Does Citizenship Regulation Attract the Investors? | Sale Property Turkey

Does Citizenship Regulation Attract the Investors?

Does Citizenship Regulation Attract the Investors?

As it is published in new year, the “Regulation on the Amendment of the Regulation on the Implementation of the Turkish Citizenship Regulation was published in the Official Gazette and entered into force.

Foreigners who make a fixed capital investment of at least $ 2 million, or purchase at least $1 million of immovable property, not sold for 3 years. May be eligible to acquire Turkish citizenship with the decision of the Council of Ministers.

What will the government’s approach with this regulation gain to us in terms of foreign real estate sales?

Foreign citizens who purchase property in Turkey are mainly middle income group. The average purchase price of the properties registered in 2015 is 180.000 USD. This new regulation goals a different target group. There is a big difference between 180,000 USD and 1 million USD.

Examples in other countries?

Real estate is very major export item. It is relatively less dependent on outsourcing, has a high labor cost effect. And both the foreign exchange and the product remain inside.
Currently, the same regulation applied in Europe is Southern Cyprus. Permanent residence permit with new property investment of 300,000 EUR. And, direct EU citizenship with real estate investment of 2 million EUR is being granted.

Spain, Portugal and Greece offer temporary residence permits in different amounts of 250,000 – 500,000 EUR, but they grant permanent residence rights and citizenship on condition of living 6 to 10 years.
Only Portugal is more flexible in this regard. Even if the investor doesn’t reside in the country, he can apply for citizenship after 6 years.

If we evaluate at these examples, 1 million USD seems to be a fair regulation. Even if we are not a member of the European Union, Turkey is a country that is much more attractive to GCC citizens especially in terms of nature, culture. Considering the attitude towards foreigners in Europe over the last years, there will be a great demand especially from the Gulf countries.

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