*** Update *** 13th May 2022:
It has now been officially announced by Turkey’s State Gazette that the new legislation amendment will take effect in one months time, as from 13th June 2022. From this date onwards, the minimum real estate investment required for Turkey’s Citizenship by Investment programme will increase to $400,000. With very limited time left, investors will need to move forward ASAP in order to make this deadline.
Last week it was reported by several Turkish media sources that the Turkish Government intend to increase the minimum real estate investment for their Citizenship by Investment programme from $250,000 to $400,000. The decision was made during a cabinet meeting that took place on 12th April, where government officials discussed a proposal to amend clause “b” in the legislation to increase the cost of the real estate route.
Turkey’s CBI programme has seen substantial growth in the last few years and a sudden surge of demand recently from both Russian and Ukrainian applicants looking to escape the conflict. Turkey’s CBI programme is one of the only options on the market still currently open to Russian investors.
An official announcement is still yet to be published to confirm when these price changes will be implemented but it is likely to be within a matter of days or coming weeks. Many suspect an announcement will be made following the end of Ramadan, so potentially in the first week of May. La Vida is monitoring the situation closely and will report any updates as soon as we receive confirmation.
We urge any investors looking to proceed with a Citizenship application in Turkey at the current level of $250,000, to proceed promptly before the price increase takes place. Do bear in mind that a property purchase needs to be finalised before a Citizenship application can be submitted, so the first stage of the process could take a number of weeks to initiate.
Contact us to find out more about the programme.
From €280,000 + costs
Real Estate investment
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