The Turkish Citizenship Investment Amount has been changed.
The Turkish Citizenship Investment Amount has been changed: Turkey has increased the Turkish citizenship investment amount to $400.000, according to a new oral declaration by the Ministry of Interior! In 2022, the law on real estate investment will be changed for the second time.
Is Turkish Citizenship Investment Amount Changed?
Well, yes. President Erdogan’s decision at the Presidential Cabinet meeting on April 12, 2022, changes this sum after four years. The real estate valuation for Turkish citizenship applications will be increased from $250.000 to $400.000 on April 13, 2022, according to the Ministry of Interior.
The Turkish government intends to change paragraph 2 clause B of the 20th article of the Regulation on the Implementation of the Turkish Citizenship Law, which contains extraordinary provisions on the acquisition of Turkish citizenship, as part of this decision. The new rules for Turkish citizenship by investment were announced in the Official Gazette on May 13, 2012.
According to the Official Gazette, those who have purchased a property worth at least $400.000 or equivalent in foreign currency and have an annotation in the land registry stating that it will not be sold for three years will be eligible for Turkish citizenship, as determined by the Ministry of Environment, Urbanization, and Climate Change. The new rule will go into effect on June 13, 2022.
The Turkish government also introduced a fourth route to obtain Turkish citizenship with this rule. According to this, anyone interested in obtaining Turkish citizenship must deposit at least $500.000 (or its equivalent in foreign money) in a private pension scheme for a period of three years.
How Much Is the New Turkish Citizenship Investment Amount?
The new Turkish Citizenship Investment amount has been increased from $250.000 to $400,000.
I Purchased Real Estate Prior to the Change. So, now that the legislation has been modified, what happens?
Please note that this scenario has no bearing on persons who are considering purchasing real estate for citizenship purposes or who have already applied until June 13, 2022. (the date that the law will be effective). Following the publication of the bill in the Official Gazette, new buyers will be required to pay the new amount, which is $400.000.
If you are considering investing in real estate in Turkey but are skeptical, you can gain Turkish citizenship for $250.000 by investing in property before the law changes.
Is There a Change in the Residence Permit Process?
No, nothing is going to change. The revisions to the Turkish citizenship program will have no impact on the processes for getting resident permits or the regulations for gaining real estate residency.