The new regulation is expected to stimulate the real estate industry. Foreigners who have bought real estate worth at least USD 1 million and invested at least USD 2 million in Turkey are granted Turkish citizenship directly.
According to the amendment to the Turkish Citizenship Law Implementing Regulation published in the Official Gazette;
- Buying a property worth at least $1 million, provided it is not sold for 3 years,
- Investment of at least 2 million dollars in fixed capital,
- Opening a deposit account of at least 3 million dollars in banks operating in Turkey and keeping this money in this bank for at least 3 years,
- Document that it employs at least 100 people in a workplace operating in Turkey,
Foreigners can become Turkish citizens directly.
How to get Turkish citizenship?
Citizenship of the Republic of Turkey is acquired in two ways: 'birth' and 'later'. Anyone wishing to acquire citizenship later must meet certain requirements. After fulfilling these conditions, he can acquire citizenship of the Republic of Turkey by decision of the Council of Ministers. The most obvious of these conditions is 5 years of continuous residency in Turkey.
The easiest way to get a residence permit is to buy a property in Turkey. Foreigners who buy real estate of any amount from anywhere in Turkey can obtain a residence permit.
What does the construction industry expect from the new regulation?
In recent years, the number of foreigners buying apartments in Turkey has increased significantly. Turkey is a preferred country due to its living conditions, climate and natural beauties. Because of this, the number of foreigners looking to invest in Turkey is increasing every year. If we consider that real estate in Turkey increases in value every year and never decreases in value, investing here becomes a profitable business. The construction sector, which produces a variety of housing for every need, seems to please foreign investors.
