condition that they cannot be sold for at least three years.
- Proven by the Capital Markets Board of Turkey to have bought at least USD 500,000 or equivalent foreign currency or Turkish lira worth of real estate investment fund share or venture capital investment fund share with the condition that they cannot be sold for at least three years.
The Turkish passport has secured 10th spot in the newly released CBI passport rankings 2019 with visa free travel to over 100 countries. Turkey is still attractive destination for property buyers as being biggest $2 trillion economy, best education and healthcare and high standards of living (HDI).
Turkey also has E-2 investor treaty with United States beneficial for citizens.
House sales
In Turkey, 39 663 houses were sold to foreigners in 2018 according to Turkish statistics institute.
House sales to foreigners increased by 78.4% in 2018 compared to the previous year. In house sales to foreigners, İstanbul was the first province with 14 270 sales in 2018. Antalya was the second province with 7 938 sales. Antalya was followed by Bursa with 2 720 sales and Ankara with 2 133 sales.
In December 2018, 4 560 houses were sold to foreigners. İstanbul was the first province with 2 170 sales in December 2018. The followers of İstanbul were Antalya with 744 house sales, Bursa with 252 house sales and Ankara with 251 house sales.
