Since it was introduced, Turkey’s Citizenship by Investment programme has proven to be very successful and as demand has increased substantially there are now plans in place to increase the qualification threshold from $250,000 to $400,00 USD. It was dropped in 2018 to $250,000 from the original price of $1m, and now it’s time to increase it given the rise in inflation, Turkey’s position within the global economy and the ever increasing demand for overseas homes.
There is little fear throughout Turkey that the price rise will curb interest, because not only is it still one of the cheaper programmes internationally to take advantage of, but also it’s because there are no caveats, or major restrictions when compared with other countries.
The raise is seen by many to be a good sign of where the market is currently at, and also where the market will be, if trends continue throughout the next few months. It will be a huge boost to the economy in general, particularly within Real Estate, plus it will be of huge benefit to the healthy growth of the market, government and investors.
Along with the investment of $400,000 the buyer must also commit to holding the property for a minimum of three years. Again, given the strong predictions for the Turkish Property Market, and the massive increases to be gained in Turkey’s tourism, this hasn’t and shouldn’t deter those interested in making the investment and joining the programme.
The legislation hasn’t come into full force yet, so if you are currently in the process of purchasing or you want to take advantage of the lower price point, then the earlier you can transfer funds (and show proof of transfer) the better it will be. The likelihood is that there will also be some grace period for those who have transferred before a certain date or are ‘in process’, so they won’t lose out on the transaction.
If you have already purchased property, and meet the $250,000 elgibility criteria, then you still will be able to apply for the citizenship, even with the price rise, as long as you can provide the necessary legal paperwork and proof.
If you are looking to join the programme, and would like further advice, then please do contact us, and we can talk you through everything, from initial enquiry to full application.
