By Uglobal Staff
The Turkish government has decided to increase the minimum CBI investment threshold for buying real estate in Turkey by more than 60%, according to several Turkish media outlets.
Previously, foreign investors could buy real estate in Turkey for a minimum price of $250,000 and qualify for Turkish citizenship if they retained the investment for at least three years. The Turkish Cabinet meeting, however, agreed on April 12 that the minimum threshold would now be increased to $400,000, the pro-government Turkish daily Sabah reported on April 13.
Turkish immigration consultant Orhan Yavuz Mavioğlu, who is the managing partner of the Mavioglu & Alkan Law Office (ADMD) in Istanbul, said the new development as reported in the media would become law only when the official decree to this effect gets published in the Turkish gazette.
About whether the increase in minimum amount thresholds would hurt his migration business since clients might prefer other less expensive destinations, Mavioglu said: "It is based on rent and property value increases in the market that is causing some political distress. We believe it may have a short-term impact, but on the mid and longer-term analysis, the immigration inquiries received will not be impacted very much."
Turkish immigration attorney Burcin Barlas, who is the founding partner of the Barlas Law Firm in Istanbul, said “it is confirmed” that Turkey is increasing the minimum amount CBI threshold for real estate. He also backed the move to increase the limit, predicting it would not negatively impact his immigration business.
"I do not think it will hurt the business since $400,000 is a reasonable amount for Turkish citizenship," Barlas told Uglobal.
Burçak Sercan Sarıkaya, founding partner of the Istanbul-based Sarıkaya + Şahin Law Firm, explained that the regulation has not yet been legally implemented. “It is planned to amend the Regulation on the Implementation of the Turkish Citizenship Law, which contains provisions regarding the acquisition of Turkish citizenship by investment. The decision is expected to be published in the official gazette in the upcoming days,” he said.
“This implementation may resettle the citizenship by investment scene for a moment. But also considering the implementation will only change the amount of the investment and the whole process will remain the same, acquisition of Turkish citizenship will continue to be a hot topic for legal professionals like us,” Sarıkaya commented.
Turkey launched its CBI program in 2017; initially, investors had to pay at least a million dollars to quality under the program but a year later the minimum amount for real estate was revised down to $250,000. Turkey also has the advantage of having an E-2 treaty with United States, which makes the country a stepping stone for many who wants to live in the United States.
Thousands of people have taken advantage of Turkey's CBI program over the years, many of whom come from Iran, Iraq, Russia, and Afghanistan. In 2021, Turkey reported 58,576 real estate units sold to foreigners.
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