250 apply for Turkish citizenship through investment
ISTANBUL – Anadolu Agency
Citizenship applications to Turkey are expected to boom in 2019 as the country eased its conditions in September, Akın Atalay, CEO of VIPTurkishPass, told Anadolu Agency.
The housing sector, which reached the income of $4.8 billion from foreigners in 2017, is expected to sell houses to foreigners worth $10 billion as of the end of 2018, he underlined.
Atalay said people from Arabic countries, Iran and Turkic republics show the most interest in buying real estate in Turkey, and underlined that there is also heavy demand from European countries, "contrary to popular belief".
He also said foreigners are mostly interested in Istanbul, the Mediterranean resort city Antalya and industrial city Bursa.
Equal rights with Turkish citizens
The Interior Ministry responds to the citizenship application in 45 days if the documents are complete, Atalay said.
He noted that the naturalized Turkish citizens will have equal rights with the other Turkish citizens such as tax and insurance premium discounts as well as government support.
"Several countries from all around the world have similar citizenship programs to attract people with education, investments and entrepreneurship," he highlighted, saying qualified work-force and high capital investments were basic factors for development.
"We want to bring people from all around the world to invest in our country and be a partner of our success story," Atalay said, adding that Turkey tries to attract investments from foreign countries through the citizenship regulation.
He also said that foreigners should cooperate with a local expert and trusted partners as the application process is "sensitive".
Atalay said the U.S. grants citizenship with an investment of $500,000 and a five-year wait; Germany with a €250,000 ($287,000) investment; Canada with an investment of $400,000 or $800,000 deposit; and Greece with a house purchase worth $250,000.
Meanwhile, the right for citizenship can also be used for the families - spouse and children under 18 - of the investors.