Eased citizenship regulations boosted property sales to foreigners in Turkey

Turkey has lowered the minimum amount of capital investment required to obtain Turkish citizenship from $2 million to $500,000. Lower limit for granting citizenship to foreigners who buy real estate was also decreased from $1 million to $250,000. It has been a month since the amendment has been passed, and according to data gathered by Antalya Homes, an international real estate agency in Turkey, residence sales to foreigners increased a record-breaking 151.1% year-on-year since last September. In Turkey, which allows dual citizenship, the residences sold to foreigners in the first nine months of 2018 was purchased by citizens of Middle Eastern countries, Russia, Germany, the UK and China.

Foreigners that intend to buy property in Turkey, which offers visa-free entry to citizens of 102 countries, prefer mostly Istanbul, Antalya, Bursa, Yalova, and Trabzon. Antalya Homes, which has helped thousands of people from 74 different nationalities buy homes in Turkey since 2004, offers foreign nationals full support through the entire real estate purchasing process with its Istanbul Homes, Trabzon Homes, and Bursa Homes brands. If requested, the company also assists the buyers in executing purchasing transactions through power of attorney and carries out all citizenship procedures.

Turkey does not require purchasing one single residence or land for citizenship but allows buying multiple properties amounting to at least $250,000 in total, said Bayram Tekce, the chairman of Antalya Homes. The property deeds bear an annotation that they cannot be sold for three years, while the owners, their spouses and minor children can finalize citizenship procedures in approximately 12 months.

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