This information is reported by the media, citing the General Directorate of Migration Management of Turkey. There is talk of increasing the minimum investment amount by 1.5 times: from $400,000 to $600,000. Usually, changes in the conditions of citizenship-by-investment programs do not apply retroactively. This means that until the end of December 2023, investors can still apply for a Turkish passport by purchasing real estate worth at least $400,000.
Changes to the Turkish passport by investment program: increasing the minimum investment amount
In October 2023, Turkey tightened the conditions of another investment program: the minimum property value for obtaining a residence permit increased from $75,000 to $200,000. It is still possible to obtain Turkish citizenship under the previous conditions. The minimum investment amount in real estate is $400,000, whereas $500,000 is the minimum threshold for investments in Turkish business, opening a deposit, purchasing government bonds, or shares in investment funds.
ADVANTAGES:
With a Turkish passport, investors can travel visa-free to 113 countries worldwide and obtain long-term visas to Schengen Agreement countries and the USA. The procedure for obtaining a Turkish passport usually takes 6 to 8 months.
If you were planning to obtain a second passport in Turkey under the old conditions, we invite you to discuss the details with the experts at Mercury Group.
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