Turkey introduces new citizenship rules through real estate investments

The Turkish authorities have changed the legislation in the payment scheme for property purchased by foreign investors. Until January 6, 2022, applicants for local citizenship could enter into transactions and pay the cost of real estate in any currency. The scheme has changed, although the investment threshold for citizenship remains the same – $250,000. First, foreign investors will have to convert the currency into lira and use the money for payments. In practice, this decision does not have a negative impact on foreign real estate buyers, as most transactions are made with currency conversion before the deal. Financial losses are possible only for those who want to obtain Turkish citizenship by investing in other assets. In this case, the amount equivalent to $500,000 should be kept in bank accounts in lira. The exchange rate of the local currency is constantly falling, so obtaining citizenship through real estate purchases remains the most advantageous way.