In a recent regulatory update, the Turkish government has announced significant changes to the requirements for foreign nationals seeking Turkish citizenship through investment. According to the announcement from the Interior Ministry’s Directorate of Migration Management, starting in 2024, prospective investors will be required to pay a minimum of $600,000 on real estate to qualify for the Turkish CBI programme, marking a notable increase from the previous threshold of $400,000. An exact date has not yet been published, but many industry experts have suggested that these changes will be implemented on January 1st 2024.
The $200,000 price hike is aimed at adjusting the investment landscape and ensuring that those seeking citizenship through this avenue make a more substantial financial commitment to the Turkish economy. Turkish citizenship by investment has been a popular choice among global investors due to its relatively accessible requirements and its close proximity to both Europe and the Middle East. With these changes, the government appears to be striking a balance between welcoming foreign investors and ensuring that the economic benefits are commensurate with the privileges granted through citizenship.
Prospective investors and those currently considering Turkish citizenship should move ahead promptly with any pending investment plans. There is now less than one month before these changes are likely to take effect, which leaves limited time, but still enough time to finalise an application if you act quickly.
The evolving nature of these and other investor visa regulations across the globe emphasises yet again the importance of staying informed in an ever-changing market, and being ready to proceed promptly when you decide on a programme. Governments quite often announce last minute changes, which can cause a sudden influx of applications. La Vida’s expert team will be able to ensure a smooth and efficient application process for investors ready to move forward. Contact our team today to initiate your application.
***Updated Jan 2024***
The government are yet to confirm an official start date for this change in legislation. Several industry experts are now suggesting it could be postponed until March 2024. Stay tuned for further updates.
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