The Turkish Union of Bar Associations (TBB) has asked the country's highest court to overturn a ruling allowing foreigners to acquire Turkish citizenship through investment.
“The current regulation, which took effect in 2013, is contrary to the Constitution and does not have any legal basis,” the TBB said in a statement filed with the State Council.
Turkey's Citizenship by Investment program, which allows foreigners to acquire citizenship through the purchase of a home, was initiated almost ten years ago. Initially, under the program, foreign citizens could obtain Turkish citizenship by owning real estate in the country for the equivalent of US$1 million. Later in 2018, the amount was reduced to 250 thousand, which caused a rapid increase in the number of foreigners who want to buy property in the country.
According to a decree signed by President Recep Tayyip Erdogan and published in the Official Gazette, this figure was increased to $400,000 on Monday.
The latest change is due to a jump in prices for new and existing homes by almost 100% per year, which has effectively made it impossible for citizens to buy houses. Builders in the country raised the price of new homes after the cost of raw materials jumped, partly due to the depreciation of the lira, which has depreciated 44% against the dollar in 2021 and 25% this year.
“The Constitution of the Republic of Turkey requires that the conditions for obtaining citizenship be regulated by law. There is no regulation in the law that states that Turkish citizenship can be obtained through investments in foreign currency, ”the TBB petition says.
The program also allows foreigners who invest $500,000 in government bonds, companies, investment funds, or a local bank account to obtain a Turkish passport.
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