Iranians Rush to Buy Property in Turkey Following Residence Law Changes
Following changes to Turkey’s residence and citizenship laws, the number of Iranians obtaining Turkish citizenship through property purchases and investments has increased. Last year, six billion dollars worth of real estate was purchased by foreigners in Turkey.
Anadolu Agency reported on Thursday, December 13 (January 3), in a special report about Iranians obtaining residence in Turkey: “Many Iranians have decided to purchase property and invest in Turkey to obtain citizenship following changes to Turkey’s residence and citizenship laws.” Anadolu also conducted interviews with several Iranians who purchased property and made investments in Turkey.
Iranians’ interest in purchasing property and investing, particularly following Turkey’s government changes to citizenship acquisition laws in 2017, has increased significantly.
Fatih Çayabatmaz, manager of “VIP Turkish Pas” company (vip turkish pas) in Tehran, told Deutsche Welle Farsi that Iranians decided to purchase property in Turkey and obtain Turkish citizenship after it became easier to acquire citizenship. Fatih Çayabatmaz also stated that approximately one million Iranians work and live in Turkey.
He emphasized that Turkey has made visa acquisition much easier compared to the United States, Germany, and other European countries. He added: “By obtaining a tax number from the Turkish tax authority, one can start a company, work, and enjoy all the rights and benefits of Turkish citizens.”
According to the “VIP Turkish Pas” company manager, Turkey’s citizenship acquisition laws have recently changed. Previously, the amount of investment and property purchase was one million dollars. Çayabatmaz also emphasized that foreigners are not required to renounce their original citizenship after obtaining a Turkish passport.
Laws that triggered Iranians’ rush to Turkey
Turkey simplified citizenship acquisition laws in 2017. Foreign nationals can obtain permanent Turkish passports by investing in Turkish banks in securities worth 500,000 dollars or by establishing a workshop and hiring 50 Turkish citizens.
The “VIP Turkish Pas” company manager stated that by purchasing property or land worth 250,000 dollars, one can obtain a Turkish passport and residence permit within 45 days. He emphasized that with a Turkish passport, one can travel to 113 countries without a visa.
Faizullah Yetgin, head of Turkey’s Real Estate Investment Association, says that in 2018, six billion dollars worth of property was purchased by foreigners in Turkey.
Turkey’s Statistical Institute also reported in October 2018 that property purchases by foreign nationals in the country grew 150 percent, reaching 5,615 units. According to the same report, Iranians purchased 538 residential units in Turkey in September 2018 alone.
Eight thousand Iranians bought houses in Izmir
As Iran’s economic situation has worsened and uncertainty about the future has grown, the number of Iranians attempting to transfer their capital out of Iran has increased. Turkey is the primary destination for most of this capital. The country has successfully attracted many Iranians to its market by changing visa acquisition conditions.
Mostafa Gholi Khosravi, head of the Tehran Province Real Estate Consultants Union, recently announced statistics on property purchases by Iranians. He said that in the current year alone, eight thousand residential units in Izmir, Turkey were purchased by Iranians. He also emphasized that property purchases in Georgia were on the exchange until recently.
The head of the Tehran Province Real Estate Consultants Union, while warning about property purchases in Georgia, stated that after announcing that a significant number of properties had been sold to Iranians, they declared that property purchases are not a criterion for granting residence permits. However, brokers made huge profits, and financially ruined Iranians today face problems recovering their stranded money.
Source: DW
