The number of residential properties bought by foreigners in Turkey has passed 150 thousand while the amount of money brought into the country by this in the last 6 years has passed 18 billion dollars. Property builders are pointing out that if residency, work and citizenship rights are offered to foreigners who buy properties in Turkey, this will increase sales even further, and tens of billions of dollars worth of foreign currency will flow into the country. While there are still reservations and uncertainties concerning the rights which will be given to the foreigners who buy properties in Turkey, many countries are giving foreign investors rights such as exemptions from visas, residency permits and citizenship.
Residency permits for property buyers
European countries, which are still trying to dress the wounds opened up by the financial crisis in 2008, are endeavoring to attract real estate investors to their countries. Many European Union (EU)countries are giving investors from countries which are not members of the EU, residency permits together with their families if they buy properties above a certain amount. Those who obtain residency permits are also obtaining the right to free movement within the EU at the same time, meaning they are able to travel without visas. The amounts needing to be paid to buy homes starts from 40 thousand Euros and goes up to 500 thousand Euros.
Which country is giving which rights?
SPAIN: According to the legislation passed by the Spanish government, foreigners who buy real estate valued at 160 thousand Euros in Spain will receive residency permits and the right to move around freely in Europe.
PORTUGAL: Portugal has the third highest unemployment rate in the EU. It offers foreigners who buy real estate valued at a minimum of 500 thousand Euros the right to reside. Additionally, foreigners who set up companies and employ at least 10 people in the country are also able to obtain residency permits.
LATVIA: The Baltic country of Latvia brought out a legislation in 2010 whereby foreigners who purchase properties valued at a minimum of 71 thousand 500 Euros from the rural areas or a minimum of 143 thousand Euros in the cities will be given residency permits and freedom of movement between the countries of the EU.
IRELAND: The criteria sought by this country to issue residency permits is the purchase of a 400 thousand Euro property.
MACEDONIA: Foreign investors who purchase a 40 thousand Euro property are being issued residency permits for 1 year while businessmen who undertake an investment of 400 thousand Euros are being given citizenship.
GREECE: Greece offers 5 year residency permits in real estate purchases of above 250 thousand Euros. The permit does not include the right to work.
GERMANY: Those who establish businesses with 250 thousand Euros in capital and provide employment to German citizens are being given residency followed by the right to acquire citizenship.
The West progressed by selling properties to foreigners
Ali Ağaoğlu, the Chairman of the Board of Directors of the Ağaoğlu Group of companies, said, “The West solved their resource problems by selling properties to foreigners, and completed its development in that way. Selling properties to foreigners instead of borrowing with interest is the cheapest way of obtaining resources for the country. The money stays in the country, while at the same time the foreigner becomes someone who spends money in the country.”