Foreigners looking to buy homes in Turkey to become Turkish citizens will now have to pay more, reports said Wednesday, in a move that comes as sales to foreign buyers, particularly Russians and Ukrainians, are soaring.
The amount that foreigners have to pay for a property and commit to keeping it for at least three years to get a Turkish passport is about to be increased to $400,000, local media reported, citing a decision discussed at the Cabinet meeting Tuesday.
Ankara adopted the citizenship-for-homes scheme in 2017. A year later it cut the minimum price to $250,000, from $1 million, to attract foreign buyers.
The revised regulation is due to be announced in the Official Gazette soon, reports said.
Some 7,000 foreigners received citizenship via home purchases between 2017 and 2020, the government said last year.
In addition to the real estate, those eligible for citizenship include foreigners who are determined to have made at least a $500,000 investment in the country.
