Tukey Citizenship by Investment Program (CIP), which allows applicants to obtain a Turkish passport via buying property with USD 250,000, is becoming increasingly compelling to foreign investors as Turkish lira continues to depreciate. Analysts believe that it is the best time for high-net-worth individuals to buy real estate in Turkey for both the purposes of investment and citizenship planning.
Turkish lira has been weakening since the U.S. imposed economic sanctions on Turkey. The depreciation of Turkish currency led to inflation and an increase in housing prices, making it hard for local property to be consumed by Turkish citizens. To grapple with the situation, Turkish government has introduced some preferential tax policies for foreign buyers, including lowering the deed transfer tax and value-added tax to 3% and 1% respectively.
In spite of the now depressed property market, it is convinced that there is a lot of room for appreciation of Turkish property. Spanning both Europe and Asia, Turkey enjoys an outstanding geographical location. Moreover, according to Turkish Statistical Institute, the country is expected to have a continuous increase in population in the next few decades, which will definitely bring growing demand of housing.
Many thus regard it as a good chance to purchase real estate in Turkey, especially those who wish to acquire a second passport and dual citizenship at the same time through the property investment option under Turkey Citizenship by Investment Program (CIP). Now, Turkey has already seen a large amount of foreign direct investment inflows, of which 45% went to real estate and construction, based on the figures released by Turkish Statistical Institute.
Turkey Citizenship by Investment Program (CIP) has been alluring to investors around the globe with its relatively lower investment threshold. Applicants can acquire Turkish citizenship along with a passport only by making a minimum property investment of USD 250,000 and holding the property for 3 years. Afterwards, the property is allowed to be resold.
Turkish passport holders are allowed to apply for U.S. E-2 Visa, which grants similar benefits as Green Card does. U.S. E-2 Visa application is solely open for citizens of the treaty countries. Therefore, the CIP also stands out as a springboard to U.S. status.
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