Turkey is aiming to be among the 10 biggest economies of the world in 2023. According to the Minister of Development Lütfi Elvan, Turkey has started plans and strategies that will be fully realized in 2035. Turkey will release the 2035 vision in the next period.
Today, Turkey is moving with steady steps to remove barriers for foreign investors. For instance, international companies that plan to base themselves in Turkey are free from corporate tax.
Current State in Property Investments in Turkey Eager to increase foreign direct investments in Turkey, the Turkish authorities are introducing a draft of new laws to make property-ownership easier and offering incentives to those who decide to invest in Turkish real estate.
In 2016, Turkey declared its citizenship by investment program. It grants citizenship, residency, and a second passport to applicants investing either in a bank deposit or real estate.
The bank deposit is especially attractive for investors. An investment of $500,000, deposited into any bank account in Turkey, is required to be maintained for a minimum of only 3 years.
Another important aspect is that this investment can be made in US Dollars. Acquiring the Turkish citizenship through liquid funds makes it one of the cheapest citizenships by investment programs on the market.
Anyone can go to 114 countries visa-free travel (or visa on arrival) worldwide with a Turkish passport.
Property investors will benefit from new laws decreasing stamp duty and other united costs such as notary fees. It is expected that this kind of measures will increase the ease of buying property in Turkey.
Last Updated: 1/15/2019 3:22:01 PM