Turkey is no longer a country that steeped in corruption like any other country in third world countries. Since 2003 economy of Turkey has made a major shift, or what we can call it the economic boom. And after several economic crises which the closest one occurred in 2001 and a worn-out infrastructure, Turkey launched a race against time towards creating encouraging environments to achieve growth and development at all levels; and especially in the real estate sector, where the Turkish parliament allowed – for the first time – the foreigners to possess real estates and allowed lands ownership in Turkey under specific terms and conditions in December 2005, and later on in 2012 developments were approved to facilitate the process in this regard. Those facilities continued to the extent that the government issued in 2017 a new law grants Turkish citizenship for those to make real estate investment under specific terms and conditions.
Turkey is definitely not the only country in the world that grants citizenship through real estate investment. There are a number of countries which provide the same. In order to have everyone benefits more widely, we will provide you a quick and comprehensive comparison about the procedures and costs of granting the citizenship through real estate investment between Turkey and a number of countries around the world.
But first of all, let’s start with Turkish citizenship, what are the benefits of Turkish citizenship and what are the procedures in order to get it?
What are the benefits shall the investor gain once he gets the Turkish citizenship?
Some of you may wonder what are the benefits of having a Turkish passport which is not a single benefit but several ones. The most important of which is the possibility to travel to 70 countries around the world without a visa, enjoying the benefits of a wide range of public services that the Turkish government provides to its citizens, integration into social community of Turkey, having the ability to invest without restrictions, can work in specific jobs that are banned for foreigners to work in, benefit from the law of retirement in Turkey (Pension law) at age of 60 years, this is in addition to the promising future for Turkey which will result in more and more advantages.
The requirements and costs to get the Turkish citizenship
In January 2017 the Turkish government gave a green light for foreigners to get the Turkish citizenship against a specific amount of investment to be made in the country. The following are the cases where a foreigner can apply and obtain the Turkish citizenship:
- The foreigner can get the Turkish citizenship if he purchases a real estate in Turkey and its value exceeds or equal (250.000) USD provided that this real estate cannot be sold within 3 years after the date of purchase.
- The foreigner can also obtain the Turkish citizenship if a half million dollars is deposited into a Turkish bank while the amount was 3 million dollars before September 2018.
- Foreign investors, with a fixed capital value of (500.000) dollars are also entitled to receive Turkish citizenship, the same applies for those whose their investments provide work opportunities for at least (50) Turkish citizens.
A comparison between countries that grant their citizenships against Investments of real estates
Turkey is not the first country that grants its citizenship against real estate investment by purchasing a real estate and the like; as 29 other countries preceded Turkey in this regard. Such as most of the European Union countries, America, Canada, Dubai in the United Arab Emirates, Greece, Brazil and recently Egypt. But the requirements and commitments of getting the citizenship or residence permit are different from one country to another, whereas it is easier to get the citizenship of countries with the poor economy; countries seek for increasing the investment’s rate, it is harder to get it in countries with strong economies such as European countries and America.
Now, let us have a look at a number of conditions and costs of some countries
|Country||Citizenship / Residence||Costs and conditions|
|Cyprus||Citizenship||Investment in the real estate sector or another one with a total amount of 2 million Euros.|
|Bulgaria||Citizenship||Investment with a total amount of (500,000) Euros.|
|Spain||Residence then citizenship||The purchase of a real estate with a financial value not less than half a million euros, upon a condition that it needs 10 years before applying for Spanish citizenship.|
|United States of America||Residence||An investment of US $ 0.5-1 million, after that the investor will receive the green card that will lead him long after to obtaining US citizenship.|
|Canada||Residence||Make an investment value of one million Canadian dollars.|
|New Zealand||Residence||The investment value of up to 10 million New Zealand dollars.|
As mentioned above we can see clearly how it is easy to get the Turkish citizenship compared to most countries of the world, with a wide range of advantages awaiting the holder of the Turkish nationality now, and in the future, through creative economic opportunities and a real estate market that does not stop moving forward.
Real Estate in Turkey is now your key to join one of the most important countries in terms of geographical, economic and political positions.