Several national Turkish papers are today reporting that the country’s Cabinet has decided, during a recent meeting of ministers, to raise the minimum investment requirement for its citizenship by investment program‘s real estate option from US$250,000 to US$400,000.
Turkish paper Star reports that the government aims to amend the 20th article of the Regulation on the Implementation of the Turkish Citizenship Law’s paragraph 2, clause B to raise the minimum investment amount for the real estate option. The new rules will enter into force as soon as the changes are published in the Official Gazette, which is expected in the coming days.
The change would bring the real estate option’s capital requirement closer to the fixed capital, bank deposit, bond purchase, and fund investment options, all of which already mandate a US$500,000 investment. Official reports mention no expected changes to the minimum investment amounts for the non-real estate investment options.
Program specialists with whom IMI has been in touch say applicants and practitioners are still waiting to learn whether and to what degree the changes will affect investors who have already made their property purchase at prevailing minimums but who still await their deed transfer (which can take up to three weeks from completing the payment to the seller) or who are still in line to submit their citizenship applications.
IMI will be back with more as the story develops and more information becomes available.
Editor: Christian Henrik Nesheim