Real estate buyers from India, the majority of whom are Muslims, are interested in the options the Turkish government is providing, including Turkish citizenship.
High-earning Indians are buying property in Turkey in an effort to obtain Turkish passports or residence as the country seeks to reduce its growing current account deficit while its economy is in decline.
These Indians are attempting to obtain Turkish citizenship through real estate investments. They come from major Indian cities such as New Delhi, Meerut, Lucknow, Hyderabad, Mumbai, Bengaluru, and Thiruvananthapuram.
According to updated Turkish law, a foreigner who purchases real estate worth at least $400,000, or around Rs 3.1 crore, would henceforth be qualified for Turkish citizenship.
The only mandatory requirements are that they place the funds in a Turkish bank and refrain from selling the home for three years.
Foreigners can apply for a Turkish passport for themselves, their spouses, and any minor children if they meet these requirements.
The Turkish government’s action aims to promote the nation’s building and real estate industries as well.
The advantages that the Turkish government is providing to Indian investors in Turkey draw them in.
These Indians are also interested in visa-free travel to 120 countries, free healthcare and education, a chance at better job possibilities, a higher standard of life, and eligibility for the US E-2 investment visa.
Additionally, there is no requirement for permanent residency, and Turkish passports issued in less than four months are luring Indians as well. A benefit is that all members of the immediate family, including children under 18 and minors with disabilities, are granted lifetime Turkish citizenship.
Additionally, there are no requirements for eligibility interviews or exams of linguistic proficiency. There is no age restriction on receiving the same benefits for children of determination.
Additionally, there is no requirement to disclose wealth, and no taxes will be levied on income derived from sources outside of Turkey. Additionally, after three years, all of the riches will be returned in full without any exchange control limitations.
Tajamul Hussain, co-founder and CEO of Hashmi Group, a Turkish company that specializes in Turkish citizenship and residence by investment schemes, says that investors should do their research before making any purchases.
He recommended hiring advisers before making a purchase rather than real estate brokers, who could mislead potential buyers and investors.
According to him, people looking to make FDI investments in other nations are responsible for the increase in investments in Turkey.
Sadaquat Hussain, a consultant with the Hyderabad-based company Indo-Turkish Property Consultants, says that some Indians are also buying farmland in Turkey.
According to the Foreign Exchange Management Act (FEMA) regulations, Indian residents (individuals) were only permitted to invest a total of $250,000 ($1.9 crore) per fiscal year. However, since the Turkish government increased the real estate investment cap to $400,000, Indians are now buying property in the names of two family members.