Explore the transformative journey of Turkish citizenship policies through real estate investment, from their inception to the present day. With Altay Atasay’s expertise, navigate the lucrative opportunities that Turkey’s evolving real estate market offers to foreign investors seeking both valuable assets and a pathway to citizenship.
Historical Shifts in Turkish Real Estate and Citizenship Laws
The Turkish real estate market opened to foreign buyers in 2002 under Prime Minister Erdogan, initially with certain restrictions that evolved significantly over the years. Initially, property purchases were limited to citizens from countries with reciprocal rights and confined to specific regions. By 2012, the reciprocity requirement was abolished, dramatically broadening the potential investor base, including citizens from China, Russia, India, and the Persian Gulf countries.
2017: A Milestone Year for Citizenship by Investment
In January 2017, as Erdogan prepared for a referendum to shift from a parliamentary to a presidential system, Turkey introduced citizenship by investment (CBI) with a minimum property investment of one million dollars. This initiative included several incentives, such as reduced property transfer costs and VAT exemptions for non-resident buyers, to attract foreign capital.
The Rise of Accessible Citizenship Options
September 2018 marked another significant liberalization, with the required investment threshold lowered from one million to $250,000. This policy adjustment made Turkish citizenship far more accessible to a broader array of investors and was complemented by options such as a fixed capital investment of $500,000 or depositing the same amount in a Turkish bank for three years.
2022 Onwards: Adjusting to Market Dynamics
By June 2022, the threshold for obtaining citizenship through property investment was raised to $400,000 in response to heightened foreign interest in the Turkish real estate market. This adjustment reflects the country’s strategic approach to balancing investor influx with economic stability.
With Altay Atasay, investors are well-equipped to leverage these opportunities, ensuring compliance with legal standards and maximizing the benefits of their investment in Turkish real estate.
Stay in Touch
Subscribe to our newsletter for exclusive insights on investment opportunities and real estate expertise from our team.