Turkish Citizenship by Investment Program Becomes More and More Profitable as the Lira’s Worth Plummets
250.000 American dollar worth Turkish Citizenship by Investment program is becoming way more attractive to plenty of foreign investors as the lira’s worth is decreasing, opening path for a wider variety of luxurious homes for the said investors with essentially the same amount of money.
Turkish CBI Has Been Becoming More Profitable Since Its Inception
Turkish Citizenship by Investment program was first found in 2016. This Golden Visa program intended to award those investors who spent a million American dollars on a Turkish real estate with a Turkish citizenship. In 2018 September, this number was reduced to a more reasonable 250.000 American dollars. That was not all, however. Since the Turkish lira lost a lot of its value in the last 1.5 years the type of housing one can get with the amount of investment that is required for the Golden Visa changed dramatically. Now the foreign investors that wish to get a Turkish citizenship by investment can expect to buy much bigger and more luxurious houses for the same amount of American dollars.
More Foreign Investors are Interested in Turkish Golden Visa Program
Turkey always had a plethora of Iranian and Arab investors that wished to invest in one of its many industries, often to tourism or real estate. This interest is ongoing, and even increasing in the last few years. The latest wave of unrest all over the world’s few particular places such as Hong Kong led to some unusual foreign investors to take an interested in the country too. Some Hong Kong citizens are now seeking a way to redeem a second citizenship and the Turkish one seems like a good option for many.
Turkish Real Estate Sales are Down and Its Growth Will be Hampered for Longer
In July 2019, on a yearly basis real estate sales in Turkey decreased by a staggering 17.5 percent. It is expected that sales will become even rarer, and that the Turkish economy will contract further during the last half of 2019. This will be followed by a two year period of very slowly recovery as Reuters report, but this era is not expected to bring the prices up that much as well. Right now the Turkish Golden Visa is at a similar albeit about 22.000 Euros cheaper position then the Greek one but with the Turkish citizenship by investment program one can look forward to have a very good house in one of the most beautiful districts of Istanbul whereas that is not the case for the expensive Greek real estate market.
