Immigration policies in Turkey changed rapidly in 2018. While the investment required to become a Turkish citizen was 1 million USD in the past, the 2018 regulation has brought this figure to 250,000 USD. This attracted the attention of many investors because, with an advantageous housing investment, it became possible to both add value to the money you have and benefit from the advantageous citizenship rights of Turkey. So, what are the details of the Turkish Citizenship by Investment Program? What should investors do to benefit from this program? Let’s explore the details together!
Is Turkish Citizenship by Investment Programme Make Sense?
Since 2018, property investment rates in Turkey have increased by 92 percent. One of the biggest reasons for this increase is the Turkish Citizenship by Investment Program. So what are the advantages?
See Also: Turkey Property for Citizenship and Residency
- First of all, investors have to commit not to sell their property for 3 years. However, the residence sold after three years does not affect citizenship in any way. This short-term commitment makes it possible to enjoy many rights.
- The government also offers VAT exemption since 2019 to support real estate investment. VAT stands for value added tax and is a highly levied tax in Turkey. But tax costs for investors have been reduced to a reasonable eight percent. The same is true for stamp duty. This gives rise to the chance to make a strong investment with much more affordable expenses.
- This is a much more popular program than you might think. According to current statements, he says that the investments made by foreign investors in Turkey in the last 15 years have exceeded 42 billion dollars. This is truly an excellent ratio. Americans, Europeans and Arabs are the ones who prefer these investments the most due to the exchange rate difference. When looking at the investment areas, it is possible to say that real estate Istanbul, Antalya, Muğla, Bursa and Ankara options are frequently preferred. In short, you will not be the only beneficiary of these advantageous investment, citizenship and residency options.
What is the Best Place To Invest in Property in Turkey?
There are many locations in Turkey that those who want to invest in property can choose. In the content titled “Buy a House in Turkey Popular Locations: Bodrum, Fethiye, Istanbul, Antalya” we shared before, we explained what advantages there are in these four different locations. However, let’s go over a general summary again:
- Antalya: Promising a very high level of rental income, Antalya is also one of the touristic centers of the country. Here, you can choose a residence in the city or buy a villa by the sea.
- Istanbul: The region most preferred by foreigners for housing investment in Turkey is a metropolis. It is possible to buy both luxury residences and residences with more accessible prices in Istanbul.
- Fethiye: Fethiye, which is one of the impressive destinations where blue and green meet, is especially preferred by foreigners who want to settle in Turkey. Many American and European people acquire citizenship by purchasing a home from Fethiye and have a peaceful life.
- Bodrum: Bodrum, one of the popular holiday centers in Turkey and more expensive than other destinations, is a place where you can find housing in different budgets. This place is home to many entertainment centers and natural beauties. Researches show that the average price of a 100 square meter house in this region varies between 748,878 TL and 1,248,100 TL.
- Marmaris: Marmaris, which is frequently visited as a touristic center especially by the Russians and the British, draws attention as a much more affordable center in terms of housing prices and holiday costs. Here, the amortization period has an average of approximately 23 years. The average price of a 100 square meter house varies between 576,002 TL and 960,000 TL. Of course, the location, type (villa or apartment) of the house you will buy can change the price.
- Ankara: You only need to have a budget of between 209,827 TL and 349,700 TL to buy a 100 square meter residence in Ankara, the number one choice of those who want to invest in affordable housing. Of course, a single housing purchase in this range will not give you the chance to become a Turkish citizen. You can benefit from the Turkish Citizenship by Investment Program (CIP) by purchasing more than one residence.