Currently, the cadastral value of real estate is significantly lower than the market value. From 2023, a revaluation is to be carried out in which the cadastral value corresponds to the actual value.
One of the reasons why foreigners buy real estate in Turkey nowadays is to acquire citizenship.
Citizenship is granted to the investor upon the purchase of a residential property valued at $400,000 or more. The passport program takes into account the cadastral value.
Due to the undervalued cadastral value, the choice of buyers is limited to new buildings in Istanbul and Antalya, as these exceed the threshold for citizenship.
The new law will significantly increase the number of properties that can be acquired for citizenship. Accordingly, obtaining a passport for investment will become easier.
For Turkish property owners, the new rules mean an increase in taxes on any sale or purchase transaction.
Portugal has approved a major citizenship law reform, significantly tightening the rules. Key changes include increased residency requirements (up to 10 years), mandatory language and culture tests, and stricter rules for children born to foreign parents.
A new draft law in Romania proposes a Residency by Investment program, granting non-EU citizens a renewable 5-year residence permit. The program requires a €400,000 minimum investment in bonds, real estate, funds, or shares.
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