Turkey Slashes Price for Citizenship-by-Investment Program by Staggering USD 700,000
Turkey has taken radical steps to preserve its citizenship-by-investment (CBI) program and boost its local property market by opting to restructure the requirement of a USD 1 million investment in real estate to qualify for Turkish citizenship. The requirement will now be an investment of USD 300,000, realizing a discount of a whopping USD 700,000. The price adjustment is a reflection of the country’s generally sluggish performance in the CBI program arena. The Turkish Statistical Institute reports that, in 2017, foreign nationals accounted for over 22,000 residential real estate purchases, with the most popular cities being Istanbul, Ankara, and Izmir. According to real estate platform GYODER, the leading buyers hail from Iraq (4,341) and Saudi Arabia (2,351), and Europe is represented by Russia (1,686), Germany (1,627), and the UK (1,465).