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Demand for naturalization from Russia-Ukraine increases, Turkey increases the fee for obtaining a ‘green card’

Under the rules announced on May 14, foreign nationals can get Turkish citizenship if they buy real estate worth at least $400,000. Previously, the regulatory threshold was $250,000. These funds must be deposited in a Turkish bank, after which they will be converted to liras through the central bank of Turkey.

Over the past few months we have seen a spike in demand, especially from Russians and Ukrainians.“, Ali Kemal Gurdal, head of a construction company in Antalya province, said the new regulation will be applied from June 13.

Demand for naturalization from Russia-Ukraine increased, Turkey increased the fee for getting a 'green card' - 1

Turkey has increased the amount that foreigners must invest in real estate to qualify for Turkish citizenship.

Mr. Gurdal added that Turkish banks have started to open accounts in rubles to increase revenue due to having many customers from Russia. After Russia began its military campaign in Ukraine, the West introduced a series of sanctions aimed at the economy and the wealthy.

As a result, Russians around the world have increased their purchases of valuable assets in many countries, including the United Arab Emirates.

Foreign nationals bought 14,344 homes in Turkey in the first quarter, up 45% from a year earlier. The top three countries in Turkish citizenship change are Iran, Iraq and Russia.

According to data from the Turkish Statistical Institute, home sales to foreign buyers increased by 55% in February 2022 compared to the same period last year. Sales to Russian customers also increased by 96%, while sales to Ukrainians increased by 85%. This trend continued to explode in March – foreigners buying houses in Turkey increased by 21% month-on-month.

One of the main reasons why Turkey is such an attractive market for Russians is its citizenship-by-investment program. Specifically, foreigners will be granted a Turkish passport within 3-4 months if they invest at least a specified amount in real estate or $500,000 in government bonds, companies, investment funds. private or local bank account. This policy is especially appealing to Russian oligarchs looking for a second passport.

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