Turkish citizenship by buying a property in Turkey 2022
Citizen by Investment

Turkish citizenship by buying a property in Turkey 2022

Created: 2022-05-23 Modified: 2024-07-08 Views: 4979 Luxury Signature Admin
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The law of granting Turkish citizenship to foreign investors and real estate buyers on Turkish lands is considered one of the most important reasons that led to the revival of the real estate market in Turkey since 2018, when the Turkish government issued amendments to the law of obtaining Turkish citizenship, the minimum amount for buying a property or investing in Turkey for the purpose of obtaining citizenship as follows:

- Purchasing a property or a group of real estate on Turkish lands with a value of $250.000 instead of $1.000.000.

- Employing 50 Turkish citizens instead of 100 Turkish citizens.

- Investment with a capital of $500.000 instead of $2.000.000.

- Deposit an amount of $500.000 in Turkish banks instead of $3.000.000.

 

Amendments were issued to the provisions of the law on obtaining Turkish citizenship by buying a property in Turkey in 2021, and they are as follows:

- When buying a property with the aim of obtaining Turkish citizenship, you can sell it after at least 3 years to a Turkish citizen or a foreign investor, but if the Turkish citizen wants to sell this property later; He must sell it to a foreign person other than the nationality of the first buyer so that the new foreign buyer can obtain Turkish citizenship (it can be sold to a Turkish citizen or to a foreign investor of the same nationality as the old foreign investor for sure, but he will not be able to obtain Turkish citizenship, if he doesn’t want to obtain Turkish citizenship, this law will not pose any problem for him).

- When you buy a property with the aim of obtaining Turkish citizenship at a value of $250.000 from a Turkish citizen or a foreigner or from a construction company, and you want to sell the property after 3 years, you cannot resell it to the original owner of the property or the construction company.

- Within the scope of Article 20 of the Executive Regulations of the Turkish Nationality Law; In case that the information and official documents that you will attach in the application file for Turkish citizenship are found to be incomplete, inaccurate, misleading or forged, the relevant authority has the right to revoke the citizenship even after you obtain it.

 

Amendments to the law of obtaining Turkish citizenship 2022:

On 01/06/2022 the Turkish government announced the text of new amendments to the law of granting Turkish citizenship by exceptional means, in an attempt to support the national currency (the Turkish lira). The amendments came as follows:

- A foreigner has the right to obtain Turkish citizenship when buying a property or a group of properties worth at least $250.000, with the condition that the property be preserved and not sold for at least 3 years.

- The condition of depositing an amount of money in Turkish banks in exchange for obtaining Turkish citizenship has been amended, as the condition now provides for a deposit of $500.000.

- The amount of the fixed investment value has been determined in exchange for obtaining citizenship, $500.000.

- The foreign investor who wishes to obtain Turkish citizenship, through one of the above-mentioned methods, will sell his specified foreign currencies to the Central Bank of Turkey through the active banks in the country.

- The Turkish lira that resulted from selling the dollar to the Central Bank of Turkey, will be kept in lira accounts with banks for at least 3 years.

 

So, according to the new law, the amount owed by the foreign investor to the seller is required to be transferred exclusively in Turkish lira, and the amount must be transferred from foreign currencies to dollars in the Turkish Central Bank exclusively, by transferring the amount from a Turkish bank.

Also, the intermediary bank must indicate in an official report the customer's name, passport number, residence number in Turkey if any, the purpose or aim of money transfer and explain the reason for the transfer to apply for Turkish citizenship, otherwise it is not possible to apply for Turkish citizenship.

In addition, when applying for Turkish citizenship, the applicant is required to receive a receipt for the payment of the amount in the Central Bank and a receipt for the transfer of the amount to the seller's account, and he is not allowed to apply for Turkish citizenship without the receipt of the amount exchange at the Central Bank of Turkey. Finally, the intermediary bank between the investor and the Central Bank of Turkey must be the same bank through which the amount is transferred to the seller's account.

 

(Important) Conditions for obtaining Turkish citizenship by purchasing a property for the year 2022, according to the recent amendments issued on 13/04/2022:

- Purchasing a property or a group of properties on Turkish lands with a value of at least $400.000.

- Maintaining the property and not selling it for at least 3 years.

- The person wishing to buy a property and obtain Turkish citizenship must hold one of the nationalities that are allowed to own and buy real estate in Turkey. This law includes most nationalities except for the following nationalities: Syrian, Armenian, Cuban, Nigerian, and North Korean.

Frequently asked questions

When I get Turkish citizenship, can I sell my apartment to someone else to get Turkish citizenship as well?

Certainly, there is no law that prevents an investor who has obtained Turkish citizenship from selling his property again after 3 years of purchasing it, but the property is no longer suitable for obtaining Turkish citizenship, because Turkish law imposes several conditions, including that the property is bought with the aim of obtaining Turkish citizenship for one time only.

How long does it take to obtain Turkish citizenship through real estate investment?

It takes 2 to 3 months to obtain Turkish citizenship officially by real estate investment in Turkey in 2023.

How much do I need to invest in Turkey to get citizenship?

To qualify for Turkish citizenship, the main applicant must meet one of these investment criteria: purchase real estate valued at a minimum of USD 400.000, or invest at least USD 500.000 in fixed capital.

Is Turkish citizenship by investment worth it?

Investing in Turkish citizenship can be highly beneficial, as investors can recoup their investment three years after obtaining citizenship. Many investors choose to acquire their passports through real estate purchases. With Turkey's property prices rising by 15-25% annually, selling the property after three years can result in significant additional profit.

Can foreigners buy property in Turkey?

Yes, foreigners can buy property in Turkey provided there are no security or military restrictions that exclude certain areas from foreign ownership.

What are the legal procedures for purchasing property in Turkey?

The legal procedures for purchasing property in Turkey include the following steps:
1. Verification of the title deed (tapu).
2. Verification of the legal status of the property.
3. Obtaining a tax number.
4. Opening a bank account in Turkey.
5. Signing the purchase contract between the buyer and the seller.
6. Receiving the title deed from the Land Registry Office (tapu office).

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