Turkey has raised the amount that foreigners wishing to obtain citizenship in exchange for investment, must invest in the purchase of real estate. Previously, this amount was $250 thousand and the new law raised the minimum threshold to $400 thousand. The innovations will take effect from June 13.
Experts explain increase of the minimum sums of investments by splash of interest of foreigners to purchase habitation in Turkey. In the first quarter of this year, foreigners have already bought more than 14 thousand houses, which is 45% more than in the past. Over the year, market prices have increased by 100% and reached an 11-year record. Citizens of Iran, Iraq, Ukraine and Russia are interested in real estate. Turkish banks even began to open ruble accounts, which contributed to the sale of housing.
The law also introduced a new opportunity for citizenship - to join the private pension system with a contribution of at least $ 500 thousand and stay in the system for 3 years.
The innovations also affected those who plan to obtain a residence permit (the so-called residence permit) by purchasing real estate. On April 26, foreigners who want to get a residence permit by purchasing real estate will have to invest at least $ 70 thousand in housing in major cities or $50 thousand in housing in towns and suburban areas.