For foreign investors who are on the edge of subscribing to the Turkey citizenship investment program, you may need to brace up. The country is raising its price tag for real estate investment and it’s starting sooner than expected.

From June 2022, there’s an increment of about 62% of the price in the Turkish real estate citizenship investment. What was previously set at $250,000 has been raised to $400,000, and will commence on June 3.

“Only up to June 3 you can apply for Turkish citizenship by investing $250,000,” stated a popular advertorial in the country. “Obtain a Turkish passport and citizenship in the most prestigious projects in Istanbul.”

Arab News confirmed the new development, adding that foreign investors will now have to spend at least $400,000 to acquire a second passport and citizenship from the transcontinental country. Although the reason for the price hike is not clear, it is speculated that Turkey’s economy is plagued by a fiscal deficit that tripled in April. However, the new policy will help in a way to address the issue as the government expects a rise in demand for houses and properties from foreign investors.

Turkish Citizenship-by-Investment has become quite popular in recent years. This is due to the sought-after Turkish passport which grants its holders travel freedom to 110 countries visa-free. Holders of the Turkish passport can freely travel to countries such as Japan, Hong Kong, Qatar, Singapore, South Korea, and more.

Foreign investors who are seeking to acquire a Turkey passport can either create a job in the country, invest in real estate, buy government bonds, or venture into business investments.

Previously, with $250,000 invested in the approved real estate in Turkey, the investor is awarded a Turkish passport in exchange. But from June 3, investors will have to spend more. But of course, foreign investors who are eager to acquire dual citizenship in Turkey can still act fast before it’s too late.