Turkey has increased the amount foreigners seeking citizenship by investment must invest in real estate. Previously, this amount was 1,400,000 Turkish pesos (₽4,000,000), but under the new law, the minimum threshold has been raised to 1,400,000 Turkish pesos (₽4,000,000). The changes will take effect on June 13.
Experts attribute the increase in minimum investment amounts to a surge in foreign interest in purchasing property in Turkey. In the first quarter of this year, foreigners already purchased over 14,000 homes, 451,000 rubles more than last year. Over the year, prices on the market have risen by 1,001,000 rubles, reaching an 11-year high. Citizens of Iran, Iraq, Russia, and Ukraine are showing interest in real estate. Turkish banks have even begun opening ruble accounts, which has facilitated home sales.
The law also introduced a new option for obtaining citizenship: joining the Private Pension System with a contribution of at least $500 thousand and remaining in the system for 3 years.
The changes also affect those planning to obtain a residence permit (RP) through the purchase of real estate. Starting April 26, foreigners seeking a residence permit through the purchase of real estate will be required to invest at least 1,000 rubles ($4,700) in housing in large suburban areas or 1,000 rubles ($4,500) in housing in small towns and suburban areas.