- April 15, 2022
- Posted by: ongun akay
- Category: Investing in Turkey
It has been decided that foreigners looking to buy homes in Turkey to become Turkish citizens will now have to pay more.
The citizens-for-home scheme was adopted in 2017 and the price was cut from $1 million to $250,000 in order to attract foreign buyers. Now the amount that foreigners will have to pay for a property has increased to $400,000 and they will also have to commit to keeping the property for 3 years.
Some 7,000 foreigners received citizenship via home purchases between 2017 and 2020, the government said last year.
In addition to properties, those eligible for citizenship include foreigners who are determined to have made at least a $500,000 investment in the country. This includes foreigners determined to employ at least 50 people, and those who have deposited at least $500,000 into Turkish banks and kept it there for at least three years.
Sales had accelerated as a depreciation in the Turkish lira made Turkish property more attractive to foreign buyers.
