Russian migrant tourists fleeing sanctions need a thicker wallet to obtain a residence permit in the most popular country now, Turkey. According to Ahval, the government has increased the minimum amount that foreigners must invest in real estate to apply for citizenship to $ 400,000 – almost twice as much as under the old rules. That is, the window of opportunity for the Russians has actually closed.
Until recently, the entry threshold was $ 250,000. But according to a decision published in the official newspaper last week, it was promoted. Legislative changes will be made within one month. The reason – as the publication clarifies – in the immigrants themselves, ie in the demand caused by them for new and existing homes, which clearly overheated the real estate market.
As a result, many Turkish citizens can no longer afford to buy a house or apartment. Prices have soared by almost 100% over the year. The price was also affected by Turkish inflation and the fall of the lira – recall that the Turkish currency lost almost 44%.
Foreigners can also apply for citizenship by investing at least $ 500,000 in assets, including Turkey’s private pension system. The minimum investment period is three years.