What is the new Turkish citizenship law? What are the reasons that prompted the Turkish government to approve it? Get to know us through this article.
New Turkish citizenship Laws
Today we are talking about a different Turkey than it was before,
Today, Turkey plays an important role in global decision-making, and it is the only country
that has converged the views between the two sides of the conflict in the Ukrainian-Russian war.
It was able to gather diplomats from both sides at one table in Antalya and then in Istanbul.
In addition, Turkey has become an essence for the balance of world trade,
After the activity and industrial vitality that the Turkish government contributed to,
by encouraging foreign and local Turkish investors to export goods abroad,
It became a natural thing to find the word “Made in Turkey” printed on the label of the goods in various countries of the world.
But will the new Turkish citizenship law affect the momentum of real estate sales in Turkey? What are the latest updates?
The new Turkish citizenship law:
The issue of raising the value of the purchase of real estate required by foreign investors in order to obtain Turkish citizenship was discussed at the government meeting on Tuesday, April 12th.
The meeting resulted in an approval to raise the value from 250 thousand US dollars to 400 thousand US dollars.
In order to explain what happened, let us go back to 2012, when the Turkish government, under a law signed by the Turkish Parliament, allowed foreigners to own real estate in Turkey,
This step revived the treasury of the Turkish economy after a period of stagnation that the world suffered in general in the wake of the 2009 global financial crisis.
At that time, the government decided that a foreign investor could obtain Turkish citizenship, but in return for buying real estate worth one million US dollars,
This amount was weighing heavily on investors, as many were not actually looking to obtain Turkish citizenship.
But in 2017, there was a “terrible investment noise” after the amount required
to obtain Turkish citizenship by purchasing real estate in Turkey was reduced to a quarter of a million dollars.
It was understood from the law at the time that it was a temporary law in order to
enhance the value of the economy more and more,
We were waiting for the moment when Turkey would lift this temporary law
and announce the new amount.
We were surprised by the decision, as we expected that the amount required to
obtain citizenship would be more than 400 thousand dollars,
But Turkey, since the beginning of its renaissance, has been working to stimulate investors
and remove tax burdens and so on from investors.
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