Wealthy Russians and oligarchs are reportedly buying as many as 4 apartments at once in Turkey in attempt to earn ‘golden passports’
- Wealthy Russians are buying 4 flats in Turkey at the same time, according to WSJ.
- Foreigners who buy a property worth $ 250,000 can obtain Turkish citizenship in just three months.
- The Turkish Foreign Minister has previously said that oligarchs are welcome to invest legally in the country.
Wealthy Russians, “some of their oligarchs,” are buying up to four apartments in Turkey at once to gain citizenship, the CEO of the Istanbul real estate company Golden Sign told The Wall Street Journal.
Gül Gül, CEO of Golden Sign, previously told Reuters that his company sells seven to eight units to the Russians “a day” and said that they often pay money or “carry gold”.
He told Reuters at the time that his clients were rich Russians, but not oligarchs. However, he later told the newspaper that “the others” were. Golden Sign did not respond immediately to a request for comment.
Like many countries, Turkey has a citizenship investment program, often referred to as a “gold passport” or a “gold visa”. The program in Turkey grants citizenship to foreign investors who buy at least $ 250,000 worth of real estate and promises to keep it for at least three years.
Investors – including wealthy Russians seeking sanctions – can obtain a passport in Turkey in at least three months, one of the fastest conversion times in Europe.
Russia’s investment in Turkey has grown so much since the invasion of Ukraine that Gaul’s clients in Russia are now their former client base, the Journal said. In addition to apartments, Turkey has proven to be a popular place for super-yachts of oligarchs such as Roman Abramovich. While condemning the war in Ukraine, the country chose not to punish Russia, creating a safe physical and financial refuge for the oligarchs and their property.
In the last week of March, Turkish Foreign Minister Mevlut Cavusoglu said that Russian oligarchs were welcome in the country as long as they complied with international law.
“We have introduced UN-approved sanctions, so if there is a Russian citizen who wants to visit Turkey, of course he can visit Turkey. Now Russians are coming to visit Turkey, that is not a problem.” “He told CNBC. Asked if sanctioned oligarchs could do business in the country, Cavusoglu added: “If you mean that these oligarchs can do business in Turkey, then of course if it is legal and not contrary to international law, then I must consider.”