Turkey is a nation straddling eastern Europe and western Asia with cultural connections to ancient Greek, Persian, Roman, Byzantine and Ottoman empires. Cosmopolitan Istanbul, on the Bosphorus Strait, is home to the iconic Hagia Sophia, with its soaring dome and Christian mosaics, the massive 17th-century Blue Mosque and the circa-1460 Topkapı Palace, former home of sultans. Ankara is Turkey’s modern capital.
The new Turkish citizenship by investment program was published in the Official Government Gazette in September 2018. The new law requires a minimum Real Estate investment of USD250,000 and the citizenship can be obtained in approximately 5-6 months. The property can be sold after 36 months (but citizenship is for life). With over 4 million Arabs already residing in Turkey, it is a very desirable destination for many Middle Eastern families. With very favorable exchange rates for the last 12 months, it’s now a very good time to look at real estate in Turkey, and the added benefit of a Turkish passport with your investment should see real estate prices rise soon. There is no residency requirements for the program, although you must travel to Turkey for completion of biometrics. Aside from the Real Estate option, there is the option of a cash fixed deposit of USD 500,000 – for 3 years in a bank operating in Turkey. There is are also option to start a business and to create local employment, but the most common and effective route at the moment, is through what many consider to be the “underpriced” real estate market. The Huriya Private team have a number of excellent agents offering wonderful properties in central Istanbul, both residential and commercial.