By looking to foreign investors to increase overseas interest in Turkish Property and by decreasing the investment amount required to gain citizenship from 1m USD to just 250,000 USD, the figure of houses sold to non-Turkish buyers increased dramatically by 14.7% in 2019, when compared to 2018.
The new rules which were implemented in September 2018, (though they can’t claim all the credit), clearly paid their part in the 45,500 homes that were purchased by ‘foreigners’ in 2019, and in total over the last 2 years just over 5000 people have been successful in being granted citizenship.
In terms of what that means for the economy Suleyman Soylu, the Interior Minister, has said that these new investors have brought in approx. $1.7 bn USD worth of investment already, with a potential addition of more than $2 bn USD from the remaining 9000 applications that are currently going through the channels.
Further to the reduction of the investment amount, initially needed to gain citizenship, it’s also worth noting again that there was a reduction for fixed capital investments from $2m USD to just $500,000 USD, and for anyone wishing to make Turkey their new home for business, rather than having to employ 100+ people to become a citizen, the new ruling is 50+.
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