PRELIMINARY CONTRACTS FOR REAL ESTATE SALES MADE BY NOTARY PUBLIC IS NOW ENOUGH TO APPLY FOR TURKISH CITIZENSHIP

It is known that the amount required to acquire citizenship through real estate investment reduced from 1.000.000 USD to 250.000 USD in the middle of last September. With this arrangement, real estate sales increased by 151% in the last 2 months. With the presidential decree issued on December 7, a further improvement was made in the regulation in favor of the real estate sector. Considering the projects that are not ready for deeds, it has been opened a way to apply for citizenship in terms of the preliminary contracts for real estate sales made by a notary public. In Turkey, which allows dual citizenship, the residences sold to foreigners in the first nine months of 2018 was purchased by citizens of Middle Eastern countries, Russia, Germany, UK and India. Foreigners that intend to buy property in Turkey, which offers visa-free entry to citizens of 102 countries, prefer mostly Istanbul, Antalya, Bursa, Yalova, and Trabzon.

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