While Turkey looks for ways to prevent a new flood of Afghan refugees fleeing the Taliban, the opportunities offered by the Turkish government to middle and upper-income immigrants have made Turkey a permanent home, especially for people from the Middle East. A study shows that Afghans are now buying more and more homes in order to acquire citizenship or residence permits.
In 2018 Turkey kicked off a real estate campaign to encourage the sale of housing to foreigners to meet its foreign exchange needs. In addition to that, it was also announced that a residence permit for one year would be granted to foreigners who buy a house in Turkey, regardless of price. Turkish citizenship was promised to foreigners who bought real estate priced at USD $1 million. In 2019 this limit was reduced to USD$250,000, leading to an increase in housing sales.
In 2019 and 2020, according to official statistics, 7,500 foreigners acquired citizenship by purchasing real estate in Turkey. In the first six months of 2021 alone, 10,000 people obtained the right to acquire citizenship. The top 10 countries whose nationals have become Turkish citizens are Iran, Afghanistan, Iraq, Yemen, China, Palestine, Jordan, Lebanon, Egypt and Pakistan.
According to statistics from the General Directorate of Migration Management, more Afghans than any other foreign nationals are being apprehended for crossing the Turkish border illegally. Experts estimate that the Afghan population in Turkey numbers at least 500,000 at the moment.
Afghans generally prefer to buy low-priced homes and apartments in order to obtain residence permits. According to Turkish Statistical Institute (TUIK) data, Afghans have started buying more houses in the last five years.
Afghans, who bought 806 houses in Turkey in the first six months of 2020, bought 1,272 houses in the same period of 2021. Their purchases have increased by 60 percent during the pandemic, despite a dramatic drop in home sales countrywide.
Wealthy Afghans seeking a safe haven for themselves and their families started buying houses in Turkey in 2014. Businessmen and civil servants in particular who got rich from the foreign assistance that entered Afghanistan bought houses in Turkey. With the reduction of the limit to acquire citizenship to USD$250,000, it is believed that more wealthy Afghans will buy houses in Turkey now that the Taliban has taken over control of Afghanistan.
Final Thoughts
Here Turkey is going after a more exclusive clientele for their Citizenship by Investment Program as the focus is on developing Turkey through increased Foreign Direct Investment. Thus, the investment opportunities available under the program are significant and so better suited to the super-rich.
Turkey will undertake the necessary checks and balances in order to attract people with a large potential and sound reputation. Having said that, those wishing to secure a second passport through the Turkey Citizenship by Investment Program must undergo security background check, and in case of violations to any of the conditions, the citizenship will be revoked and residency cancelled.
The citizenship by investment industry has undergone a lot of changes in the last year. Depending on your situation, there are many options. If you prefer to invest less, there are a few of countries that offer Citizenship By Investment Programs.
For the Citizenship by Investment Programs comparison table, please click here.
To see our Citizenship and Residency Programs by Investment in Real Estate comparison table, please click here.
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Source : Zamanarabic