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Wealthy Russians are buying as many as 4 apartments at once in Turkey, the WSJ reported.
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Foreigners who buy property worth $250,000 can earn Turkish citizenship in just three months.
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The Turkish foreign minister said earlier that oligarchs are welcome to invest in the country legally.
Wealthy Russians, “some of them oligarchs,” buy as many as 4 apartments in Turkey at once to qualify for citizenship there, the CEO of Istanbul-based real estate company Golden Sign told The Wall Street Journal.
Gül Gül, the CEO of Golden Sign, previously told Reuters that her company sells seven to eight units to Russians “every day” and said they often pay cash or “bring gold.”
At the time, she told Reuters that her clients are wealthy Russians, but not oligarchs. However, she later told the Journal that “some” are. Golden Sign did not immediately respond to Insider’s request for comment.
Like many other countries, Turkey has a citizenship investment program commonly referred to as a “golden passport” or “golden visa.” The Turkish program grants citizenship to foreign investors who purchase real estate worth at least $250,000 and commit to keeping it for a minimum of three years.
Investors – including wealthy Russians looking to escape sanctions – can then earn a Turkish passport in just three months, one of the fastest turnaround times in Europe.
Russian investment in Turkey has grown so much since the invasion of Ukraine that Gaul’s Russian client base now exceeds its previous client base, she told the Journal.
In addition to apartments, Turkey has proven to be a popular place for the superyachts of oligarchs such as Roman Abramovich. Although the country denounced the war on Ukraine, it chose not to impose sanctions on Russia, creating a physical and financial safe haven for oligarchs and their assets.
During the last week of March, Turkish Foreign Minister Mevlut Cavusoglu said Russian oligarchs are welcome in the country as long as they adhere to international law.
“We are implementing UN-approved sanctions, so if Russian citizens want to visit Turkey, they can of course visit Turkey. Now Russians are coming to Turkey, it’s not a problem,” he told CNBC.
When pressed on whether sanctioned oligarchs can do business in the country, Cavusoglu added: “If you mean that these oligarchs can do business in Turkey, then of course I will consider whether it is legal and not against the law. international right.”
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