Cameron Deggin, former finance specialist, Turkey investment expert and MD and founder of Property Turkey, explains what has caused the spike in sales to Foreign nationals in 2018 and how to make the most of this opportunity for yourself.
2018 was an eventful year for Turkey. The lira dropped significantly due to a combination of both international and national political and economic factors. In response, the country worked to bounce back from this downturn, revitalise the financial climate and encourage investment in Turkey by amending tax, foreign currency and citizenship regulations.
The amendment that stood out to people on the global scale, in particular the Middle East, was the citizenship regulation changes. These involved a reduction in the amount of investments needed to acquire a Turkish visa, most notably lowering the value of a real estate investment was previous $1 million, now only $250,000.
This means that a foreigner, and their immediate family, is granted immediate citizenship status contingent upon a specified and quantifiable investment in the country. In comparison to residency status, which is what investors and wealthy individuals are granted in most countries, citizenship by investment means that laws are in place to grant full citizenship rights and privileges without any lengthy residence requirements. This is one of the few methods someone can gain these rights in another country, outside of the normal grounds of citizenship which are based on birth place or relationship to another person who is a citizen, whether by marriage or descent and naturalisation.
This massive incentive in combination with the struggling lira, made for an extremely opportunistic buying time for foreign buyers. The opportunity was snapped up by many: to be specific, 40,000 Turkish homes were sold to foreign nationals in 2018, a 78% increase on 2017 sales.
Not only have these foreign buyers bag a bargain villa in the sun for well under value. They also have direct access to apply for citizenship for them and their families.
Who’s buying now?
Other Middle Eastern countries are
Outside of the Middle East, Russians bought with 2,297 houses in Turkey in 2018.
Benefits of Turkey Second Citizenship Program and Turkish passport:
Different ways you can get involved:
As per the new regulations regarding
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