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Four apartments at a time: how wealthy Russians are trying to get golden Turkish passports

  • 07.04.2022
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Four apartments at a time: how wealthy Russians are trying to get golden Turkish passports

Turkey has various visa programs for foreigners to invest in local real estate, including an investment visa (The Turkey Citizenship-by-Investment Program).

To get a "golden passport" or "golden visa" in the country, overseas investors need to invest at least $250,000 in the real estate sector and keep the assets in which the money was invested for three years.

Such opportunities attract many wealthy investors, especially from Russia – those who are trying to migrate to countries where "Western sanctions" and their consequences will not jeopardize their savings.

Some real estate agencies report sales of seven to eight properties per day. Buyers purchase real estate in bulk, for example, four apartments at a time.

Russian money in the Turkish market has grown exponentially since the beginning of the conflict between Russia and Ukraine. Mevlüt Çavuşoğlu, Minister of Foreign Affairs of Turkey, said that Turkey is ready to accept money from Russian citizens if it does not contradict international law.

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